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A Newcomer’s Guide to Managing Money

Checklist for opening a 

bank or credit union account

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. 

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 

§ The interest they pay for savings accounts

You will usually need between $25 and $100 to 

open a savings or checking account. You will 

deposit this money into your 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 will also need two forms of identification to 

open an account. Some banks or credit unions 

will take one form of identification and a bill with 

your name and address on it. You will usually be 

required to present:

§ A U.S. or state government-issued identification 

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. government-issued form 

of identification, some banks and credit unions 

accept foreign passports and Consular IDs, such 

as the Matricula Consular card.

Additionally, you'll need one of the following:

§ Your Social Security card

§ A bill with name and address on it

§ Your birth certificate
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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.

ITIN and interest-bearing accounts

Interest on your savings or checking accounts 

is considered income. If you earn interest, you 

must pay taxes on it. That’s why you must have a 

Social Security number or an Individual Taxpayer 

Identification Number (ITIN) to open an account 

that pays interest.

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: 

www.irs.gov/Individuals/General-ITIN-Information

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.

CHECKLIST FOR OPENING A BANK OR CREDIT UNION ACCOUNT

Contact us

 Online

consumerfinance.gov/askcfpb

 By phone

Toll free: (855) 411-CFPB (2372) 

TTY/TDD: (855) 729-CFPB (2372)

 By mail

Consumer Financial Protection Bureau

P.O. Box 4503

Iowa City, Iowa 52244

 Submit a complaint

consumerfinance.gov/complaint
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 Checking account checklists

Ensure you have what you need to open an account at a bank or credit union.

Items needed to open a checking account

Information needed Additional questions

A U.S. or foreign government-issued form of identification 

with your picture on it. Note that each bank or credit union 

has its own policy on which foreign IDs it accepts.

A second form of identification: Your Social Security card, a 

bill with your name and address on it, or your birth certificate.

A Social Security number or ITIN; if not, you may only be able 

to open a no-interest account.

Money to open the account

Questions to ask your representative

Ask your representative about Notes

Minimum balance required to avoid monthly service fees

Monthly service fees

Direct deposit and whether it eliminates the monthly fee

Per-check or transaction fees

Fees associated with use of automated teller machines (ATMs)

Internet banking access and any costs 

Online bill pay access and any costs

How to avoid overdraft fees

Low balance alert notifications