A NEWCOMER’S GUIDE TO MANAGING MONEY
Checklist for opening a
bank or credit union account
You might 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 straightforward.
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
or a mobile app
§ 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.
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 also need to provide information so the
bank or credit union can verify your name, date
of birth, address, and identication number. An
identication number can be a Social Security
number, Individual Taxpayer Identication
Number (ITIN), passport number and country
of issuance, alien identication card number, or
other government-issued identication number.
§ Many banks require you to show a U.S. or state
government issued identication card with
your photo on it, such as a driver’s license,
U.S. passport, or military identication.
§ If you do not have a U.S. or state government
issued form of identication, some banks and
credit unions accept foreign passports and
consular IDs, such as the Matricula Consular card.
Consumer Financial
Protection Bureau
CHECKLIST FOR OPENING A BANK OR CREDIT UNION ACCOUNT