Six percent of Americans don’t have a bank account according to recent data from the Federal Reserve.1 But opening one — or adding a supplemental account — can be an important step toward enhancing money management and creating a secure way to access money, make transactions, and save.
In this guide, explore some of the essential documents needed to open a bank account in the US and learn how to navigate the process.
Since bank accounts are tied to one’s identity and secure people’s money, sensitive personal information is typically required. Specific requirements may vary depending on the financial institution, but some documents generally needed to open a bank account are:
The process of opening a bank account is often relatively straightforward. Here is a general look at how it may work:
From checking to savings accounts, there are several types of bank account options in the US. Here are some examples:
While some bank accounts may not require any money to open the account, there may potentially be required deposits or ongoing costs that apply. The costs associated with opening and managing a bank account may vary depending on the bank and the type of account selected.
Potential expenses associated with bank accounts include:
Learn about managing money with PayPal.
Save cash back offers from top brands. Plus send money, track packages, and more.
We use cookies to improve your experience on our site. May we use marketing cookies to show you personalized ads? Manage all cookies