American US Bank Accounts

[DJClaire 134]

I am starting to do some research into the documents required for SSN and the state driving license (Connecticut) which got me thinking about bank accounts. 

 

Are there any checking accounts more favourable than others? With lower or no fees? I know that some offer free checking accounts if you also have a savings account with them and keep a minimum amount in it.

 

Any personal recommendations?

 

Also, does anyone have any information about what ID they would require to open an account?

 

Thanks in advance

 

 

[Crazy Cat 41,838]

Yes, there are banks which offer completely free checking accounts.....no savings account required. www.ozk.com is a good example. 

[DJClaire 134]

4 minutes ago, missileman said:

Yes, there are banks which offer completely free checking accounts.....no savings account required. www.ozk.com is a good example. 

Thanks, I will check them out and find out which ATM group they are affiliated with.

[Wuozopo 4,293]

23 minutes ago, DJClaire said:

I am starting to do some research into the documents required for SSN and the state driving license (Connecticut) which got me thinking about bank accounts. 

 

Are there any checking accounts more favourable than others? With lower or no fees? I know that some offer free checking accounts if you also have a savings account with them and keep a minimum amount in it.

 

Any personal recommendations?

 

Also, does anyone have any information about what ID they would require to open an account?

 

Thanks in advance

 

 

 

Yes you can find banks that have no fees and pay interest on your deposit accounts. Find one convenient to your home in Connecticut. Read their website offerings. Every favorable bank is not in every state.

 

Banks vary in what they accept as ID. Some K1s have difficulty because they are "foreigners" with nothing to prove their legal residency in the US.  Try another if refused. Also you will have more success walking in the door and talking to a person.

[Jeanne Adil 1,651]

need SS card or ITIN to open account

many are free if balance is kept at a certain amount or u have paycheck go directly to bank

i like credit unions as free online banking

free money orders

free copy machines

free certified checks

all other credit union ATM''s in country are free to take out money

 

should just add your name to your spouse's bank to start getting joint finances together for the upcoming AOS

u need to share a life now

[Ontarkie 14,218]

~~Moved to Moving Here and Your New Life, from K1 P&P - as this OP's questions are not visa processing.~~

[ch3john 308]

Try to choose a small community bank or credit union. Avoid the big banks, Band of America, Chase, etc. You will be able to find a bank that you don't have to pay to do business with. 

[yuna628 9,672]

You do not need an SSN to open a bank account, though some banks may insist upon this point. It's their prerogative, so if they seem adamantly stubborn about it, try another bank. That being said it is generally helpful to get an SSN as soon as possible as a K1, as you are certainly eligible, it's super easy, and it would be to your advantage. It's also generally a little easier to get onto your new spouse's account jointly. A passport can be used in place of the SSN and they will need to see a marriage certificate.

 

A lot of banks offer free checking with no fees though you need to be careful about which ATM you use. Stick with bank approved ATMs as fees may be charged to withdraw money elsewhere. Some free checking accounts may charge a fee if there has not been any activity in the account for 90 days. Make sure to check all fine print. 

[Jeanne Adil 1,651]

22 hours ago, yuna628 said:

You do not need an SSN to open a bank account, though some banks may insist upon this point. It's their prerogative, so if they seem adamantly stubborn about it, try another bank. That being said it is generally helpful to get an SSN as soon as possible as a K1, as you are certainly eligible, it's super easy, and it would be to your advantage. It's also generally a little easier to get onto your new spouse's account jointly. A passport can be used in place of the SSN and they will need to see a marriage certificate.

 

A lot of banks offer free checking with no fees though you need to be careful about which ATM you use. Stick with bank approved ATMs as fees may be charged to withdraw money elsewhere. Some free checking accounts may charge a fee if there has not been any activity in the account for 90 days. Make sure to check all fine print. 

https://www.fdic.gov/regulations/examinations/bsa/ffiec_cip.pdf

 

look at federal banking laws passed with the patriot act

these laws were passed to stop money laudering and other frauds

under customer verification  page 47

USC needs TIN  # 48 this is SS $#

non USC needs ITIN

Edited November 12, 2018 by adil-rafa

[Wuozopo 4,293]

My experience was getting added to my wife's account at a small credit union. They didn't require marriage license or SSN to be co-owner of the account. They said call and tell us your SSN whenever you get it. She was primary and they already had her SSN for reporting interest earned to the IRS. With an individual account, they need a SSN or ITIN for IRS reporting purposes. They are also required to hold back a portion of interest from a foreigner's account for the IRS, whereas they would pay all interest earned into a resident's account. Thus the K1 may have extra forms to fill out since they aren't LPRs yet.

