October 27, 2023

How Long Does It Take to Open a Bank Account

Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links. (read more)

Opening an account can be done in minutes at most banks. So, make sure your requirements are ready to avoid delays. Read on for more details.

Looking to open a bank account but unsure how long it takes?

No need to fret because it is actually a quick and easy process when you're prepared.

Continue reading to know how long it usually takes. Plus other requirements you should know when opening a bank account.

How Long Does It Take To Open An Account?

For the most part, filling out an application form can be done in under 5 minutes.

But the actual timeframe differs per financial institution, here's an overview of how long it can take:

Traditional Banks - 10 to 20 minutes
Contrary to popular belief, opening an account in person can also be quick and efficient.

If you set an appointment prior, you can accomplish the task in less than 30 minutes especially with the help of a staff. But, it may take longer if you just walk-in.

Online Bank and Fintechs - 3 to 15 minutes
Opening an account with an online bank is typically faster and more streamlined compared to brick-and-mortar banks.

The application process is designed to be efficient and convenient. In fact, you can do it in the comfort of your home or wherever you are.

Credit Unions - 3 to 20 minutes
Opening an account with a credit union can take a similar amount of time as with a traditional in-person bank or an online bank.

However, do note that you typically need to be a credit union member to open one. If not, they may ask for a small donation to a specific non-profit organization upon opening an account.

Which bank account can I open instantly?
Chase Total Checking, Chime, and Discover® Cashback Debit are bank accounts activated immediately after submitting your application online. Such accounts allow customers to sign up and get started right away, usually without needing in-person visits or extensive paperwork.

How Long Does It Take To Get Your Account Approved?

If you submit complete documents and information, approval can typically take just a day or two.

Some banks do instant approvals, meaning you can start using your account right after submitting your application.

But, others may need further verification for security reasons which could entail a slightly longer waiting time.

Here are some banks and its respective approval times:

Bank of America1 to 2 business days[1]
Capital One0 to 72 hours[2]
HSBCSeveral days
Ally Bank24 hours[3]
Regions BankUp to 10 business days[4]
SoFi BankUp to 2 business days

How long does it take to open a Chase account?
Opening a Chase account can take several minutes, whether online or in person. Your new Chase debit card will arrive in about a week after account opening.

How Long Does It Take To Get A Debit Card?

It usually takes 4 to 10 business days to send a debit card by mail to your address after your account is approved. But, some banks may give you a virtual card that you can use right away.

Some banks offer a personalized option with a photo or unique design; hence, delivery time can take longer.

If you need a card replacement, the bank may choose to expedite delivery of your debit card when the reason is either due to a lost or stolen card. They may charge you a rush fee if you request faster delivery.

How Long Does It Take To Get A Check Order?

Receiving your checkbook order takes 10 to 15 business days from account approval. Note that delivery time will take several more days for personalized checks.

Similarly, larger check orders may take slightly longer to process and deliver to your address.

What Affects The Application Process Time?

The time it takes to get your account up and running depends on the following factors:

Type of Account
Checking accounts, savings accounts, money market accounts, CDs, and business accounts all have different processing times.

It really depends on the complexity of the account. Some may require more documents which can take longer to verify and approve.

Bank Policies
Banks and financial institutions all have different policies they follow.

Some are more streamlined and efficient, resulting in faster application approvals.

Completeness of Documents
When you're opening a bank account, you must have all the necessary requirements with you already.

Providing complete and valid documents reduces the chances of delay when the bank is processing your application.

Verification and Banking History
Most online banks use a digital verification system that makes approving applications much faster.

Traditional banks, on the other hand, will check your banking history through ChexSystems or Early Warning Services before they approve your new account. Some online accounts, such as Chime, do not check ChexSystems.

What Do You Need To Open A Bank Account?

To open a personal savings or checking account, many banks will require the following:

  1. Personal Information
    You will need to provide the following information: your legal name, residential address, birth date, contact number, and email address.

  2. Identification
    Banks often require you to present or scan your government-issued ID (such as a driver's license or a state ID).

