What you need to open a Woodforest savings account

Woodforest National Bank is a community bank that operates inside Walmart stores and online. To open a savings account, you need a government-issued photo ID, your Social Security number, and an initial deposit. Woodforest accepts driver's licenses, passports, and state ID cards. The initial deposit amount varies by account type — some accounts require $25 to $100 to start, while others have no minimum.

You can open an account in person at any Walmart location with a Woodforest branch, or online through Woodforest's website. In-person openings take about 15 to 20 minutes. Online openings can be completed in a few minutes, though you may need to verify your identity through a video call or by uploading documents, which can add a day or two to the process.

Bring your ID and have your Social Security number ready. If you plan to make an initial deposit by check or cash, bring that as well. If you open online, you can fund the account by transferring money from another bank account or by mailing a check.

Key Takeaways

  • You need a government photo ID, Social Security number, and an initial deposit to open a Woodforest savings account.
  • Woodforest accounts can be opened in person at Walmart locations or online through their website.
  • In-person openings take 15 to 20 minutes; online openings take a few minutes but may require identity verification that adds one to two days.
  • Monthly maintenance fees and interest rates vary by account type, so compare the options before choosing which account to open.

Opening an account in person at Walmart

Walk into any Walmart that has a Woodforest branch — you can find locations on Woodforest's website or by calling 1-800-925-3935. Go to the Woodforest desk, usually near the front of the store or in the financial services area. Tell the representative you want to open a savings account.

The representative will ask for your photo ID and Social Security number. They will also ask basic questions about your employment, income, and the reason you are opening the account. These questions are standard banking practice and help the bank verify your identity. Have your initial deposit ready — cash, a check, or a debit card to transfer funds.

The account opens immediately. You will receive a debit card, which takes 7 to 10 business days to arrive by mail. You can use your account number and routing number to set up direct deposit or transfers right away, even before the card arrives. Ask the representative for a receipt and your account details before you leave.

Opening an account online

Go to Woodforest's website and select "Open an Account." You will choose the type of savings account you want — Woodforest offers several options with different fees and features. Enter your personal information: name, address, date of birth, Social Security number, phone number, and email.

Woodforest will ask you to verify your identity. This usually happens through a video call with a representative, or by uploading a photo of your ID and a recent utility bill or bank statement. The video call takes about 5 to 10 minutes. Document uploads can take 1 to 2 business days to verify.

Once your identity is confirmed, you can fund the account. You can transfer money from another bank account (this takes 1 to 3 business days), or mail a check to Woodforest. Your account opens as soon as the initial deposit clears. You will receive login credentials by email so you can access your account online and through the Woodforest mobile app.

Account types and fees at Woodforest

Woodforest offers several savings account options. The Woodforest Savings Account is the basic option and typically has a low or no monthly maintenance fee, depending on your balance. The Woodforest Money Market Account offers higher interest rates but usually requires a larger minimum balance. Woodforest also offers certificates of deposit (CDs), which lock your money away for a set time period in exchange for a may provide interest rate.

Monthly fees vary. Some accounts waive the maintenance fee if you keep a minimum balance — often $500 to $1,000 — or if you set up direct deposit. Overdraft fees, ATM fees, and other charges depend on the account type. Ask the representative or check Woodforest's fee schedule on their website before opening, so you understand the full cost.

Interest rates on savings accounts change regularly and are typically low — often less than 0.5% annually. CDs offer higher rates but require you to leave the money untouched for the CD term (usually 3 months to 5 years). If you withdraw early, you pay a penalty.

Using your Woodforest account after opening

Once your account is open, you can deposit money by transferring from another bank, mailing a check, or depositing cash at any Walmart with a Woodforest branch. You can withdraw money at any Woodforest ATM (located in Walmart stores), at any ATM in the Allpoint network (thousands of ATMs nationwide), or by visiting a Woodforest branch in person.

Set up online banking and the mobile app so you can check your balance, transfer money, and pay bills from your phone or computer. You can also set up direct deposit from your employer — ask your HR department for Woodforest's routing number and your account number. Direct deposit usually takes one to two pay cycles to activate.

Monitor your account regularly for unauthorized transactions. Woodforest's fraud protection covers unauthorized debit card charges if you report them within 60 days. Keep your login credentials and debit card secure, and never share your PIN or account number with anyone.

What to do if you have trouble opening an account

If Woodforest denies your account opening, they will tell you why. Common reasons include a negative banking history (such as unpaid overdrafts at another bank), a ChexSystems report that flags you as a risk, or an issue verifying your identity. You can request a copy of your ChexSystems report for free at www.chexsystems.com and dispute any errors.

If your identity verification is taking longer than expected, contact Woodforest customer service at 1-800-925-3935. They can tell you what documents they need or whether there is a hold-up. If you opened online and the video call did not work, ask if you can submit documents by mail instead.

If you already have a Woodforest account and want to open a second one, you can do so, but Woodforest may limit the number of accounts you can hold. Contact customer service to ask about their policy.

Frequently Asked Questions

Can I open a Woodforest account without a Social Security number?

No. Woodforest requires a Social Security number to open any account. If you do not have one, you may be able to open an account with an Individual Taxpayer Identification Number (ITIN) instead — contact Woodforest to ask whether they accept ITINs.

How long does it take to get my debit card after opening?

Debit cards take 7 to 10 business days to arrive by mail. You can use your account number and routing number to set up direct deposit or transfers immediately, even before the card arrives. If you need cash quickly, you can withdraw at a Woodforest branch in person.

What is the minimum balance to avoid monthly fees?

The minimum balance varies by account type. Some Woodforest accounts waive the monthly fee if you keep $500 to $1,000 in the account, or if you set up direct deposit. Check the fee schedule for your specific account type on Woodforest's website or ask a representative.

Can I open a Woodforest account if I have been denied by other banks?

Woodforest may still open an account for you, but it depends on why you were denied. If you have unpaid overdrafts or a negative ChexSystems report, Woodforest may decline. You can request your ChexSystems report for free and dispute errors before trying again.

Do I need to be a Walmart customer to open a Woodforest account?

No. You do not need to shop at Walmart or have a Walmart account to open a Woodforest savings account. Woodforest is a separate bank that happens to have branches inside Walmart stores.