What Identification Do US Banks Require to Open a Checking Account?
Banks in the United States have specific requirements for opening a checking account, and the identification needed can vary slightly from bank to bank. However, there are common requirements that apply across the board. This article will guide you through the necessary identification for opening a checking account and the "Know Your Customer" (KYC) laws that back these requirements.Common Requirements for Identification
To open a checking account in the US, you generally need to provide a Social Security card and a government-issued photo ID with your correct address and date of birth. Several types of acceptable IDs include: Driver's License Non-Driving ID Green Card Military ID Passport While this list is not exhaustive, these IDs are among the most commonly accepted. The key requirement is that the identification must include your full residential address, a picture of you, and your date of birth. Additionally, the ID must have been issued by a government authority.Acceptable Documents Beyond Common IDs
In some cases, alternative identification might be acceptable. For instance, a state ID or a student ID, though not as common, may be used by certain banks, depending on their policies. A gun license or military ID can also be valid forms of identification.
At the very minimum, your acceptable ID should include:
Your full residential address A picture of your face Your expiration date Your birthdate (preferred but not always required)Examples of Acceptable IDs in the US
In my personal experience, a state-issued driver's license has been the most commonly used identification for opening a checking account. Other acceptable forms include a learner's permit or a non-driver's ID card issued by the state's Department of Motor Vehicles (DMV), Motor Vehicle Administration (MVA), or similar agencies.For military personnel, a US passport, certain military IDs, and state-issued IDs can also be used. If you do not have any of these IDs, it is advisable to contact your bank to inquire about other acceptable forms of identification.
Additional Considerations
When you open a checking account, your bank is required to verify your identity and your residency. This is done under federal "Know Your Customer" (KYC) laws. These laws mandate that banks collect a Social Security number for tax purposes, along with an identification that confirms your address, identity, and birthdate. It is important to note that if you do not provide this information, your application for an account may be denied.
Furthermore, any interest you earn from your checking account will be reported to the government annually. You will receive a 1099 form, and it is your responsibility to report this income or face penalties. Uncle Sam has a way of knowing your financial transactions.