Can You Open a Bank Account With an ITIN Number?
Learn how to open a bank account using your ITIN. This guide clarifies the requirements and steps for financial inclusion.
The Individual Taxpayer Identification Number
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the U.S. Internal Revenue Service (IRS). Its primary purpose is to help individuals who do not have and are not eligible for a Social Security Number (SSN) meet U.S. tax obligations. The IRS issues ITINs to resident and non-resident aliens, and their dependents, who must file U.S. tax returns.
While primarily a tax identification number, the ITIN’s acceptance extends beyond tax filings. Many financial institutions recognize the ITIN as a valid form of identification, allowing individuals without an SSN to participate in the financial system. This includes opening bank accounts, which helps individuals manage finances and engage in economic activities.
Required Documentation for Account Opening
Opening a bank account with an ITIN requires specific documents for identity and address verification. The official ITIN assignment letter, known as the CP565 notice, confirms your ITIN issuance by the IRS. This letter serves as direct proof of your tax identification number.
In addition to the ITIN assignment letter, banks require a primary form of identification. Acceptable primary documents include an unexpired foreign passport, a Matricula Consular card, or a foreign national identity card. These documents verify your identity and often contain a photograph and other identifying details.
A secondary form of identification may be requested to further confirm identity. Commonly accepted secondary identification includes a foreign driver’s license or a major credit card. This helps banks adhere to regulatory requirements for customer identification.
Proof of address is necessary to establish your current residency. Valid documents include recent utility bills, a lease agreement, or official government-issued mail. These documents must display your name and current residential address to be acceptable.
Navigating the Account Opening Process
Once all documents are gathered, select a financial institution. Bank policies regarding ITIN acceptance vary, so confirm a bank’s policy before visiting a branch. Many banks, especially larger national institutions, have established procedures for opening accounts with an ITIN.
Visiting a bank branch in person is often required for opening an account with an ITIN. This allows bank representatives to inspect original identification documents and ensure compliance with identity verification regulations. A bank representative will guide you through the application process.
During the visit, complete the bank’s specific account application forms. These forms collect personal information, desired account type, and financial needs. The bank will then proceed with identity verification, which may involve scanning documents and taking a photograph for their records.
After application and verification, an initial deposit is typically required to activate the account. The minimum deposit varies significantly between banks and account types, from $25 to several hundred dollars. Upon successful completion of these steps, you will receive account details, which may include a debit card and online banking access.