Checklist of Documents for Opening a Bank Account in the US

Having a bank account in this interconnected digital world provides convenience and allows us to save time. Bank accounts encourage you to manage your finances while keeping your money safe. Whether you want to save money, pay fees and bills, or receive an amount for a loan, performing these tasks is not a problem if you have a bank account. If you want to buy an item either from a local store or online, you simply need a debit card that will streamline this process. 

Before opening an account, you will need some essential documents. Don’t know what those are? No worries! In this article, I will share the checklist of the documents that you must have to open a bank account in the US.

Proof of Identity

You’ll need to prove your identity if you want to open an account in the US. For legal and security purposes, this is a crucial step before going for opening a bank account. Most probably the bank will ask you to provide your identification card, US driving license, or maybe your passport. Depending upon the type of bank account you are opening, they will also demand a social security card or birth certificate. The reason behind asking for this information is to save you from fraud, not only but also to ensure that the information you provide is either aligned with the documents or not. 

Proof of Address

Providing the address is one of the main requirements that banks need at the time of opening an account. They want to make sure that the place where you are living is the same as what is mentioned in the records. What are the documents in which the address of the applicant is mentioned? Documents such as letters received from the government or office where the person is doing a job and utility bills are also included. So they cross-check the information for the provided documents, and they further proceed to the next procedure. To confirm that the address written on the document is your current address, the records should be within the date of 30 to 90 days. 

SSN or ITIN

 When it comes to opening a bank account, an identification number like an SSN or ITIN is required. Why are these identification details needed while registering a bank account? After having your SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number), they can easily track your activities regarding finance, so they check whether you are eligible for making this bank account or not. The key difference between SSN vs ITIN is that the SSN is used for personal identification and Social Security benefits, whereas the ITIN is solely for tax reporting purposes. By using this information, banks can confirm that you are a real person who wants to use the bank as a medium to manage his payments or expenses, not someone who wants to cheat them by sharing fake details. 

Proof of Employment or Income

 Before forwarding your bank opening account request, the most important thing they need is your income source. They want to make sure that the way you are earning money is legal or secure. It does matter if you are doing a job for someone else or having your own business; what they need from you is the evidence of the path where money comes from. The purpose of asking for this information is to ensure that you are capable of making your account live. Because it remains active based on regular transactions that show you are currently using this account. 

Initial Deposit

After completing the documentation process, they second request to deposit the initial amount in the account they create under your name. This is not only for US-based banks; it applies all over the world where the banking system is working. Why do banks demand an initial deposit from an applicant? When you release your first transition, it shows that you are a serious person who wishes to have a bank account to manage his finances. Moreover, they charge for the time and effort they put into making that happen, and that amount is deducted from the initial deposit in terms of service fees.

Immigration Documents (For non-US citizens or residents)

The bank may request some additional documents to verify your legal status in the country. If you are someone outside of the USA and willing to open an account in the bank of that country. They confirm that you have the right to live here and are doing your activities according to the rules and regulations of the US government. For non-US residents, banks may demand documents such as a visa, passport, or contract from which they know about your immigration status. While checking the details, they can also verify the place where you are living, whether it is in government records or not.