Opening A Bank Account | The Visible Guide

Choosing A Bank

The day after I landed in the US, I went ahead to open an account at PNC Bank. I chose the bank purely because it was the closest one to campus and I valued the convenience of being able to physically visit the branch (within walking distance ). It took me a few visits to remember that I have to take my passport every time I go to the bank to access any details about my account.

There are hundreds of large, medium, and small banks providing similar features to customers and having a similar bottom line. So how do you choose?

Step 1 - Create a pool of banks that have branches close to you. For your first bank account, I would say proximity and convenience should play a huge role. Setting up an account and getting used to the different features requires you to visit in person a few times before you find that you do not need to anymore. Once you get more familiar and decide that you want to do more than just hold money in the account, you can branch out to other banks that are more tailored to your needs.

Step 2 - Customer service is another way of narrowing down your list. Is it easy to talk to representatives and are they helpful with their advice?

Step 3 - Get an understanding of the fees and additional charges of each bank. If you need to transfer money frequently, consider the feed that your bank may issue. Different banks charge varying account fees and charges for various activities - and depending on your use and future plans, it can be helpful to review the most affordable account available to you, and budget effectively to accommodate any account charges you may incur over time. It can be helpful to visit the website of each potential bank to understand the numbers better.

I would also say, limit your search to known names and established banks - your money is safer, they probably have better systems in place, and if you are an international student, they are more likely to open an account for you. If you want to choose a bank account more selectively, here are some additional resources:

CNBC - 6 tips for choosing the best checking account

Forbes Advisor - 10 Best Checking Accounts

US News - Best Checking Accounts

What do you need to open a bank account?

Contact Details

You need to ensure you have your personal details perfectly in place. A full name, a working US number that you can be reached on at any time, mailbox details that are exact so you can receive important documents, and any other numbers or names relevant to your identification.

A Source of Identification

This has to be an official, government-issued photo identification, and while a college ID will not work, some acceptable documents include:

Driver’s license with photo

Passport with photo

U.S. Employment Authorization Card with photo

Social Security number

Proof of address

Proof of U.S. address is a document that has your name on it and a property address you’re associated with. I used a university letter that had my name and address on it. You need some kind of verification from your university that you have been accepted and will be residing in a location in US. Be certain of the address that you provide since banks typically mail papers and monthly account details to this address.

Opening deposit

Not all, but some banks require some minimum opening deposit to activate your account. A few sources are cash, or an electronic fund transfer.

Do I need a Social Security number?

The banks will likely require a Social Security Number (SSN) to facilitate tax reporting to the IRS. You will not have this number as a non-resident ( international student) and can apply for one later. Most banks will allow you to update them on this number once you receive it and it is highly recommendable to apply for a SSN and follow up with the bank once you have one. Read more on SSN and ITIN and their application process here.

What is the process like?

If you're visiting a small branch of a bank, it is likely to be a simple procedure of walking in and speaking with the front desk regarding opening an account. After verifying documents with them and providing personal details, they would likely ask you to wait a few minutes while they prepare the forms. When they give you your folder, request them to take you through the forms and they will explain the finer details, conditions, and privacy statements that the documents entail. For more on the types of accounts ( primary, secondary, and tertiary) and other notes from these documents, read here.

At a larger branch, you need to get an appointment. These tend to fill out very quickly as the beginning of the year is when everyone is trying to get their account in place. I would recommend booking a slot at the soonest so that you can have your account up and running early on, which removes a lot of stress. Further, give the branch a call to double-check that you have all the requirements to open a bank account. Find a checklist of common requirements here!