Documents, Deposits, and Details What’s Required to Open a Bank Account

An FDIC survey found that nearly 96% of U.S. households have at least one bank account. However, that leaves 4.2% – or approximately 5.6 million households without a bank or credit union account.1 

For some, the issue may be understanding how to open a bank account. Having the right information ready can make the process more efficient while avoiding unnecessary delays. This guide outlines the key items individuals should gather before getting started. 

Proof of identity: The essential documents 

Federal law requires banks to follow standards for verifying customers’ identities when opening an account. Banks typically fulfill this requirement by asking for some form of government-issued identification, such as: 

• Social Security cards. 
• Driver’s licenses or state ID cards. 
• Passports with a photo. 
• U.S. military ID cards. 
• Tribal or Bureau of Indian Affairs ID cards. 

Unique situations may require additional documents. For instance, a bank might ask a minor for their birth certificate or their parent’s or guardian’s ID. Foreign citizens may need to bring an individual taxpayer identification number, a permanent resident card (sometimes called a green card), or an employment authorization document. 

Some banks accept scanned copies of these documents when opening a bank account online.  Others may require a photo of the individual with the document for verification. 

Proof of address: Verifying residency 

In addition to verifying identities, banks need to establish customers’ addresses. Many of the documents they accept for proof of identity include address, but some banks also accept: 

• Utility, cable, and mobile phone bills. 
• Lease agreements and mortgage statements. 
• Credit card statements. 
• Property tax receipts. 

Some banks require the address on the ID to match the address on the application, which may mean it’s easier for someone who has recently relocated to wait until they’ve updated their identification before they open a bank account.  

Students typically have to choose between using their home or school address when opening an account. Their home address may be the better choice if: 

• It’s their permanent residence. 
• They receive bills, mail, or tax documents there. 
• Their ID or driver’s license uses their home address. 

However, if they live on or near campus year-round or want to use a local branch near their school, their school address may make more sense. 

The initial deposit: How much is enough? 

An initial deposit is the minimum amount needed to open an account. That amount typically depends on the type of account being opened and the interest rates offered, but it usually ranges from $1 to $1,000 or more.2 

Consumers generally have three options for the initial deposit: 

• Online transfer from another financial institution. Linking accounts from different institutions often requires an account and routing number, but specific instructions (and fees) can vary. 
• Online transfer from another account. People opening a new account with the same bank can usually transfer money between accounts. 
• In-person transaction. Banks with local branches typically accept cash, checks, credit card payments, or money orders for initial deposits. (Banks may also accept money orders and checks by mail.) 

Many banks and credit unions offer savings or checking accounts that don’t require an initial deposit.  

Building a strong financial foundation 

A bank account is more than a place to store funds; it’s a cornerstone of financial stability. By gathering the necessary information and understanding account requirements, individuals can confidently take this important first step toward managing their money effectively. 

Sources 

1 https://www.fdic.gov/news/press-releases/2024/fdic-survey-finds-96-percent-us-households-were-banked-2023  

2 https://www.usnews.com/banking/articles/how-to-open-a-bank-account  

Contact Information:
Name: Sonakshi Murze
Email: [email protected]
Job Title: Manager