Question 1

Can I open a bank account without a Social Security number?

Accepted Answer

Often yes. Some banks and credit unions accept an ITIN or other ID. Call ahead to ask.

Question 2

Does having a bank account help my credit?

Accepted Answer

Not directly, since checking accounts don’t usually show on credit reports. But it helps you qualify for credit cards and loans that do.

Question 3

Can I open a bank account with a passport?

Accepted Answer

Many banks accept a passport as photo ID. You may also need an SSN or ITIN and proof of address, depending on the bank.

Question 4

Can I open a bank account with an ITIN?

Accepted Answer

Some banks and many credit unions accept an ITIN instead of a Social Security number. Call ahead to ask.

Question 5

What is a Bank On account?

Accepted Answer

A low-cost checking account that meets national standards, like low or no monthly fees and no overdraft fees.

Question 6

What does FDIC insured mean?

Accepted Answer

Deposits at FDIC-insured banks are protected by the federal government up to set limits if the bank fails. Credit unions have similar NCUA insurance.

Question 7

What is the cheapest way to send money home?

Accepted Answer

It depends on the country and amount. Compare total cost, including fees and exchange rate, across banks, credit unions and transfer services.

Question 8

What should I do if a money transfer goes wrong?

Accepted Answer

Contact the provider quickly. U.S. rules generally give you time to report errors and require providers to investigate.

Common questions: Opening a bank account