What Do You Need to Open a Bank Account?
Opening an account is one of the first exciting steps in your financial journey, and the great news is it’s a lot simpler than you might expect. Whether you’re landing your first real job, heading off to college, or just ready to take charge of your money, you only need a handful of documents to get started. Think of this as your go-to checklist so you can walk in (or log on) with total confidence and zero guesswork.
The Quick Checklist: What to Bring
Before we break everything down, here’s a quick snapshot of what you’ll typically need to open an account:
A government-issued photo ID (driver’s license, state ID, U.S. passport, or military ID)
Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
Proof of your current address (utility bill, lease agreement, or government mail)
An initial deposit (as little as $5 at Encompass Credit Union!)
An optional secondary ID (school ID, employer ID, or debit/credit card)
That’s it! Five simple things, and you’re well on your way to building a stronger financial future. Now let’s dig into each one so you know exactly what to expect.
Government-Issued Photo ID
Primary ID
Your most important document is a valid, government-issued photo ID. Banks and credit unions are legally required to verify your identity under a federal rule called the Customer Identification Program (CIP), which falls under the broader Know Your Customer (KYC) guidelines. This isn’t just bureaucratic fine print—it’s a protection for you, ensuring that no one else can open an account in your name.
Accepted primary IDs include:
Driver’s license
State-issued ID card
U.S. passport
Military ID
“We want every new member to feel prepared and confident when they walk through our doors. Knowing what to bring ahead of time takes all the stress out of the process.”
—Encompass Credit Union Team Member
Secondary ID
If you’re new to adulthood and don’t yet have a driver’s license, or if your financial institution wants an extra layer of verification, a secondary ID can fill that gap. This is especially common for first-time account openers who are still building their document portfolio.
Accepted secondary IDs include:
School or university ID
Employer-issued photo ID
Credit or debit card
Don’t stress if your documents aren’t perfect yet. Every financial journey starts somewhere, and the right credit union will work with you to find a path forward.
Social Security Number or Taxpayer Identification Number
For U.S. citizens, you’ll be asked for your Social Security Number (SSN). This is standard practice. Financial institutions use it to report the interest you earn on your account to the IRS, as required by federal law.
But what if you don’t have an SSN? You may still be eligible to open an account using an Individual Taxpayer Identification Number (ITIN), a tax processing number issued by the IRS to individuals who aren’t eligible for an SSN. This option is often available to non-U.S. citizens, international students, and others building a life in the U.S.
Everyone deserves access to safe, reliable banking. If your situation involves an ITIN or you’re unsure which number applies to you, our team at Encompass Credit Union is happy to walk you through it. Just stop by one of our branches or give us a call. There’s no such thing as a question too small.
Proof of Address
Your financial institution needs to confirm where you currently live. This is another element of the federal identity verification process, and there are several common documents that qualify. The key requirements are that the document shows your full name along with your current address (and that it’s recent—typically within the past 60 to 90 days).
Acceptable proof of address documents include:
Utility bill (electric, gas, water, or internet)
Lease agreement or mortgage statement
Government-issued mail (tax documents or official notices)
Bank or credit card statement
One important note: P.O. boxes generally don’t qualify as a primary address. If you’ve just moved into your first apartment, dorm room, or new home, a copy of your lease is usually the simplest and most accepted option.
Initial Deposit
Many first-time account openers are surprised to learn they don’t need a lot of money to get started. Requirements vary depending on where you open your account. National banks often ask for an initial deposit of $25 to $100, but credit unions tend to be much more accessible.
At Encompass Credit Union, we believe that starting your financial journey shouldn’t be held back by the size of your wallet. Opening a Primary Savings Account requires just a $5 minimum deposit, which also establishes your membership with the credit union. For our Worry-Free Draft checking account, maintaining a $25 minimum balance helps you avoid a monthly fee. And no matter how much or how little you have on deposit, your money is federally insured by the NCUA—so you can rest easy knowing it’s protected.
“Our mission has always been to serve our community, and that means making banking accessible to everyone. A $5 minimum deposit is our way of saying that building a financial uture shouldn’t be out of reach for anyone in Central Indiana.” —Encompass Credit Union Team Member
Joint Accounts and Accounts for Teens
Joint Accounts
Planning to open an account with a partner, family member, or trusted roommate? A joint account works the same way as an individual account. Both account holders simply need to provide their government-issued ID and personal information, including their SSN or ITIN. Both people will have equal access to the account, so it’s important to choose someone you trust completely.
Opening an Account for Your Teen
As a parent, you want to make sure your teen's first financial step is set up the right way. The great news? You have options—and both are easier than you might think.
Stop by any Encompass branch, and one of our friendly team members will sit down with you and your teen, answer every question, and make sure the account is set up exactly right. It’s a great opportunity to help your teen feel comfortable and confident about their new financial home.
Helping them open an account, you’re giving your teen something truly valuable: a strong, safe financial foundation—and a partner in Encompass who’s here for their whole journey ahead.
“When we help a teenager open their first account, we’re not just opening a savings account. We’re opening a door to their financial future. That’s what community banking is really about.” — Encompass Credit Union Team Member
Ready to Open Your Account?
You’ve got the checklist. You know what to bring. Now it’s time to take that first powerful step toward financial independence. Opening an account is one of the best moves you can make for yourself right now. And at Encompass Credit Union, we’re proud to make it as easy and welcoming as possible for Central Indiana’s high school graduates, college students, and young adults.
Stop by one of our branches in Tipton, Kokomo, or Frankfort to open a checking or savings account. Your financial future is waiting, and Encompass is here to help you build it—one smart decision at a time.