[yuna628 9,672]

On ‎11‎/‎12‎/‎2018 at 9:06 AM, adil-rafa said:

https://www.fdic.gov/regulations/examinations/bsa/ffiec_cip.pdf

 

look at federal banking laws passed with the patriot act

these laws were passed to stop money laudering and other frauds

under customer verification  page 47

USC needs TIN  # 48 this is SS $#

non USC needs ITIN

I know what it says, but I also know what the SSA says and what some banks actually do. My husband did not need an SSN or ITIN nor did many others on this forum that managed to get bank accounts successfully. And FWIW persons that still reside overseas have managed to open American bank accounts without either number. A passport will suffice in place of an ITIN many banks. This is especially true when opening a joint account or joining your spouse's account. My bank has still never required an SSN from him. For an individual account I've also seen some banks not require one, though it would be wise to give it in those cases and if you are really serious about opening an individual account at a particular bank, especially one that will be earning interest, you should be prepared to give it. None of this should be a problem for the OP in any situation as they are eligible to obtain an SSN as soon as they arrive. That way they have it regardless of if the bank asks for it or not.

[Jeanne Adil 1,651]

44 minutes ago, yuna628 said:

I know what it says, but I also know what the SSA says and what some banks actually do. My husband did not need an SSN or ITIN nor did many others on this forum that managed to get bank accounts successfully. And FWIW persons that still reside overseas have managed to open American bank accounts without either number. A passport will suffice in place of an ITIN many banks. This is especially true when opening a joint account or joining your spouse's account. My bank has still never required an SSN from him. For an individual account I've also seen some banks not require one, though it would be wise to give it in those cases and if you are really serious about opening an individual account at a particular bank, especially one that will be earning interest, you should be prepared to give it. None of this should be a problem for the OP in any situation as they are eligible to obtain an SSN as soon as they arrive. That way they have it regardless of if the bank asks for it or not.

then the bank did not follow federal laws which is very important since 9/11

banks need to be reported for this

they are even suppose to keep copy of ss or ITIN in your file

if they are audited ,  they can face a big fine

[Wuozopo 4,293]

1 hour ago, adil-rafa said:

then the bank did not follow federal laws which is very important since 9/11

banks need to be reported for this

they are even suppose to keep copy of ss or ITIN in your file

if they are audited ,  they can face a big fine

The banking section of the Patriot Act requires each bank to identify their customers. Each can pick their own method and write up the procedures. That's why one bank may ask for something another doesn't. Some are stricter than others

 

All Customer Identification Programs must include:

(1) Name;
(2) Date of birth, for an individual;
(3) Address

(4) Identification number, which shall be:

(i) For a U.S. person, a taxpayer identification number; or

(ii) For a non-U.S. person, one or more of the following: A taxpayer identification number; passport number and country of issuance; alien identification card number; or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard. 

 

31 CFR §1020.220  

Edited November 13, 2018 by Wuozopo

[Amrood 7]

On 11/10/2018 at 12:30 PM, DJClaire said:

I am starting to do some research into the documents required for SSN and the state driving license (Connecticut) which got me thinking about bank accounts. 

 

Are there any checking accounts more favourable than others? With lower or no fees? I know that some offer free checking accounts if you also have a savings account with them and keep a minimum amount in it.

 

Any personal recommendations?

 

Also, does anyone have any information about what ID they would require to open an account?

 

Thanks in advance

 

 

Hi I just immigrated to CT as well last month and got my account opened with Liberty Bank. No charges to open checking account plus no need to keep certain minimum balance. Also got free of cost debit card, online banking and 12 checks. All they wanted was two forms of ID and two recent mails on my address. Pls do let me know if you need any further info :)