Money · Banking basics

Opening your first bank account

A checking account keeps your money safe and lets you pay by debit card, online or by app. You'll usually need to be 18 (or have an adult help), plus a Social Security number or ITIN, a photo ID and a small first deposit, sometimes as little as $25. Pick an insured account with no monthly fee, ask for the fee schedule, and decide about overdraft coverage before you swipe.

Easy30 min to doFree, if you pick a no-fee accountChecked October 2, 2026

You'll need

Your Social Security number or ITIN
A photo ID: driver's license, state ID, military ID or passport
Money for the first deposit. Some banks let you open an account with as little as $25
The questions below

Do it like this

Compare two or three banks or credit unions. Look at their websites or visit, and ask what each account costs. Source: consumer.gov⁵
Make sure your money is insured: FDIC at a bank, NCUA at a federally insured credit union. Each covers up to $250,000 per depositor, per ownership category. Source: FDIC NCUA³⁴
Ask for the account opening disclosure and fee schedule. By federal law, every fee the bank can charge on the account has to be listed there. Source: FDIC²
Ask the fee questions. Is there a monthly fee, and can I avoid it with a minimum balance or regular deposits? Can the account block spending past zero so there's no overdraft fee? What do other banks' ATMs and teller visits cost Source: FDIC¹?
Apply in person, online or in the app with your ID and your Social Security number or ITIN. In most places you must be at least 18. If you're younger, a parent, guardian or other trusted adult may be able to help you open one. Source: FDIC¹
Make your first deposit by debit card, prepaid card, electronic transfer or at a branch. Then sign the signature card and other documents, electronically or in person. Source: FDIC¹
Decide on overdraft coverage for debit cards and ATMs. Unless you opt in, the bank can't charge an overdraft fee on those. It may just decline the purchase. If you opted in and change your mind, you can opt out later. Source: FDIC²
Turn on online or mobile banking, your debit card, and text or email alerts. Source: FDIC¹ Then ask your employer about direct deposit. Your paycheck goes straight into the account, and it can help you avoid some fees. Source: consumer.gov⁵

Watch out Spend only the money that's in the account. Overdrawing always means big fees. Source: consumer.gov⁵ They may run around $35 per transaction, and some banks charge again every day you stay overdrawn. Source: FDIC² Overdraft opt-out doesn't cover checks: a bounced check can still bring a non-sufficient funds (NSF) fee. Source: FDIC²

See it done

Video by Khan Academy Nonprofit

Opening a bank account

Watch on YouTube: Opening a bank account | Banking | Financial Literacy | Khan Academy

Full title on YouTube: “Opening a bank account | Banking | Financial Literacy | Khan Academy”2024 · Checked October 3, 2026

Video won't load at school or work? No problem. Everything you need is in the steps; the video's just a bonus. Watch it on YouTube later.

If it doesn't work

Turned down? You're entitled to an "adverse action" notice naming the checking account reporting company, such as ChexSystems or Early Warning Services, that the bank used. Request your free report from that company and dispute any errors in writing. Source: CFPB⁶
Turned down because of an old unpaid balance? Ask whether the bank has steps you can take, or a lower-risk account with no overdraft. If not, try another bank or credit union, since each one has its own rules. Source: CFPB⁶
No driver's license? Ask which other IDs the bank accepts. Some banks accept other forms of ID. Source: FDIC¹
A fee you didn't expect? Call and ask what it was for. The phone script for questioning a bank charge has the words.
Debit card error or a charge you didn't make? Federal law can protect you in some cases. Tell your bank right away. Source: FDIC¹

Good to know

The details, if you want them. Tap a line to open it.

Questions to ask at the bank (made-up example)

"Is this account FDIC-insured? Is there a monthly fee, and how do I avoid it? Will you decline a purchase rather than overdraw me? Which ATMs can I use for free? Can I get text alerts when my balance is low? Can I see the fee schedule before I sign?"

Certified "safe" accounts

The Bank On program certifies accounts at banks and credit unions. Its list of more than 500 certified accounts is searchable by state. Source: Bank On⁷

Bank or credit union?

They offer the same basic services. To join a credit union, you have to be part of a group that's allowed to join it. Source: consumer.gov⁵

Why your history follows you

Banks report unpaid negative balances from closed accounts, suspected fraud and bad checks to checking account reporting companies. Most negative information can't be reported after seven years, and some companies drop it after five. Source: CFPB⁶

Link a savings account

Some banks let you link savings to checking so savings covers an overdraft. There may still be a transfer fee, but it's typically less than an overdraft fee. Source: FDIC²

Interest is small

Some accounts pay interest, but the amount is very small. Source: consumer.gov⁵

Take it with you

Printable card Download card (PDF)

Sources

Federal Deposit Insurance Corporation Get Banked: start your financial journey
Federal Deposit Insurance Corporation Overdraft and account fees
Federal Deposit Insurance Corporation Understanding deposit insurance
National Credit Union Administration Share insurance coverage
Federal Trade Commission Opening a bank account (consumer.gov)
Consumer Financial Protection Bureau Why was I denied a checking account?
Cities for Financial Empowerment Fund Bank On certified accounts

Lesson M1.1 · Last checked October 2, 2026 against the sources listed.

Report a mistake

Next in MoneyChecking vs. savings, and why you want both

Once a week, if you want it

One new lesson or checklist a week. Totally optional. The lessons never need a sign-up.