Why should I open a bank account?

1. The Federal Deposit Insurance Corporation (FDIC) insures your money up to $100,000.
2. You earn interest on your savings in the bank.
3. Your employer will deposit money directly into your account. This is much better than getting paid in any other way like checks or cash.
4. You will have online access to pay your bills, set up automatic payments.
5. It will be very hard for you to borrow money without having a bank account.

How do I open a bank account?

The bank would like to know you, specifically your financial history before they let you open an account. As you are new to America, you have a very limited, to no credit history. They need to legally identify your identity. This means you need to go in person to open your first bank account.

Typically, it is advisable to make an appointment before going to the bank. You may have to wait a long time or you may have to come another day if they can’t fit you in. This is another thing you will notice in the US. People value their work life balance and even private institutions will not go overboard to entertain prospective clients by stretching their work hours.

It is important to carry all the required documents especially since the bank will have more stringent rules for verifying non-immigrant aliens. So please make sure that you have the following documents before you go to the bank. Even better, call the bank and check what documents they expect you to bring.

1. Passport :- If you have just arrived in the US, this will be your best bet.
2. Social security Card:- If you have read my First month in America blog, social security is the first step towards starting your financial journey.
   • First Month in US
3. Address Proof:- If your company helped you acquire an apartment for you and your name is on the lease, it can be used as address proof. Alternatively you can use utility/cable/internet bills as address proof.
4. Your Visa:- If you are carrying your passport, you should have your visa stamp with you. But it will help if you are carrying your I-797/I-129 with you as well.
5. I-94:- Having I-94 to show your travel history won’t hurt either.
6. Employment record: It is a good idea to get some documents from your employer to support your application. The offer letter is good, but if the employer can give you a reference letter, it will go a long way.

Even after armed will all the documents, it may happen that the first bank that you go in, may not accept your application. Don’t sweat over it and don’t take it personally. You have made a decision to start your new life in America. Sometimes it is not going to be easy. There are plenty of fish in the water, just go over another bank around the corner. The first one is the hardest :). Once you have your first account, you start receiving regular paychecks, start paying your bills through that account, other banks will liyterally bug you to open an account with you.

Which bank should I choose.

I am not an expert in navigating the retail banking world to give advice on which is the best bank for first timers. But I will suggest that go with Bank Of America or Chase, mainly because they have the most ATMs and branches all over America. Also they do have a very good online presence which will help you to do most of your banking activities online.

I hope this blog helps the first timers. Please give your feedback in the comments section.