Opening Your First Account
01.What Banks Require
To open a US bank account, you typically need to visit a branch in person and bring two forms of government identification (e.g., your foreign passport and a US driver's license or visa document), proof of address (utility bill, lease agreement), and an SSN or ITIN. Some banks allow account openings with just an ITIN.
02.Checking vs. Savings
You will usually open two accounts at the same time: a checking account for your daily transactions and a savings account to store reserves. Checking accounts come with debit cards and checkbooks, while savings accounts earn interest and have withdrawal limits.
03.Minimum Balance Fees
Many US banks charge monthly maintenance fees (usually $10 to $15) if your account balance falls below a certain level. Look for accounts that waive these fees if you set up direct deposit (your paycheck automatically sent to the bank) or maintain a small minimum balance.