Bank accounts can be applied for in person or online. While applications vary in process, the most common requirements for becoming a financial client include:

Proof of Identity (for all involved with the account)

• Government-issued ID
• Social Security Number
• Date of Birth
• Contact Information/Address

Co-Owner (for Joint Accounts)

• Setting up a bank account before the age of 18 requires an adult to to sign legal papers and oversee the account’s legitimacy. Different types of accounts can be set up for typical bank access or reserving funds for the future. Once the child is legally responsible, full ownership can be granted or transferred to them.

Initial Deposit

• Some banks require an initial deposit to make sure the account is used. The amount is typically between $20 to $100. Often, the types of accounts that require large initial deposits are highly specialized and offer special care or benefits.

Financial Background Check

• Through consumer reporting, financial institutions can check previously held accounts to determine the risk of the potential client. They can also perform credit checks that typically don’t harm the score. The score itself doesn’t need to be immaculate for the institution to find them acceptable, depending on the type or prestige of the account.