SSNSocial Security Number
A nine-digit identification number issued by the Social Security Administration used for taxation, credit reporting, employment, and banking.
Statutory Authority / Agency: Social Security Administration (SSA)
Paychecks, rent and bills in the US all assume you have a bank account. You can open one in your first week, even before you have an SSN or any credit history — this guide walks through it in order.
This guide is general information based on public guidance from the Consumer Financial Protection Bureau (CFPB) and the FDIC. Account policies differ by institution — verify details directly with the bank before opening.
Almost everything about money in the US flows through a bank account. Employers pay by direct deposit far more often than by cash or paper check, landlords expect rent from an account, and utility companies bill against one. Without an account, every one of those becomes harder and more expensive.
Holding your settlement funds in cash is a real risk in itself — if it is lost or stolen, there is no way to recover it. Money in an account at an FDIC-insured bank is protected even if the bank fails, which is why moving cash into an account early is one of the safest first steps you can take.
A checking account is for everyday money: your debit card draws from it, rent and bills are paid out of it, and your paycheck lands in it. If you are used to an all-purpose deposit account from your home country, checking is the closest equivalent.
A savings account is for money you set aside. It earns a little interest, and some banks limit how often you can move money out. A common setup is one checking account for daily spending plus one savings account as an emergency fund — most banks let you open both at once.
A Social Security Number makes opening an account easier, but not having one does not close the door. Many major banks and credit unions accept a passport together with either an ITIN — a tax processing number issued by the IRS — or your visa and immigration documents, plus proof of a US address.
Requirements differ by institution and change over time, so call ahead or check the website before visiting. For accounts opened without an SSN, most banks require an in-person branch visit rather than an online application.
Exact requirements vary by bank, but this covers what most will ask for:
If you are missing something, ask the bank what alternatives it accepts rather than giving up — the list of acceptable documents is usually longer than what the website shows.
Many checking accounts charge a monthly maintenance fee, but almost all of them also have waiver conditions — receiving a direct deposit each month or keeping a minimum balance are the common ones. Before opening, ask exactly what makes the monthly fee zero, and pick an account whose waiver you can realistically meet.
Overdraft fees are the most expensive surprise in US banking: if you spend more than your balance, the bank may cover the difference and charge a fee each time. You have the right to opt out of overdraft coverage for everyday debit card purchases — once you opt out, a purchase beyond your balance is simply declined, which costs nothing.
ATM fees stack from both sides: an out-of-network ATM may charge its own fee, and your bank may add another on top. Learn where your bank's fee-free ATMs are near home and work — over a year it quietly adds up.
Large national banks have branches everywhere and support in many languages, which helps in your first months. Credit unions are member-owned and often charge lower fees, but you need to qualify for membership — usually by living in a county they serve or working in a certain field.
Online banks tend to have the lowest fees and the best interest rates, but no branches — which matters when you need a cashier's check or in-person help. Many newcomers start with a branch bank for the first year and add an online savings account later. There is no rule that you can only use one.
Give your employer your account and routing numbers to set up direct deposit — that pair of numbers identifies your account for incoming transfers, and both are shown in your banking app. Then set up the mobile app itself: the paper checks still used in the US are deposited by photographing them in the app instead of visiting a branch.
For sending money to people, most US banking apps have Zelle built in — transfers between US accounts arrive within minutes, free. Be careful, though: a Zelle payment to the wrong person is like handing over cash, so double-check the recipient before you send.
Look up the full expansions and plain-language definitions of key abbreviations and legal terms used throughout our California guides.
A nine-digit identification number issued by the Social Security Administration used for taxation, credit reporting, employment, and banking.
A nine-digit tax processing number issued by the IRS for foreign nationals and residents who are not eligible for a Social Security Number.
The account for everyday money — debit card purchases, rent and bills are paid from it and paychecks land in it. The closest US equivalent to a general-purpose deposit account.
An account for money set aside. Earns some interest, and some banks limit how often you can withdraw. Commonly used to hold an emergency fund.
When a payment exceeds your balance and the bank covers the difference for a fee. You have the right to opt out of this coverage for everyday debit card purchases.
A nine-digit number identifying a US bank. Paired with your account number to receive direct deposits and transfers. Shown in your banking app.
Pay sent straight into your account instead of by paper check. The standard way US employers pay, and often a condition for waiving monthly account fees.
A reporting system banks use when reviewing new account applications. It records past banking problems such as unpaid fees — separate from your credit score.
The federal agency that protects deposits up to $250,000 per depositor, per bank, even if the bank fails. Credit unions carry the equivalent NCUA insurance.