All banks require that people who want to open a checking or savings account to bring the proper documents with them. No bank in the United States will allow someone to open an account without an ID because of federal rules. The United States Patriot Act requires that financial institutions have certain information about people who bank with them. This act was launched as a way to help the government right back against terrorism. In addition to a government ID, banks require other information when someone wants to open a new account.
ID Types
Though banks require some form of ID, they accept different types. The most common type that people use is their driver’s license. Licenses in the United States now list the individual’s full name and current address along with their license number and date of birth. State IDs contain the same information but do not allow the person to operate a motor vehicle. A person opening a new account can also present a student ID if it shows their name and address or presents their passport. If they need to open an account and want to use a different address, they need to provide proof that they live at the other address. Most states make it easy for people to get photo IDs in lieu of a driver’s license. They just need to provide proof of their address and identity and pay a small fee. This gives them a photo ID they can present to the bank.
Social Security Number
Banks also ask for the user’s social security number (SSN), which they can use to verify their identity. Getting a free online bank account without ID is impossible because banks require an SSN or Individual Taxpayer Identification Numbers (ITIN), too. Those born in the US who are also legal residents can apply for an SSN. They often rely on their parents to do this for them. ITIN offers the same information for resident aliens along with their families. It gives both the bank and the government a way to track the individual and any money they take out or deposit. As per the experts at SoFi, “Because documents can be fake, the bank must take steps to be sure they are accurate. They can do this by going to sources like the credit reporting agencies or checking the applicant’s references with other financial institutions.”
Online Banking
Some people think that online banks allow them to open accounts without asking for their SSN or ID. This is not true because any financial institution that operates in the US must have the same standards. An online bank may let someone open a new account, but it will ban them from using it until they provide more information. They often need to take a photo that shows both their face and their photo ID that they submit to the bank. It can take a few hours or more for the bank to accept the ID. Online banks also require either an SSN or ITIN to open a new account.
Opening a new bank account doesn’t take as much time or work as some people might think. Though banks will not open new accounts without some type of photo ID, they accept driver’s licenses, student IDs, and others.
