Opening a bank account in the United States typically requires providing certain documents and information, which can vary depending on whether you are a U.S. citizen, or a legal resident. Here are the general requirements for each category:
U.S. Citizens:
- Identification: A driver’s license, state ID, or passport are the most commonly accepted forms of ID. These should be current and valid. The purpose of an ID is to verify identity and legal status. Your name on the ID must match other provided documents.
- Social Security Number (SSN): SSN is used for tax purposes and is a key requirement under U.S. law to combat fraud and money laundering. Banks use your SSN to report interest, dividends, and certain other income to the IRS.
- Proof of Address: A utility bill (like electricity or water), lease agreement, mortgage statement, or official government correspondence can be used as your address proof. This is to confirm your residency and for the bank to have a valid address for correspondence and legal purposes.
- Initial Deposit: An initial deposit or minimum deposit requirement confirms your intention to use the account and is part of the account opening process. This deposit varies by bank and account type. Some online banks or checking accounts might have no minimum deposit ➔.
Legal Residents (including Permanent Residents/Green Card holders):
- Identification: Foreign passport with a U.S. visa, Permanent Resident Card (Green Card), or state ID. The name and photo should be clearly visible as well as match other documents you have to provide.
- SSN or ITIN: If you’re without an SSN, an ITIN (Individual Taxpayer Identification Number) is used primarily for tax filing and reporting purposes. You can easily apply for an ITIN through the IRS if you’re not eligible for an SSN.
- Proof of Address: This is required to show you have a current U.S. residential address. Just as with U.S citizens, you will need to submit a utility bill. However, some banks may accept less traditional forms of address proof from non-citizens.
- Immigration Documents: Your visa, resident permit, employment authorization, or green card is required to establish your legal residency status in the U.S.
- Initial Deposit: The initial deposit also depends on the bank’s policy and the type of account you wish to open.
What is the minimum age limit to open an account in the U.S?
The minimum age to open a bank account in the United States is typically 18 years old. At this age, you are considered a legal adult and can enter into binding contracts, including those required to open and manage a bank account. However, there are also three options if are younger:
- Minor Accounts (Under 18 Years Old):
- Many banks offer accounts specifically designed for minors. These accounts usually require a parent or legal guardian to be a co-owner or to give consent.
- The co-owner (parent or guardian) will have joint control over the account and is usually responsible for overseeing the account’s activities.
- The specific age at which a minor can open an account with parental consent varies by bank, but it’s often available to teenagers and sometimes even younger children.
- Student Accounts:
- Many banks offer student checking and savings accounts, which might have lower fees and minimum balance requirements. These are often targeted at individuals who are at least 13 to 17 years old.
- Similar to minor accounts, a parent or guardian’s consent or co-ownership is typically required for those under 18.
- Joint Accounts:
- A minor can be a joint account holder with an adult. This is a common arrangement for teens and their parents. Both parties have access to the account, and the adult is responsible for monitoring and managing the account.
Note: Some banks might offer more autonomy to minors in managing their accounts, while others might place stricter controls until the minor reaches the age of majority. Additionally, once the minor reaches the age of 18, the account may automatically convert into a standard adult account, or the bank may require certain actions to transition the account.
Bottom Line
It’s important to note that these are general guidelines and requirements can vary significantly from one bank to another. Some banks may have more strict requirements or additional steps for non-citizens. It’s always a good idea to contact the bank directly or visit their website for the most accurate and up-to-date information.
Additionally, online banking options might have different requirements compared to traditional brick-and-mortar banks.