  3. Proof of Address
    You may also be asked for proof of residence if you have different addresses on your ID and application form. Simply provide a utility bill, rental agreement, or credit card statement under your name.

  4. Social Security Number (SSN)
    Your SSN is often enough documentation to support your account opening application. Some banks would accept alternatives like your ITIN (Individual Tax Identification Number) or passport for foreign nationals.

  5. Funding Method
    You can link your existing bank account, make an ACH transfer, or deposit a check to make an initial deposit to your new account.

How much does it cost to open an account?
Generally, the process of opening a checking or savings account is free. However, banks may require an initial deposit ranging from $25 to $100. If there is none, you often have to fund it within a certain number of days to avoid automatic account closure.

How To Open A Bank Account

You can begin the process by following these 3 simple steps at most banks:

  1. Have your required information ready.
  2. Fill out the application form with the necessary information.
  3. Fund your account.

Once approved, set up your online banking and mobile app access to use your new account.

Is it hard to get approved for a bank account?
It is typically not difficult to get approved for a bank account, provided that your banking history is generally positive. Requirements for savings and checking accounts are often straightforward, which most people can easily meet.

Would you prefer online or in-person process for opening a bank account?

What To Do If You Can't Open An Account?

If the bank does not approve your account, you have the right to demand an "adverse notice" from them.[5] This indicates the checking account reporting agency where you can request a free copy of your report.

Once the rejection is confirmed, ask for a reconsideration regardless of the reason for denial.

If that doesn't work, you can try your luck with an online bank or a credit union as they are typically more lenient.

You can also consider applying for a second chance account, which caters to individuals with a history of banking issues. However, this type of account usually has more restrictions as it aims to help you rebuild your banking history.

Why would I be denied a bank account?
Here are common reasons the bank may deny your new account application:
  • Negative marks on your ChexSystems or Early Warning Services report
  • History of overdrafts
  • Poor credit history
  • Incomplete or invalid documents
  • Suspected fraud
  • Errors on your consumer report

What Type Of Bank Should You Choose?

To help you decide which bank to open an account with, below are some important features of each bank type.

Online Bank
Online banks are best for those comfortable with purely digital transactions.

Since everything can be done online, the application process is often fast and seamless. You can even open an account wherever you are which is incredibly convenient.

Traditional Bank
Traditional banks are slightly more accessible given the luxury of physical locations.

You can also get assistance from employees which is convenient especially if you're applying for an account for the first time.

Additionally, you get the best of both worlds as many traditional banks allow online applications as well.

Credit Union
Credit unions are ideal for residents of certain local communities. They may give you more personalized service and higher savings rates.

If you are interested in opening an account, you are required to buy a share or make a small donation.

Bottom Line

Opening a bank account can be pretty quick and easy, whether you do it online or in person. Your account will be up and running the same day or within a few days of your application.

Just remember to do your research and gather all the necessary requirements to ensure a smooth and easy process.

References

  1. ^ Bank of America. FAQ: How long will it take to open an account when I apply?, Retrieved 10/30/23
  2. ^ Capital One. Access your new account, Retrieved 10/30/23
  3. ^ Ally. What do I need to open a bank account?, Retrieved 10/30/23
  4. ^ Regions. FAQ: Once I submit documentation, how long will the application review process take?, Retrieved 10/30/23
  5. ^ Consumer Financial Protection Bureau. When can I be denied a checking account based on my past banking history?, Retrieved 09/14/2023

Write to Penelope Besana at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Subscribe to CreditDonkey: Get updates on the latest deals and keep up with the best money moves.
Your privacy is important to us. Unsubscribe anytime

Bank of America
Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

Expires 1/31/2025
  • The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 01/31/2025.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.

How to Open a Bank Account

Opening a bank account is quick and easy as long as you're prepared. Follow our step-by-step guide to get started.
Save money and build wealth. Sign up to get our FREE email newsletter.
Best Banks for Small Business in Georgia

Best Banks for Small Business in Georgia

Looking for the perfect bank to support your Georgia small business? Explore the 10 best banks and their benefits below.
More Articles in Bank Reviews & Deals

Next Page:

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.