What you need to bring and where to go

Opening a bank account takes about 15 to 30 minutes and requires two things: a government-issued ID and proof of your address. You can walk into any bank or credit union branch during business hours, or do it online if the institution offers that option. Some banks let you start the process on their website and finish it in the branch the same day.

The ID can be a driver's license, passport, state ID card, or tribal ID — anything with your photo and signature. For proof of address, bring a recent utility bill, lease, mortgage statement, or government mail with your name and current address. If you don't have either of these yet, ask the bank what alternatives they accept; some will take a letter from a shelter, employer, or social service agency.

You don't need to bring money to open the account. Many banks have no minimum deposit requirement, though some require $25 to $100 to set up the account. Ask about this when you call or visit — it varies by bank and by account type.

Key Takeaways

  • Bring a government ID with your photo and a recent document showing your current address to any bank or credit union branch.
  • The whole process usually takes 15 to 30 minutes and can often be done online or in person on the same day.
  • You may not need to deposit money to open the account, but some banks require a small opening deposit of $25 to $100.
  • If you don't have a traditional ID or address proof, ask the bank what documents they will accept instead.
  • Credit unions often have lower fees and more flexible requirements than large banks, especially if you are new to banking.

Choosing between a bank and a credit union

A bank is a for-profit business that makes money by lending out customer deposits and charging fees. A credit union is a nonprofit owned by its members, so profits go back to members through lower fees and better interest rates. Both are equally safe — deposits are insured by the federal government up to $250,000.

For someone opening an account for the first time, a credit union is often the easier choice. Credit unions typically have lower monthly fees, no minimum balance requirements, and staff trained to work with people new to banking. They also tend to be more flexible about ID and address proof if you are in a difficult situation. The trade-off is that credit unions have fewer branches and ATMs than large banks, so location matters if you need to visit in person often.

Large banks have more locations and ATMs, and their apps and websites are usually more polished. But they often charge monthly maintenance fees ($12 to $15) unless you keep a minimum balance or set up direct deposit. If you are just starting out and don't have much money to keep in the account, these fees can eat into your balance quickly.

What happens during the account opening process

When you arrive at the bank or credit union, tell the person at the desk you want to open a checking or savings account. They will ask you basic questions: your full legal name, date of birth, Social Security number (or tax ID if you don't have a Social Security number), and current address. They will verify your ID and address documents, then enter this information into their system.

Next, they will show you the account options available to you. Most banks offer a basic checking account and a basic savings account. A checking account is for money you use regularly — it comes with a debit card and checks. A savings account is for money you want to keep separate and earn a small amount of interest on. Many people open both at the same time.

The staff member will explain the fees, minimum balance requirements (if any), and how to use online banking and the mobile app. They will ask how you want to be contacted — by mail, email, or phone — and whether you want paperless statements. Then they will print out your account agreement for you to sign, give you your debit card (or tell you when it will arrive by mail), and show you how to set up your PIN and online login.

If you don't have a Social Security number

You can open a bank account with an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. An ITIN is issued by the IRS to people who file taxes but don't have a Social Security number — this includes some immigrants, refugees, and visa holders. Banks are required to accept an ITIN as a valid tax ID.

Bring your ITIN letter from the IRS along with your government ID and address proof. If you don't have an ITIN yet, you can still open an account at some credit unions and banks while you are waiting for one — ask first. Once you receive your ITIN, you can update your account information with the bank.

Setting up online banking and your first deposit

Before you leave the branch, the bank will give you a username and temporary password to log into online banking. Go home and change this password to something only you know — use a mix of letters, numbers, and symbols, and don't use your birthday or name. Write down your new password somewhere safe, or use a password manager app if you have one.

Once you are logged in, you can see your account balance, transfer money between your accounts, and set up direct deposit. Direct deposit means your employer or benefits program sends your paycheck or payment directly into your account instead of giving you a paper check. To set this up, you will need to give your employer or benefits program your account number and routing number — both are printed on the bottom left of any check, or you can find them in your online banking dashboard.

To put money into your account for the first time, you can deposit cash at the branch, transfer money from another bank account, or wait for a direct deposit. If you deposit cash, ask for a receipt so you have proof of the deposit.

What to do if you have been denied an account

Banks sometimes deny account applications because of a report called ChexSystems, which tracks banking history. If you had overdrafts, bounced checks, or fraud issues at a previous bank, that information stays on your ChexSystems report for five years. Some banks will not open an account for someone with a negative ChexSystems history.

If you are denied, ask the bank why. If it is because of ChexSystems, ask for a copy of your report — you have the right to see it. You can also get a free copy directly from ChexSystems by visiting their website or calling them. If there is an error on your report, you can dispute it.

If ChexSystems is the problem, look for a second-chance checking account at a credit union or smaller bank. These accounts are designed for people rebuilding their banking history. They usually have higher fees and lower limits on how much you can withdraw, but they help you get back into the banking system. After six months to a year of good account management, you can often move to a regular account.

Protecting your new account

Once your account is open, keep your debit card, PIN, and online login information private. Never share your PIN with anyone, even bank staff. If your debit card is lost or stolen, call the bank when ready — the number is on the back of your card or in your account documents. The bank can freeze your card within minutes.

Set up account alerts if your bank offers them. These are notifications sent to your phone or email when your balance drops below a certain amount, when a large withdrawal happens, or when you are close to overdrawing. Alerts help you catch fraud early and avoid overdraft fees.

Check your account regularly — at least once a week at first. Log into online banking or visit an ATM to see your balance. This helps you spot any unauthorized charges and get used to how your account works.

Frequently Asked Questions

Can I open an account if I don't have a permanent address?

Yes. If you are homeless or living in a shelter, bring a letter from the shelter on their letterhead with your name and the shelter's address. Some banks also accept mail from a social service agency, government office, or trusted person who will receive mail for you. Call ahead to ask what the bank will accept.

How long does it take to get my debit card?

If you open the account in person, the bank usually gives you a temporary card or number you can use right away. Your permanent debit card arrives by mail in 7 to 10 business days. Some banks offer digital cards you can use on your phone when ready while you wait for the physical card.

What is the difference between a debit card and a credit card?

A debit card takes money directly from your bank account when you use it — you can only spend what you have. A credit card borrows money from the card company, and you pay it back later with interest. For someone new to banking, a debit card is simpler because you cannot spend more than you have.

Do I need to keep a minimum balance in my account?

It depends on the bank. Many banks and credit unions have no minimum balance requirement. Others require $100 to $500 to avoid monthly fees. Ask about this before you open the account so you know what to expect.

What happens if I overdraw my account?

If you spend more money than you have, the bank may cover the transaction and charge you an overdraft fee — usually $25 to $35 per overdraft. Some banks let you turn off overdraft protection so transactions are declined instead of charging a fee. Ask your bank about this option when you open your account.