You may 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 quite simple.
When 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: 1. The fees they charge. 2. The services they offer, like online bill payment or a mobile app. And 3. 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.
You also need to provide information so the bank or credit union can verify your name, date of birth, address, and identification number. An identification number can be a Social Security number, Individual Taxpayer Identification Number (ITIN), passport number and country of issuance, alien identification card number, or other government-issued identification number.
Many banks require you to show a U.S. or state government issued identification card with your photo on it, such as a driver’s license, U.S. passport, or military identification.
If you do not have a U.S. or state government issued form of identification, some banks and credit unions accept foreign passports and Consular IDs, such as the Matricula Consular card.
Additionally, you generally need one of the following: Your Social Security card, a bill with your name and address on it, or birth certificate.
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.
Matricula Consular A Matricula Consular is an official Mexican government identification document. Other countries, such as Guatemala and Argentina, offer similar IDs. 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.
For further information on ITIN’s and how to obtain one, contact the IRS at 1-800-829-1040 or see the information found at: http://www.irs.gov/Individuals/General-ITIN-Information.
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