Part of the Banking 101 guide.
Opening a bank account is usually a 15-30 minute process once you have the right documents ready. Here is exactly what most banks and credit unions require, and how the process differs online versus in person.
What You Need
| Requirement | Accepted Forms |
|---|---|
| Government-issued photo ID | Driver's license, state ID, passport, or military ID |
| Social Security number or ITIN | SSN for citizens and many residents; ITIN accepted at many banks for those without an SSN |
| Proof of address | Utility bill, lease agreement, or another official document showing your current address — not always required if your ID already shows it |
| Opening deposit | Varies by bank — some require as little as $1, others $25-$100 or more |
Opening In Person vs. Online
In person, a banker verifies your documents on the spot and can answer questions immediately, but you are limited to the bank's hours and branch locations. Online applications are faster in some ways — no travel, no waiting — but document verification may take a day or more, and you will need to fund the account via transfer rather than handing over cash.
If You Do Not Have an SSN
Many banks accept an Individual Taxpayer Identification Number (ITIN) in place of an SSN for account opening, though not all institutions do — call ahead or check the bank's website to confirm before applying.
If Your Application Is Declined
A declined application is often unrelated to your credit score — it is more commonly tied to a specialty reporting agency like ChexSystems or Early Warning Services flagging a prior closed account, unpaid negative balance, or suspected fraud. See How to Open a Bank Account After Being Denied for the exact next steps.
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