A NEWCOMER’S GUIDE TO MANAGING MONEY
Checklist for opening a
bank or credit union account
You might decide that a checking
or savings account is the right
product for you. If you do, opening
an account at a bank or credit
union is straightforward.
Opening an account at a bank or
credit union
First, you may want to get a recommendation
from a trusted friend or family member for
a bank or credit union. Find out about:
§ The fees they charge
§ The services they offer, like online bill payment
or a mobile app
§ The interest they pay for savings accounts
You usually need to make an initial deposit
between $25 and $100 to open a savings or
checking account.
Tip
Find out how much you must keep in the
account at all times to avoid or reduce
fees. This is called the “minimum balance
requirement.” This may not be the same
amount of money you need to open
the account.
You also need to provide information so the
bank or credit union can verify your name, date
of birth, address, and identication number. An
identication number can be a Social Security
number, Individual Taxpayer Identication
Number (ITIN), passport number and country
of issuance, alien identication card number, or
other government-issued identication number.
§ Many banks require you to show a U.S. or state
government issued identication card with
your photo on it, such as a driver’s license,
U.S. passport, or military identication.
§ If you do not have a U.S. or state government
issued form of identication, some banks and
credit unions accept foreign passports and
consular IDs, such as the Matricula Consular card.
Consumer Financial
Protection Bureau
CHECKLIST FOR OPENING A BANK OR CREDIT UNION ACCOUNT
Additionally, you generally need one of the
following:
§ Your Social Security card
§ A bill with your name and address on it
§ Your birth certicate
Matricula consular or CID card
A Matricula Consular is an ofcial Mexican
government identication document. Other
countries offer similar IDs, sometimes called
consular identication (CID) cards. Consulates
in the United States offer them. If you come
from another country and don’t have a U.S. or
state government issued ID, visit your country’s
consulate for more information about how to
get an ID card, and check with the banks and
credit unions about whether they accept it.
ITIN and interest-bearing accounts
Some accounts pay you interest on the amount in
your account. Even if it is a small amount, interest
is money that is subject to tax. For that reason, to
open an interest-bearing account, you need a
Social Security number or ITIN.
For further information on ITINs and how to obtain
one, contact the IRS at 1-800-829-1040 or see the
information found at:
www.irs.gov/Individuals/General-ITIN-Information
(in multiple languages)
Checklists for opening a
checking account
Use the checklists on the following page to ensure
you have what you need to open an account at a
bank or credit union.
A NEWCOMER’S GUIDE TO MANAGING MONEY
Checking account checklists
Ensure you have what you need to open an account at a bank or credit union.
Below are the items many banks and credit unions ask for.
Items needed to open a checking account
Information needed: Additional questions
A form of identification with your picture, issued by the U.S.
government, a state government, or a foreign government (each
bank or credit union has its own policy on what foreign IDs it accepts)
A second form of identication: Your Social Security card, a bill
with your name and address on it, or your birth certicate
A Social Security number or ITIN; without this, you may be
able to open a no-interest account only
Money to open the account
Questions to ask your bank or credit union
Look up information or ask a representative about: Notes
Minimum balance required to avoid monthly service fees
Monthly maintenance or service fees
Direct deposit and whether it eliminates the monthly fee
Per-check or transaction fees
Fees for using automated teller machines (ATMs)
Online and mobile access to your account and any costs
Online and mobile access to paying bills and any costs
Overdraft or insufcient fund fees and ways to opt out
Low balance alert notications
CHECKLIST FOR OPENING A BANK OR CREDIT UNION ACCOUNT
About us
The Consumer Financial Protection Bureau
(CFPB) is a 21st century agency that helps
consumer nance markets work by making
rules more effective, by consistently
and fairly enforcing those rules, and by
empowering consumers to take more
control over their economic lives.
Learn more at consumernance.gov
Connect with us
Submit a complaint
consumernance.gov/complaint
Tell your story
consumernance.gov/your-story
Ask CFPB
consumernance.gov/askcfpb
Share your thoughts
facebook.com/cfpb
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Consumer Financial
Protection Bureau
A NEWCOMER’S GUIDE TO MANAGING MONEY
3/2021