In the USA PATRIOT Act, banks, credit unions, and other financial institutions are required to verify the identity of any person seeking to open an account at a bank. Congress passed this law in the aftermath of the events of Sept. 11th, 2001, to stop the financing of terrorist acts. Foreign terrorists responsible for the 9/11 attacks utilized U.S. bank accounts to pay for their mission.
Suppose you are applying to open a checking or savings account with a bank or credit union within the U.S. In that case, the financial institution will require verification of your identity and date of birth, address, and I.D. If you’re not a non-U.S. resident, your I.D. isn’t necessarily the same as those U.S. citizenszen, though.
Remember that some financial institutions allow the non-U.S. citizen to establish an account. However, some banks do not grant that possibility to non-residents of the United States. To be tax-efficient, the IRS considers an alien an individual who isn’t a U.S. citizen or U.S. citizen. Non-resident aliens have not completed the Green Card and “substantial presence” tests.
What do you require to create the bank account?
It is possible to open a bank account online or in an office, provided the bank has brick-and-mortar locations. It is necessary to favor similar information regardless of whether you’re opening a savings or any other type of account for deposit. The only information banks need from applicants for accounts is names, addresses, dates of birth, and I.D. numbers.
Below is a more comprehensive checklist of the things you’ll require to open the account at your bank:
1. Valid, official identification card with a photo, like a driver’s license or passport. Non-drivers can obtain an I.D. card from the state Department of Motor Vehicles office.
2. Additional basic details, like your birth date, Social Security number, taxpayer identification number, or even your telephone number.
3. A deposit at the beginning is required from some banks. However, some banks allow you to open accounts without a deposit. Read on to find out more about the process of funding your account.
Based on the circumstances of your situation, you may also require some other things.
4. Provide the identity details of other applicants when creating a joint account. Since numerous persons will hold the account, the bank needs every owner’s identification and more information about their personal lives.
5. A co-owner if you’re not yet 18. Request a parent, a legal guardian, or a legal representative to sign documents for the bank.
What is the accurate way to open a new account at a bank?
The bank account can be opened by opening an account by following one of these steps:
Pick a bank to choose. Choose a bank: You might want to look at the benefits and benefits, rewards, ATM places, the types of accounts provided by the bank you choose, and the applicable monthly service charges or other charges that could apply before establishing your account at a bank.
Check eligibility requirements: Verify your credit union’s minimum age and eligibility requirements before opening a checking or savings account. In the case of checking accounts, for instance, you generally have to be 18 years old to start a checking or savings account. Additionally, certain banks might require parents or guardians to participate in the account opening process. A student’s checking account is a good option. When you apply for your child’s first savings or checking account, some banks will have both of them with the necessary documentation.
Select the excellent accounts that are right for you. Before beginning applying, it is expected to specify which types of accounts you’d like to purchase, for instance, an account for checking, a savings account, or a combination of both. It’s best to study your account’s information and ensure you are familiar with account functions.
Check deposits: If your bank has a minimum deposit requirement, you might be required to offer the money upon application.
Make an application with the bank you are with. After you’ve selected an institution, such as a credit union or bank, and the type of account, visit their branch in your area or on their web website to learn more about the application procedure and the requirements for opening a bank account.
Can I Open A Bank Account Without Documents?
The law requires banks to confirm your identity before opening an account with a bank[11. If you do not have a Social Security number, you might still be able to create a bank account. Although the Social Security number may be preferential for tax purposes, certain banks might not require it to open accounts[22. You’ll nevertheless need to impart the proper replacement for a Social Security number, like an individual Taxpayer Identification Number (IDN) or passport.
How do I create a U.S. Bank account online as a non-resident?
Establishing an online account with a regional U.S. bank is impossible when you are a non-resident. The situation may be different with online banks in the rare instances where they provide accounts to residents of other countries.
It’s not the same for international banks. The global nature of an account allows it to establish an account outside the U.S. Contact the bank you wish to develop an account with to understand the possibilities better.
Do I require to have a U.S. bank account to do business with in the U.S.?
It’s not a legally-binding necessity to deposit money to a U.S. bank account when you work in an American firm; it’s much safer and more accessible. This makes tax payments more manageable and means that you will not be at risk of getting it wrong while filing your tax taxes at the end of the tax year.
You’ll need to discuss it with the employer when you’re interviewing. If you have any details regarding how to transfer funds to the account of a foreign bank, then you should read our guide to this topic.
How Much Money Do You Need to Open a Bank Account?
The simple answer is that the bank’s requirements can differ from one to another. This can also depend on the kind of account used by the bank.
In Huntington, we offer three checking accounts. OurOur checking accounts do not require a minimum amount of money to open. But, for two of our accounts for checking, you must maintain the balance needed to avoid the cost of maintenance and be eligible for better rates.
Investment and savings accounts come with distinct requirements for balance and application. For more information about our various savings accounts, learn more about specific requirements. Huntington has a wide range of accounts that benefit all individuals in achieving the financial goals they have set for themselves.
If you have an account at Huntington, you can benefit from The Hub, our digital bank tools for managing your money.
The Bottom Line
Opening a bank account as an international citizen requires extra effort and additional stress, especially for those with residency-alien status.
If you’re living in the country you’re from, consider contacting a U.S.-based international bank with branches in your area and open an account before leaving. A move like this at branch banks in foreign countries allows foreign applicants to establish a professional connection with the bank that will make it easier to apply for a U.S. account through any branch in the U.S.