Most banks let you open a checking account with no money at all

You do not need to deposit anything to open a checking account at most banks and credit unions. Many will let you walk in, fill out paperwork, and leave with an account number and debit card on the same day — without putting a single dollar in first. You can deposit money whenever you are ready.

That said, some banks do ask for an opening deposit, and some charge monthly fees if your balance stays below a certain amount. The real cost of a checking account is not what you pay to start it — it is what you pay to keep it open if you are not using it the way the bank expects.

Key Takeaways

  • Most banks and credit unions charge nothing to open a checking account and require no opening deposit.
  • Monthly maintenance fees range from zero to $15 or more, but many banks waive them if you keep a minimum balance or set up direct deposit.
  • Overdraft fees — charged when you spend more than you have — are the biggest hidden cost and can run $25 to $35 per transaction.
  • Credit unions and online banks are more likely to have no monthly fee and no minimum balance requirement than large national banks.
  • The account that costs the least is the one you will actually use, so compare what each bank charges for the things you do most.

Opening deposits: what banks actually require

Most major banks — including Chase, Bank of America, Wells Fargo, and Citibank — do not require an opening deposit. You can open an account with zero dollars. However, some regional banks and credit unions do ask for a small opening deposit, usually between $25 and $100. A few banks require $500 or more, though these are less common.

The best way to know what a specific bank requires is to call them or visit their website and look for the account details page. If you do not see an opening deposit mentioned, you can assume there is not one. If you are opening an account in person at a branch, bring your ID and Social Security number — that is all you need to start.

Monthly fees and how to avoid them

This is where checking accounts actually cost money. Many banks charge a monthly maintenance fee — typically $5 to $15 — just for having the account open. But most of these fees have an escape hatch: the bank will waive it if you meet one of these conditions.

The most common ways to avoid a monthly fee are to keep a minimum balance (often $500 to $1,500), set up direct deposit of your paycheck, or maintain a certain number of debit card transactions per month. Some banks waive the fee if you have other accounts with them, like a savings account. A few banks — mostly online banks and credit unions — charge no monthly fee at all, with no strings attached.

If you are new to banking and do not have a steady paycheck or a large balance to keep in the account, look for a bank that charges no monthly fee and has no minimum balance. This removes the risk that you will be charged just for having the account sit there.

Overdraft fees: the cost that surprises people

An overdraft happens when you spend more money than you have in your account. If your balance is $50 and you swipe your debit card for $75, you have overdrawn by $25. Most banks will let the transaction go through — and then charge you a fee for doing so.

Overdraft fees typically range from $25 to $35 per transaction. If you overdraw multiple times in one day, you can be charged multiple fees. A single mistake — like forgetting about a pending bill — can cost you $50 to $100 in fees alone.

You can protect yourself in two ways. First, many banks let you turn off overdraft protection, which means transactions will straightforward be declined if you do not have enough money. Second, some banks offer overdraft protection linked to a savings account or credit line, which covers the shortfall without a fee. Ask the bank about both options before you open the account.

ATM fees and out-of-network costs

If you use an ATM that does not belong to your bank, you will usually be charged a fee — often $2 to $3 per withdrawal. This adds up quickly if you withdraw cash frequently and do not have a branch near you.

Before you choose a bank, think about where you actually go. If you live or work near a branch, you can use their ATMs for free. If you do not, look for a bank that is part of a large ATM network, or choose an online bank that reimburses ATM fees. Credit unions often belong to shared branching networks, which means you can use ATMs at other credit unions for free.

Comparing costs across different bank types

The cost structure varies by the kind of bank you choose. Large national banks like Chase and Bank of America typically charge monthly fees ($12 to $15) but waive them easily if you keep a minimum balance or set up direct deposit. They have thousands of branches and ATMs, so convenience is built in.

Online banks like Ally, Charles Schwab, and Chime usually charge no monthly fee and no minimum balance. They reimburse ATM fees or have no-fee ATM networks. The trade-off is that you cannot walk into a physical branch — everything is done by phone, app, or website.

Credit unions typically charge no monthly fee and have no minimum balance. They often have lower overdraft fees than banks. The catch is that you have to be a member, which usually means living or working in a certain area, or having a family member who is already a member. Some credit unions let anyone join if you make a small donation to a nonprofit they sponsor.

What to ask before you open an account

When you are ready to open a checking account, here are the specific questions to ask or look up online:

  • Is there an opening deposit required? If so, how much?
  • Is there a monthly maintenance fee? If so, what are the ways to waive it?
  • What is the overdraft fee, and can I turn off overdraft protection?
  • Are there ATM fees if I use an ATM outside the bank's network?
  • Are there fees for other common things I might do, like transferring money, closing the account, or ordering checks?

Write down the answers for two or three banks you are considering, then compare. The cheapest account is not always the best one — if the bank has no branches near you and you need to deposit cash regularly, those ATM fees will cost more than a monthly fee at a bank with a nearby branch.

Frequently Asked Questions

Can I open a checking account with no money and no ID?

You will need a valid ID — a driver's license, passport, or state ID card. Most banks also ask for your Social Security number. You do not need any money. If you do not have an ID yet, contact your state's DMV about how to get one, or ask the bank if they accept other forms of identification.

What happens if I cannot keep a minimum balance?

You will be charged a monthly maintenance fee, usually $5 to $15. To avoid this, look for a bank that charges no monthly fee and has no minimum balance requirement. Online banks and many credit unions offer this. If you are already at a bank that charges a fee, you can ask them to waive it, or switch to a bank with no fee.

Do I have to pay overdraft fees?

You can avoid them by turning off overdraft protection, which makes transactions decline if you do not have enough money. You can also link overdraft protection to a savings account, which covers the shortfall without a fee. Ask your bank about both options when you open the account.

Is it cheaper to use a credit union or an online bank?

Both are usually cheaper than large national banks because they charge no monthly fee and no minimum balance. Credit unions are best if you need to deposit cash in person or want to talk to someone face-to-face. Online banks are best if you are comfortable managing money by phone or app and do not need a physical branch.

What if I close my account right after opening it?

Most banks do not charge a fee for closing an account. However, some charge a fee if you close within a certain time period — usually 90 days to six months. Check the account terms before you open to see if there is an early closure fee.