Banks and credit unions with branches in Memphis

Memphis has branches of national banks, regional banks, and local credit unions. The largest national banks with multiple Memphis locations are Bank of America, Wells Fargo, Chase, and Regions Bank. Each has different account minimums, monthly fees, and overdraft policies, so the cheapest option for you depends on how much you plan to keep in the account and how often you might overdraw.

Regional banks with a strong Memphis presence include FirstBank and Pinnacle Bank. These often have lower monthly fees than national chains and may offer better customer service if you visit a branch often. Credit unions in the Memphis area include Pinnacle Financial Credit Union, Memphis Police Credit Union (open to police and their families), and Shelby County Schools Credit Union (open to school employees and their families). Credit unions typically charge no monthly fee and pay slightly higher interest on savings, though they may have fewer branches and ATMs than large banks.

Key Takeaways

  • National banks like Bank of America and Chase have the most Memphis locations and ATMs, but often charge monthly fees unless you meet a minimum balance.
  • Regional banks and credit unions usually have lower or no monthly fees, but fewer branches and ATMs than national chains.
  • Some credit unions in Memphis are only open to members of specific groups, such as school employees or police officers.
  • You can open an account in person at a branch, by phone, or online — online often takes 10 to 15 minutes and requires only an ID and Social Security number.
  • Before opening, compare the monthly fee, minimum balance requirement, overdraft fees, and whether the bank or credit union has branches or ATMs near where you live or work.

What to bring when you open an account in person

If you walk into a branch to open a checking account, bring a government-issued photo ID (a driver's license, passport, or state ID card) and your Social Security number. Some banks also ask for a second form of ID, such as a utility bill or lease showing your current address. Have your phone number and email address ready.

If you are opening an account for the first time or have had problems with a bank before, the bank may check ChexSystems, a database that tracks checking account history. This is not a credit check — it only shows whether you have bounced checks or closed accounts due to unpaid fees. Most people pass this check without issue. If you have been denied in the past, you can request a copy of your ChexSystems report at www.chexsystems.com.

Opening an account online or by phone

Most Memphis banks and credit unions let you open a checking account online without visiting a branch. You will need your ID number, Social Security number, and a valid email address. The process usually takes 10 to 15 minutes. The bank will ask you to verify your identity by uploading a photo of your ID or by answering security questions based on your credit history.

After you submit your information online, the bank typically sends you a confirmation email within a few hours. Your account number and routing number arrive by mail within 5 to 7 business days, along with your debit card. Some banks let you use your account number to set up direct deposit or bill pay before your card arrives. If you need to start using the account right away, call the bank's customer service line to ask whether they can provide your account and routing numbers when ready.

Comparing fees and minimums across Memphis banks

Monthly maintenance fees range from zero to $15 depending on the bank and account type. Wells Fargo charges $10 per month unless you keep a $500 minimum balance or set up direct deposit. Bank of America charges $12 per month unless you maintain $1,500 or have a may have access to direct deposit. Chase charges $15 per month unless you keep $1,500 or more. Credit unions in Memphis typically charge no monthly fee at all.

Overdraft fees — the charge you pay if you spend more than you have — also vary. Most Memphis banks charge $30 to $35 per overdraft. Some banks charge multiple overdraft fees in a single day if you make several transactions over your balance. Before opening an account, ask the bank whether they offer overdraft protection, which links your checking account to a savings account and automatically transfers money if you overdraw. This usually costs $1 to $3 per transfer instead of $30 to $35.

ATM access and branch locations

If you plan to use an ATM regularly, check whether the bank has machines near your home or workplace. National banks like Bank of America and Wells Fargo have ATMs throughout Memphis and nationwide. Credit unions often participate in shared branching networks, which means you can use ATMs at other credit unions for free. CO-OP and Allpoint are two large networks that Memphis credit unions join.

If you rarely visit a branch and mostly use ATMs and online banking, a bank with fewer physical locations may not matter. If you prefer to speak to someone in person, count the number of branches near you. Some Memphis neighborhoods have multiple bank branches within a mile, while others have few or none.

Special accounts for people new to banking

If you have never had a checking account or have had trouble managing one in the past, some Memphis banks offer second-chance accounts or basic checking accounts designed for people rebuilding their banking history. These accounts have lower minimums, no overdraft fees (because overdrafts are straightforward declined), and no monthly fee. The tradeoff is that you cannot overdraw, so transactions may be declined if you do not have enough money.

Pinnacle Bank and several Memphis credit unions offer basic checking with no monthly fee and no overdraft risk. Ask the bank directly whether they have a second-chance or basic account, because these are not always advertised online. You may need to visit a branch or call to learn about them.

Frequently Asked Questions

Can I open a checking account if I do not have a Social Security number?

Most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN). If you do not have either, some credit unions and smaller banks may open an account using only your passport and address. Call ahead to ask, because policies vary by branch.

What if I have been denied a checking account before?

Check your ChexSystems report at www.chexsystems.com to see why you were denied. If the reason was unpaid fees or bounced checks, you may be able to open a basic checking account at a credit union or a second-chance account at a bank that specializes in them. Bring proof that you have resolved the old debt if you have one.

How long does it take to receive my debit card after opening an account online?

Most Memphis banks mail debit cards within 5 to 7 business days. Some banks offer rush delivery for a fee. You can usually start using your account for direct deposit or bill pay before the card arrives if you have your account and routing numbers.

Do I need a minimum balance to avoid monthly fees?

It depends on the bank. National banks usually require $500 to $1,500 to waive the monthly fee, or you can waive it by setting up direct deposit. Credit unions typically charge no monthly fee regardless of balance. Ask the bank before opening whether you can meet their minimum or may have access to for a fee waiver.

What is the difference between a bank and a credit union?

Banks are for-profit businesses owned by shareholders. Credit unions are nonprofit organizations owned by their members. Credit unions usually charge lower fees and pay higher interest on savings, but have fewer branches and ATMs. Both are insured by the federal government up to $250,000, so your money is equally safe at either.