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Having a bank account has many benefits, such as access to direct deposit and FDIC insurance. To open a bank account, you typically need at least identification and proof of address. However, some bank accounts might have additional requirements. Let’s take a closer look at these requirements, plus other things you might need.
Opening a bank account is often a simple process. If you have all the necessary documents, you can visit a bank branch or website and open an account in minutes. But you should have everything ready before opening your account to avoid hiccups.
When opening your account, you must provide basic information, such as your name, date of birth, and address. You will then need to provide documentation that supports the information you provide.
Here are the things you may need when opening a bank account:
Bring a valid, government-issued photo ID, such as a driver’s license, state ID, or passport. If you have one, you should also know your Social Security number or individual taxpayer identification number (ITIN). A handful of banks may let you open an account without an SSN or ITIN, but this is typically required.
Read more: Can non-U.S. citizens open a bank account?
Bring documentation proving you live at the address you provided when filling out the account applications. This could be a piece of physical mail with your address on it, such as a bank statement or utility bill. Other acceptable documents might include a recent pay stub, or mortgage or lease documents.
Read more: How to open a bank account without a physical address
Some banks (but not all) require that you fund your account with a minimum deposit. These minimum deposit requirements vary depending on the bank and the type of account. You could be required to open an account with as little as $50, or as much as a few thousand dollars.
Before you start your application, double-check the minimum opening deposit requirements and be sure you can meet them. You should also find out if there’s an ongoing minimum balance you need to maintain in order to avoid monthly fees.
Read more: What is the typical minimum balance for an online savings account?
Banks often have additional requirements for opening an account, such as being 18 years of age and a legal resident of the United States.
These are some of the most common requirements for opening a bank account. This list is not necessarily exhaustive, but it will cover all your bases in most cases. If you plan to visit a branch to open an account, consider calling in advance and asking what documentation you need.
Read more: How to open a bank account if you’re under 18
The requirements for opening a joint bank account are generally the same as those for an individual account. The main difference is that you have two account owners instead of one, so you’ll need both owners’ names, dates of birth, addresses, and Social Security numbers. You also need ID and proof of address for both account owners. Of course, you can likely use the same proof of address for both account owners if they live in the same household.
Read more: What is a joint bank account and how does it work?
Generally, the requirements for opening a bank account are the same whether you open one online or in person. For example, you must provide basic information such as your name, address, and Social Security number, regardless of how you open the account. In either case, the bank must verify your information first. Still, there might be slight variations in the process.
When opening an account in person, you can hand your photo ID to the teller, and they may make a photocopy. Similarly, if your account requires an opening deposit, you can give cash to the bank teller.
On the other hand, when opening an account online, you may need to submit a photo of your ID and make a bank transfer or write a check if your account requires an opening deposit.
As you can see, the process is similar regardless of how you open your account. However, these differences can be a slight barrier to opening an account online, especially for those who aren’t tech-savvy. Fortunately, opening an account at a branch is still an option for those with a branch location nearby.