Opening a US bank account is a big deal when it comes to managing your finances, especially if you’re moving to the United States, studying, launching a business, or expanding your company. At the same time, many people believe they can’t even open an account without a Social Security Number (SSN).
The reality is that the rules are not the same for everyone. Whether you need an SSN depends on the bank and your individual circumstances.
This guide explains when an SSN is truly necessary, what documents may be used in lieu of an SSN, and how qualified individuals and businesses can obtain a US bank account.
Can You Open a US Bank Account Without an SSN?
The short answer is no. A Social Security Number (SSN) is not an absolute requirement for opening a US bank account. Even though several brick-and-mortar banks ask for a Social Security Number to confirm your identity and comply with regulations, some banks permit qualified individuals to open accounts without providing an SSN.
Whether or not you’ll need an SSN depends on a couple of factors:
- The bank’s own policies
- Whether you’re opening a personal or business account
- Your residency or immigration status
These requirements vary from bank to bank, so be sure to review a bank’s documentation checklist before you apply. By reviewing it beforehand, you can avoid delays and reduce the risk of your application being rejected later.
Why Do Banks Ask for a Social Security Number?
Banks typically ask you for your Social Security Number during a banking process for multiple purposes such as confirming who you are, reporting taxes, following legal regulations, preventing fraud, and accessing your credit-related records.
- Identity verification: An SSN is used mainly to authenticate your identity through verified databases and services, thereby greatly minimizing the possibility of identity theft and fraudulent requests.
- Tax reporting: Banks use your SSN to report to the IRS items such as the interest you earned on your deposit accounts, ensuring that the amounts are accurately attributed to you for tax purposes.
- Regulatory compliance: SSNs help banks comply with customer identification laws and anti-money laundering rules, and they also help with broader monitoring duties like sanctions screening.
- Credit-based services: Loans, overdraft protection, and credit cards typically require a credit check, which for individuals is usually performed using an SSN.
- Fraud prevention: Matching your SSN and other information against several databases assists banks in identifying suspicious behavior and prevents fraudulent account openings to a certain extent.
Who Can Open a US Bank Account Without a Social Security Number?
Even individuals who don’t have an SSN may still be able to get a bank account. Depending on the requirements set by the bank, applicants such as international students, temporary workers, new immigrants, nonresident aliens, foreign entrepreneurs, and ITIN holders may usually be eligible.
Some banks are specifically structured to serve international customers and businesses, making it easier for applicants without an SSN to establish a banking relationship in the US.
Alternative Documents Banks May Accept
If you do not have a Social Security Number, many banks maintain a list of alternative documents they may accept to verify your identity and eligibility:
- ITIN (Individual Taxpayer Identification Number): A common substitute for applicants with US tax obligations who aren’t eligible for an SSN.
- Passport: One of the most widely accepted identity documents for international applicants.
- Visa or immigration documents: Proof of legal status, such as a visa or employment authorization document.
- Driver’s license or state-issued ID: A government-issued photo ID (such as a driver’s license or state-issued ID) is usually needed to confirm your identity during the application process.
- Proof of address: Many banks request a document that verifies your current home address; this can be in the form of a utility bill, a lease agreement, or official government correspondence.
- Business formation documents: If you are opening a business account, you may need to provide an Employer Identification Number (EIN), formation papers such as Articles of Incorporation or Articles of Organization (or a Certificate of Formation where applicable), and any business licenses that are required for your type of business.
How to Open a US Business Account with Cheqly
For eligible companies, Cheqly offers a fully digital business banking experience. The entire application can be completed online without visiting a branch, subject to standard onboarding and compliance checks.
Step 1: Register your US business
Your business should be legally registered in the United States and have an EIN ready for onboarding.
| Setting up a business in the US requires completing several steps like incorporation, hiring a registered agent, and obtaining an EIN (Employer Identification Number). Cheqly partnered with IncParadise to allow entrepreneurs to get assistance from a reliable service provider to handle business setup requirements before getting a business account. |
Step 2: Gather the required documents
You will generally need:
- A US-based company that is officially registered and has a legitimate Employer Identification Number (EIN).
