Showing up prepared to the bank or credit union when you’re ready to open an account will help you save time and money.
Most banks and credit unions require two forms of identification to open an account. Some will take one form of identification (such as your driver’s license or passport) and a bill with your name and address on it. The other part of being prepared is understanding the terms and costs of opening an account. Get answers to common questions before you sign your paperwork.
What to do
- Gather your documents. Make sure you have the proper identification and documents to open an account
- Bring the required amount of money to open the account. You’ll usually need between $25 and $100 to open a checking or savings account at a bank. Some credit unions and banks don’t require an opening deposit and some require a deposit as low as $5 to open an account
- Get all the facts. Call the bank or credit union or do research online to answer the questions in the checklist. Make sure you know how the account works and what fees are involved
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This material is provided for educational and information purposes only. It is not a replacement for the guidance or advice of an accountant, certified advisor or otherwise qualified professional.