There are many benefits to having a bank account, such as access to direct deposit and FDIC insurance. To open a bank account, you usually need at least proof of identity and address. However, some bank accounts may have additional requirements. Let’s take a closer look at these requirements and other things you might need.
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Opening a bank account is usually a simple process. If you have all the necessary documents, you can visit a bank branch or website and open an account in just a few minutes. But you should have everything ready before opening an account to avoid problems.
When opening an 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's what you might need when opening a bank account:
Bring a valid government-issued photo ID, such as a driver's license, state ID card, or passport. You should also know your Social Security number or Individual Taxpayer Identification Number (ITIN), if you have one. A few banks may allow you to open an account without an SSN or ITIN, but this is usually required.
Read more: Can a non-U.S. citizen open a bank account?
Please bring documentation proving that you live at the address you provided when filling out your account application. This could be a physical piece of mail with your address, such as a bank statement or utility bill. Other acceptable documentation may include recent pay stubs, mortgage or lease documents.
Read more: How to open a bank account without a physical address
Some banks (but not all) require you to fund your account with a minimum deposit. These minimum deposit requirements vary by bank and account type. You may need to open an account for as little as $50 or as much as several thousand dollars.
Before you start applying, double-check the minimum opening deposit requirements and make sure you can meet them. You should also find out whether you need to maintain an ongoing minimum balance 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 over 18 years old and being a legal resident of the United States.
These are some of the most common requirements for opening a bank account. This list doesn’t have to be exhaustive, but in most cases it will cover all your bases. If you plan to visit a branch to open an account, consider calling ahead and asking what documents you will need.
Read more: How to open a bank account if you are under 18 years old
The requirements for opening a joint bank account are generally the same as for individual accounts. The main difference is that you have two account owners instead of one, so you need the names, dates of birth, addresses, and Social Security numbers of both account owners. You will also need ID and proof of address for both account owners. Of course, if both account owners live in the same household, you can use the same proof of address.
Read more: What is a joint bank account and how does it work?
Generally speaking, the requirements for opening a bank account are the same whether you open a bank account online or in person. For example, no matter how you open an account, you must provide basic information such as your name, address and Social Security number. In either case, the bank must first verify your information. However, the process may be slightly different.
When opening an account in person, you can give your photo ID to the teller and they may make a copy. Likewise, if your account requires an opening deposit, you can provide cash to a 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 no matter how you open your account. However, these differences can be a slight obstacle to opening an account online, especially for those who are not tech-savvy. Fortunately, opening an account at a branch is still an option for those who have one nearby.