If you want to receive more information about news for the undocumented, subscribe to our community on WhatsApp. Please check our library here.
A checking and savings account can secure your money through an FDIC backed bank, while also serving as a proof of address and a record of stability for immigration purposes. 94% of U.S. households own bank accounts, including immigrants who do not have a Social Security Number (SSN).
While the requirements for certain classes of immigrants to open a bank account differ, these are the benefits and the requirements to open an account without a SSN.
No SSN is required to open a bank account
Undocumented immigrants, and immigrants who do not possess a SSN, are not barred from opening checking and savings accounts in the United States, so long as you can provide proof of identity and address.
Opening a bank account can provide many benefits, such as getting a debit card, statements for proof of address, access to funds at numerous ATMs, keeping record of purchases and payments, and protection for your money. For immigration purposes it could show a record of the dates that you have resided in the country, and the amount of Taxes that you have paid — a requirement for naturalization.
Also read: ITIN Number: A Way To Pay Taxes As An Immigrant
Bank accounts can give a peace of mind
A bank account is that it secures your money in one place, while providing flexibility to access the funds from anywhere.
If you lose physical cash (whether it is because you dropped it or lost it due to a fire) you won’t be able to get back that money because there are no records to show that you had that money to begin with. A bank account, on the other hand, tracks all the transactions and deposits and serves as proof that your money existed. Additionally, FDIC insured banks insure a standard amount of $250,000.
A big part of living in the states is also acquiring a record of paying for utilities and other obligations. Using an account will help with budgeting, as it can help with scheduling automatic payments to avoid late fees, and also maintain track of all the expenses and subscriptions.
An account will help you get your money faster through direct deposits from your employee.
What documents do you need to open a bank account?
Financial institutions like Chase, Bank of America, and Credit Unions require the following documents to open an account:
- Name and Date of Birth: birth certificate, valid passport, consular ID, government issued driver’s license and learner’s permit. You need at least two forms of Government issued documents.
- Proof of Address: utility bills such as telephone, gas and electricity. Lease contract, municipal identification (such as IDNYC). These documents must be in your name, and have the current address.
- Identification: you can provide a SSN or a Tax Identification Number (ITIN)
An ITIN number is necessary to file your taxes if you work and are not eligible for a SSN. Learn more about how to apply for an ITIN here.
Banks that open accounts with an ITIN
Most financial institutions allow you to open a checking account and savings account if you have the requirements listed in the previous sections. The following confirm the opening of accounts with an ITIN.
Note: You won’t be able to open an account with an ITIN online, and must schedule or visit a branch in person to have your identity verified.
Chase Bank: Their monthly fee is $12 for their basic checking account, which can be waived in three ways.
PNC Bank: Their monthly fee is $7, but it can be waived by maintaining a balance of more than $500
Bank of America: There are different types of accounts that range from $4.95 to $12 monthly fee, that can be waived by meeting certain requirements (like direct deposit, etc)
Citibank: No minimum deposit needed. Fee can be waived if monthly average balance is $500 or more.
TD Bank: Has a 4.95 monthly maintenance fee that can’t be waived, but no overdraft fees.
Can I open an account with just a passport?
Alliant Credit Union, Citibank, PNC and Wells Fargo let customers open debit accounts with official IDs that contain photos, like passports. We have evidence of immigrants that have been able to open accounts with just their passports in these banks.
Individuals who do not have access to their passport can use an IDNYC to open bank accounts at these NYC banks and credit unions.
Also read: IDNYC card: What Is, How to Apply and Its Benefits
