How to Open a Bank Account
What you will find in this section:
Why is a bank account important?
Opening a bank account in the U.S. is very important, as it directly contributes to your personal and financial well-being. Ukrainians are eligible to open a bank account regardless of whether they have a Social Security number at many major U.S. banks, including Bank of America, Chase, and Wells Fargo. U.S. banks are most concerned with a potential customer’s ability to prove their identity and place of address.
Without a bank account, you’ll have to pay for things like cashing checks and money orders which are used to pay bills if you don’t have a checking account. While having a bank account doesn’t help you build credit, it does matter when you, for example, want to buy a vehicle or a home, as it provides a record of your income and spending to potential lenders.
Recommended steps
To start an account without a Social Security Number, you must:
Make an appointment with the bank (this way you are guaranteed to see a banker)
Bring the following documents:
Name and Birth Date verification (i.e. valid passport / government-issued driver’s license (including foreign licenses))
Proof of address (utility bill, lease, immigration papers, phone bill, etc.)
Alien identification card number / Any other government-issued document that proves your nationality or residence, such as a passport or foreign driver’s license
Ensure you have the cash to fund the account; generally, $25 to $100 is sufficient
The following banks don’t require an SSN to open a checkings account
Chase – $12 a month
*Waived:
if you have $500 or more in monthly direct deposits OR
maintained a $1,500 balance at the beginning of each day OR
keep at least $5,000 across Chase accounts
Wells Fargo – $10 a month
*Waived
if you have $500 or more in total qualifying direct deposits OR
the primary account owner is 17 - 24 years old OR
$500 minimum daily balance.
Bank of America – $12 a month
*Waived
with at least 1 direct deposit of $250 each month OR
maintain a minimum daily balance of $1,500 or more.