- Company formation documents such as Articles of Incorporation, Articles of Organization, Articles of Association, or other applicable formation documents, and, in some cases, a Certificate of Good Standing.
- A shareholder that is a company holding 25% or more of the shares will need to provide company formation documents, such as a Business Registration Certificate, Articles of Incorporation, or Articles of Organization.
- A government-issued photo ID for every individual shareholder or Ultimate Beneficial Owner (UBO) that holds 25% or more ownership (e.g., a US passport, a foreign passport, a driver’s license, a state-issued identification card, a permanent resident card, or a US visa).
- US proof of operations if using a Registered Agent business address as the company’s physical address.
Cheqly supports foreign owners and UBOs from around the world. During onboarding, Cheqly may request an SSN or ITIN only if applicable. Foreign business owners and non-US residents without an SSN can still apply for a business account if they meet the other requirements.
Step 3: Complete the online application
Provide your business details and upload the necessary documents through Cheqly’s online onboarding process.
Step 4: Complete face and ID verification
To complete its KYC and AML compliance, Cheqly requires all individual shareholders and Ultimate Beneficial Owners (UBOs) to complete mandatory face and ID verification through its verification partner, Socure. Once you submit your form, a verification link or QR code will be sent to your registered mobile phone number via text message. The verification typically takes about two minutes and involves a live face scan and the upload of a government-issued ID. The link expires after 72 hours.
Step 5: Wait for approval
As part of the onboarding process, Cheqly reviews all the information you’ve submitted. If any additional information is needed, the onboarding team will reach out to you. Once your application is complete and meets the eligibility requirements, approval usually takes a couple of business days.
Step 6: Get Started
After your account is approved, Cheqly gives you access to business account features such as ACH payments, domestic and international wire transfers, and physical or virtual Visa debit cards, and digital wallets with Apple, Google, and Samsung compatibility.
Challenges of Opening a Bank Account Without an SSN
Although many banks will accept other proof of identity, a person who is not applying with an SSN should expect the process to differ from a standard application:
- Less availability of banking services than for SSN holders.
- Further steps of identity verification are needed.
- Usually, processing times are longer than for standard applications.
- Banks might ask for additional documentation.
- Access to certain credit-based banking products may be limited.
Planning ahead and understanding a bank’s specific requirements before you apply goes a long way toward avoiding delays and keeping the process moving smoothly.
FAQs: SSN for US Bank Accounts
Here are answers to some of the most common questions foreign founders and business owners ask when opening a US bank account.
Is my Social Security Number safe when I provide it to a bank?
Yes. Financial institutions are legally required to keep your confidential information safe with strong security processes and abide by federal privacy and data security laws. When you apply, make sure you are going through the bank’s website or a reputable app store.
Will opening a bank account without an SSN affect my US credit history?
No. Just opening a bank account is not usually sufficient for building a credit history. Your credit history is mostly based on the use of credit products such as credit cards or loans, which periodically report your credit behavior to credit bureaus.
Can I use the same US bank account for both business and personal transactions?
This is not usually recommended either. Keeping business and personal finances separate can simplify your accounting procedures, tax reporting, and general financial management. Also, many banks prefer conducting business through a dedicated business account.
Can I convert my business account to a personal account later?
No. Business and personal bank accounts serve different purposes and have different eligibility requirements. If you need a personal account, you’ll probably have to apply for one separately.
Choose Cheqly for Your US Business Account
If you’re looking for a business account for an eligible US-registered business, Cheqly offers no monthly fees, no minimum balance requirements, no account setup fees, and financial management tools to simplify your day-to-day business finances.
Why wait? Get your US business account up and running with Cheqly, 100% online, fully remote, and built for businesses everywhere.