How to Open a US Bank Account Without SSN?


611244b2d9299f8ed1c7c7ef open bank account without ssn
Spread the love

Banks have to verify an account holder’s identity, and SSN is commonly used for verification. However, you are not legally bound to open a bank account by providing your SSN. If you wish to open US bank account without SSN, acquaint yourself with the steps to follow:

1.   Look for an Eligible Bank

All banks in the US won’t allow you to open a bank account without SSN. You can seek recommendations from people you know who have been in a similar situation. Large international banks and local banks can help you with the process.

But if you are planning to open a bank account in India before moving to the US, several remote services are available to aid you. You might prefer choosing a bank based in your home country with branches in the US.

2.   Check Out Account Fees and Features

Once you are done shortlisting a few banks that allow you to create an account without SSN, you should start comparing their fees and features to determine the best one. Without your SSN, you are eligible for checking accounts and savings accounts.

The checking account offers you a debit card and checks. However, you won’t get any interest from a checking account. A savings account offers interest and allows you to make six withdrawals without a fee.

You should consider the following factors while setting up a checking or savings account in a bank:

  • Monthly fees: While some banks don’t charge you a monthly fee, others will charge you for not maintaining the minimum monthly or daily balance. You might also be penalized for not fulfilling various other requirements.
  • Paper Statement Fee: Some banks might charge you a fee for demanding paper statements. You can avoid it by opting for online statements.
  • ATM fees: Banks often charge a fee for withdrawing money from an out-of-network ATM.
  • Transfer Fees: You must check whether the bank charges you a fee for electronically transferring money to other bank accounts.
  • Interest Rates: Several large banks offer low-interest rates for savings accounts. But at times, you will find high-rate accounts in online banks and credit unions.
See also  What's A Forex Bonus? Here's What You Need To Know:

Besides everything else, you must consider the overall convenience the bank offers.

3.   Arrange Your Documents

You must submit an application to the bank to open an account without SSN. You are likely to need the following documents for opening an account without SSN:

  • Two identification documents: You can submit a primary identification card issued by the government, like a passport or driver’s license. Apart from that, you will also have to submit your birth certificate, bank account statement, or utility bills.
  • Identification number: If you don’t have an SSN, you must submit your Individual Taxpayer Identification Number. Your foreign driver’s license number or foreign passport number is also acceptable.
  • Address Proof: Any document with your physical address should also be submitted.
  • Contact Information: You must submit contact details like phone number and email address.

Fill out the application form and submit the necessary documents to open your account.

Final Thoughts

After creating your account, you must make the minimum deposit and start using it. You should try fulfilling the requirements to avoid paying a fee. For instance, you can opt for text or email alerts when your bank balance drops below the minimum.

Zolve offers a high-limit credit card with no annual fee, making it easier for people to access money and do more from Day 1. The company also offers an operational U.S. account, helping people manage their finances and stay on top of their spending. So, if you’re looking for a way to better manage your money and get more out of your credit card, Zolve is the perfect solution.

See also  How Annuity Calculators Can Help You Plan for Retirement

Spread the love

Praveen Saraswat
Praveen was born in India. He began writing in 2018, he lives in Agara. He has contributed lots of articles to Scoopearth and another website and the first time he published an article at Scoopearth