A Bank Account

What it is

Opening your own checking and savings account, with no one else attached.

Why it helps you

A safe place for your money, away from anyone who controlled it before. It’s the start of standing on your own.

Good to have first

Proof That You Exist.

This opens up

A Budget, a Paycheck, everything money-related.

Where to get help

Find a safe, low-cost account

Bank On certified accounts A list of checking accounts that a national nonprofit has checked for safety. These accounts have no overdraft fees. If you try to spend more than you have, the card is simply declined. You pay no penalty.

Cost: Free to look. The accounts have low or no monthly fees and a small opening deposit ($25 or less).
Who can use it: Anyone. Each bank sets its own rules for opening an account.
How to start: Open the list and pick your state. Choose a bank or credit union near you. At the bank, say: “I’d like to open your Bank On certified account.”
Good to know: Many big national banks are on the list, plus local credit unions. You will need ID (see below).

FDIC #GetBanked A plain guide from the government agency that insures bank accounts. It explains how to choose an account, what to bring, and what to do if a bank says no.

Cost: Free
Who can use it: Anyone
How to start: Read “What do I need to open an account?” before you go to the bank.
Good to know: Banks usually ask for a Social Security number (SSN) or an ITIN (a tax ID number for people who can’t get an SSN). For ID, a driver’s license, state ID, military ID, or passport works. Some banks also take a foreign passport or a consular ID (an ID card from your home country’s consulate).

Credit Union Locator (NCUA) A government search tool to find credit unions near you. A credit union is like a bank, but it is owned by its members. Many have lower fees and are kind to beginners.

Cost: Free to search
Who can use it: Anyone. Each credit union has its own membership rules, often based on where you live or work.
How to start: Type in your address or ZIP code. Call a credit union near you and ask, “Can I join, and do you have a free checking account?”
Good to know: Credit unions are insured by the federal government, just like banks.

If a bank says no

ChexSystems Most banks check this report before they open an account. It lists past bank problems, like an account closed with money owed. Sometimes a parent or partner caused the problem in your name.

Cost: Free. You can get your report once every 12 months. You can also get it if a bank turned you down because of it.
Who can use it: Anyone
How to start: Request your report online. Or call 1-800-428-9623, Monday to Friday, 8 a.m. to 7 p.m. Central Time.
Good to know: If something on it is wrong or isn’t yours, you can dispute it (ask them to fix it). You will need to give your SSN.

CFPB: Bank accounts A government agency’s guide to bank accounts. It has a checklist for opening one. It also explains your options if you were turned down because of past banking history.

Cost: Free
Who can use it: Anyone
How to start: Read “You have options if you have been denied a checking account.”
Good to know: If a bank treats you unfairly, you can file a complaint. See Credit and Debt for how.

If you don’t have ID or an address yet

No ID yet? Start with the Topic Proof That You Exist. It lists free help to get a birth certificate, Social Security card, and state ID.
No fixed address? Banks need a street address, not just a P.O. box. A shelter or program you stay at may write a letter that you can use. A friend may let you use their address.
Hiding from someone? Many states have an Address Confidentiality Program. It gives you a legal substitute address. Federal banking rules allow banks to accept it. See Leaving Family Safely for more.

If you only do one thing first

Look up the Bank On list for your state and pick one account near you. That’s it for today. When you’re ready, bring your ID and a little cash, and ask for that account by name.

Watch out for

“Overdraft protection.” It sounds safe, but it often lets you spend money you don’t have, then charges a big fee. You can say no. A Bank On account avoids this for you.
Check-cashing stores. They take a cut of your own paycheck every time. A bank account with direct deposit costs much less.
Prepaid cards with lots of fees. Some charge to start, to reload, and every month. Read the fee list before you buy one.
Fake banks and apps. Before you put money anywhere, check that it says “FDIC insured” (banks) or “NCUA insured” (credit unions). Some money apps are not banks at all.
Using the same bank as a controlling person. If someone watches your money, choose a different bank from theirs. Use an email and phone only you can get into. Ask for paper-free statements so no mail goes to their home.