You have just arrived in the US, your first paycheck is a paper check, and the bank down the street wants a number you may not have yet. It feels like a locked door. It isn't — the rules exist and are learnable, and the first one is that opening an account takes three things, none of which is a long US history.
What a bank or credit union asks for
Federal "know your customer" rules require every bank to record four things when it opens your account: your name, date of birth, address, and an identification number. If you were born in the US, that number is a Social Security number (SSN). For you, the rules also allow an ITIN, a passport number, or another government-issued ID number — whether a particular bank accepts those is its own policy, not the law.
| What they ask for | What usually counts | Tip |
|---|---|---|
| Proof of identity | A valid passport, often with a second ID (visa, consular ID, foreign driver's license) | Bring two forms of ID to the branch |
| Identification number | An SSN, an ITIN, or (at many banks) a passport number | Ask "do you open accounts without an SSN?" before you sit down |
| Proof of address | A lease, a utility bill, or a letter from your employer or school | Mail in your name at your new address works |
The most common myth is that you need an SSN. Many banks — and a great many credit unions — open accounts with an ITIN or a passport, and some large banks accept consular ID cards. If one branch says no, that is one branch's policy. Try a credit union or a bank that advertises to immigrant communities before you conclude the door is shut.
Why cash and check-cashing cost more than they look
Running on cash and a check-cashing storefront feels familiar and asks no questions. It also charges you for your own money. A storefront keeps a percentage of every check you cash; a bank cashes or deposits the same check for free. Cash that is lost or stolen is gone; money in an insured account is protected up to $250,000 per depositor, per bank.
There is a second cost that is invisible until you need it. Every deposit and payment that runs through a real account builds a financial record — the paper trail a landlord, a lender, or an immigration form may ask you for later. Check-cashing builds nothing.
| Habit | What it costs | What it builds |
|---|---|---|
| Cash + check-cashing storefront | A cut of every check, plus money-order fees to pay rent | No record, no banking relationship |
| Free checking + savings account | $0 with the right account | Safety, a record, direct deposit on payday |
Picking an account that stays free
Not every account is free, and the fees are rarely on the poster in the window. Before you sign, ask three questions: Is there a monthly maintenance fee, and what waives it (direct deposit, a minimum balance)? What is the overdraft fee, and can you turn overdraft off so a purchase is simply declined? Are out-of-network ATM fees charged? Many credit unions and online banks answer $0, $0 and $0. The fees banks don't advertise lesson lists the rest.
For money you are setting aside, open a high-yield savings account alongside your checking. Online banks pay roughly 4% APY as of 2025 against about 0.01% at many large branch banks — same insurance, four hundred times the interest. The savings-goal calculator shows what a monthly deposit grows into.
Once the account is open, set up direct deposit with your employer (the form asks for the routing and account numbers printed at the bottom of a check or in the app) so pay lands in the account without a trip to a branch. With banking in place, the next thing the US system will ask about is the one that surprises most newcomers: your credit.