Generally, when opening a standard domestic bank account you will need two forms of government issued identification, like a social security card and a driver’s license (or legally issued ID), or a passport. Some accounts may require an Individual Taxpayer Identification Number (ITIN) or a proof of address, meaning you need to bring in something like a utility bill with your name and address on it. More complicated accounts can have different requirements. If you are not a U.S. citizen, you might be able to open an account with a state-issued identification from your country of citizenship.

How to pick a bank

The best way to pick a bank is to identify exactly what your financial needs are and find a bank, or banks, that provide those services. If you need basic checking and/or savings accounts, nearly any local bank can set you up. Some banks can cover the entire spectrum of needs, while some are more specialized toward businesses, international account holders, or high-end clients. If you are in a specific industry that has a corresponding credit union, those can be a great place to go. Do some research or get referrals or recommendations.

What is online banking?

Online banking allows you can access your bank accounts on your computer (or smartphone) and pay your bills, write online checks, deposit checks (via the bank’s app) transfer money, check on account balances from the comfort of your home. Online banking is the new normal and is a convenient tool to manage your finances without ever having to step foot in a bank.

What is an overdraft fee?

An overdraft fee is when a checking or savings account is overdrawn. If you don’t have electronic notification set up when you balance gets below a certain amount, you might find out when a check bounces.Usually your bank will cover the difference and charge you a fee. These fees vary depending on the amount of the overdraft, how long you’ve been with the bank, how much money you keep there, etc. These fees can sometimes be waived if the overdraft is minor and/or if you are a valued customer in good standing with the bank.

What is a credit union?

Credit unions are non-profit banking institutions that are set up to serve their members. Credit unions provide many of the same services other banks provide, such as checking and savings accounts, loans and investment opportunities. The big difference between credit unions and banks is credit unions are also member owned -- the depositors are the owners and it works as a cooperative institution -- which provides a lower-interest loans and services.