Opening an account takes a few minutes if you have the right details ready. Knowing what the bank checks helps avoid surprises.
In a nutshell
- Banks must verify your identity, usually with your name, date of birth, address and an ID number.
- Most banks ask for a government-issued photo ID and a Social Security number or ITIN.
- Many banks check consumer reports such as ChexSystems, and some run a credit check.
- Some accounts need an opening deposit, though many online accounts don’t.
Whether you apply online or in a branch, banks follow similar steps to open an account. Having your documents ready speeds things up.
Why banks ask for so much
Federal law requires banks to run a Customer Identification Program. Before opening an account, they must collect and verify at least your name, date of birth, address and an identification number. This helps prevent fraud and money laundering.
What to have ready
| Item | Examples |
|---|---|
| Photo ID | Driver’s license, state ID or passport |
| Identification number | Social Security number or ITIN |
| Address | Your residential address; some banks ask for proof such as a utility bill |
| Contact details | Phone number and email |
| Opening deposit | Cash, a check or a transfer, if the account requires one |
What the bank may check
- Identity verification: confirming your details match public and credit records.
- Account history: many banks check consumer reporting companies such as ChexSystems for past problems with bank accounts. Our guide to ChexSystems explains what’s recorded.
- Credit: some banks run a soft or hard credit check, especially for accounts with overdraft features.
Do this
Use the same name and address format on the application as on your ID and credit file. Mismatches are a common reason identity checks fail.
Online or in person
Online banks often have lower fees and no opening deposit, while branch banks offer face-to-face help and easier cash deposits. Either way, read the fee schedule before you sign up.
For the record
If you’re opening a joint account, both owners usually need to provide their own ID and information.
If your application is declined
A bank that turns you down because of information in a consumer report must tell you which company supplied it. You can then request a free copy and dispute errors. Our guide to why applications get denied walks through the next steps, and second chance checking covers accounts designed for people with past problems.
Good questions
Can I open an account without a Social Security number?
Often, yes. Many banks accept an Individual Taxpayer Identification Number, and some accept a passport or other documents for non-U.S. persons.
Can a teenager open a bank account?
Minors usually need a parent or guardian to open the account with them as a joint owner or custodian.
Is it safe to open an account online?
Yes, if it’s with an insured bank. Check the bank’s FDIC membership, or a credit union’s NCUA insurance, and type the web address yourself rather than following links.
This guide is general information, not financial or legal advice. Bank fees, account terms and screening policies vary by bank and change over time, so check the account’s fee schedule and terms before you open it. For federal rules, see the Consumer Financial Protection Bureau and the FDIC.