Banks and credit unions are the main routes, and the fastest option depends on what you already have
You can open a checking account at a traditional bank, an online bank, or a credit union. Traditional banks have physical branches where you can walk in and speak to someone; online banks exist only on the internet and typically offer lower fees; credit unions are member-owned and often have lower minimums. The easiest choice depends on whether you already have an account somewhere, whether you need to deposit cash regularly, and how much money you plan to keep in the account.
If you already have a savings account or credit card with a bank, opening a checking account there takes minutes—often just a phone call or a few clicks online. If you're starting from scratch, an online bank is usually fastest because there's no waiting for an appointment or visiting a branch. A credit union is worth considering if you have a local one and want lower fees, though you may need to meet membership requirements first.
Key Takeaways
- Traditional banks let you deposit cash in person but often charge monthly fees; online banks have no branches but typically charge nothing and pay slightly higher interest on deposits.
- Credit unions usually have lower fees and better rates than banks, but you must meet membership requirements—often living or working in a specific area, or having a family member who belongs.
- Opening an account online or by phone takes 10 to 30 minutes and requires a government ID, Social Security number, and proof of address; opening in person at a branch takes longer but lets you ask questions.
- If you have a recent eviction, unpaid overdraft fees, or a history in ChexSystems (a banking record system), some banks will reject you, but others specifically serve people in that situation.
- You do not need a minimum deposit to open most checking accounts, though some banks require you to keep a small balance to avoid monthly fees.
What traditional banks require and what they cost
A traditional bank is a physical institution with branches in your area. To open a checking account, you'll need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address (a recent utility bill, lease, or bank statement). Most banks let you open an account online, by phone, or in person; in-person is slowest but lets you ask questions and deposit cash when ready if you bring it.
Monthly fees vary widely. Large national banks like Chase, Bank of America, and Wells Fargo typically charge $10 to $15 per month unless you meet conditions—usually maintaining a minimum balance (often $500 to $1,500) or setting up direct deposit. Regional banks and smaller institutions often charge less or nothing. Ask specifically about the monthly fee, overdraft fees (what happens if you spend more than you have), and ATM fees (whether you can use out-of-network ATMs free). Some banks waive the monthly fee if you're under 25 or over 65.
Online banks: faster setup, lower fees, no cash deposits
An online bank exists only on the internet—no branches, no tellers, no way to hand someone cash. You open an account entirely through a website or app in 10 to 20 minutes. The main advantage is cost: most online banks charge no monthly fee and no overdraft fees (they straightforward decline the transaction instead). The main disadvantage is that you cannot deposit cash in person; you can only deposit checks by photographing them with your phone or by transferring money from another account.
Online banks include Ally, Charles Schwab, Chime, and others. Interest rates on checking balances are usually higher than at traditional banks, though still modest. If you rarely use cash and already have a way to deposit checks, an online bank is often the cheapest and fastest option. If you need to deposit cash regularly—for example, if you're paid in cash or receive tips—you'll need a traditional bank or credit union, or you'll need to use a partner bank's ATM to deposit cash (some online banks have partnerships that let you do this).
Credit unions: lower fees if you meet membership requirements
A credit union is a member-owned financial institution, usually smaller and more local than a bank. Credit unions typically charge lower monthly fees (often zero) and offer better interest rates on savings. To join, you must meet a membership requirement—usually living or working in a specific county, working for a specific employer, attending a specific school, or having a family member who already belongs. Some credit unions have very broad requirements; others are narrow.
To find a credit union you can join, search the CO-OP Network or Shared Branch locator online, or ask your employer whether they have a partnership with a credit union. Once you confirm you're may be able to access, opening an account works the same way as at a bank: bring your ID, Social Security number, and proof of address, or do it online. Credit unions often have lower overdraft fees and more flexibility if you make a mistake, so they're worth the extra step if you're may be able to access.
What happens if you've been rejected by banks before
Banks use a system called ChexSystems to track checking account history. If you've had unpaid overdraft fees, bounced checks, or fraud disputes, you may appear in ChexSystems and be rejected when you try to open a new account. You can request your ChexSystems report for free at chexsystems.com. If there's an error, you can dispute it.
If you're in ChexSystems or have a recent eviction on your record, some mainstream banks will still reject you, but others specifically serve people in that situation. Second-chance banking accounts are designed for people with banking history problems. They often have higher fees and lower limits, but they let you rebuild. Chime, LendingClub, and some regional banks offer second-chance accounts. Credit unions are sometimes more flexible than banks about past problems, so calling your local credit union is worth trying first.
The actual steps to open an account online or in person
If you're opening online or by phone, the process is straightforward. Go to the bank's website or app, click "Open an Account" or "New Customer", and follow the prompts. You'll enter your name, address, phone number, and email. You'll provide your Social Security number and upload a photo of your ID (driver's license, passport, or state ID). You'll confirm your current address by uploading a recent utility bill, lease, or bank statement. The whole process takes 10 to 30 minutes.
If you're opening in person at a branch, arrive during business hours with your ID and proof of address. A banker will ask the same questions and may ask why you're opening the account (to check for fraud). You'll sign paperwork and may be able to deposit cash or a check when ready. The appointment usually takes 20 to 45 minutes. Some banks require an appointment; others take walk-ins. Call ahead to confirm.
After you submit your information, the bank will verify your identity and check ChexSystems. This usually takes a few minutes to a few hours. You'll receive an email or text confirming your account is open, along with your account number. Your debit card arrives by mail in 5 to 10 business days. You can usually start using the account (transferring money, setting up direct deposit) before the card arrives.
Comparing the three routes side by side
| Route | Speed to Open | Monthly Fee | Cash Deposits | Best For |
|---|---|---|---|---|
| Traditional Bank | 20–45 minutes in person; 10–30 minutes online | $10–$15 (often waived with conditions) | Yes, in person | People who need to deposit cash regularly or prefer in-person support |
| Online Bank | 10–20 minutes | Usually $0 | No (checks only, by photo) | People who rarely use cash and want the lowest fees |
| Credit Union | 20–45 minutes (after confirming may be able to access) | Usually $0 | Yes, in person | People who meet membership requirements and want lower fees and better service |
Frequently Asked Questions
Do I need money to open a checking account?
No. Most banks and credit unions let you open a checking account with zero dollars. Some banks require a small opening deposit (often $25), but many do not. You only need the deposit if the bank specifically states it. However, some banks charge a monthly fee if you don't maintain a minimum balance—usually $500 to $1,500—so read the fee schedule before you open.
What if I don't have a government ID?
You'll need a government-issued ID to open a checking account at any bank or credit union. If you don't have a driver's license or passport, you can get a state ID from your state's DMV. The process varies by state but usually takes a few weeks. Some banks may accept a passport from another country if you're not a U.S. citizen, but call first to confirm.
Can I open an account if I'm not a U.S. citizen?
Yes, but requirements vary. You'll need an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number, and some banks require a passport or visa. Call the bank first to confirm they serve non-citizens, because not all do. Credit unions sometimes have more flexibility than large banks.
How long does it take to get my debit card?
Your account opens when ready (usually within hours of submitting your information online), but your physical debit card arrives by mail in 5 to 10 business days. You can use your account before the card arrives by setting up transfers, direct deposit, or bill pay. Some banks let you request a temporary digital card you can use when ready on your phone.
What's the difference between a checking account and a savings account?
A checking account is for money you spend regularly—it comes with a debit card and checks. A savings account is for money you're keeping; it earns a small amount of interest but limits how many times you can withdraw per month. Most people open both at the same time. You can do this in one visit or online session.