I want to open a new account. What type(s) of identification do I have to present to the bank?

Banks are required by law to have a customer identification program that includes performing due diligence (also called Know Your Customer) in creating new accounts by collecting certain information from the applicant. An account is a formal banking relationship established to provide or engage in services, dealings, or other financial transactions including a deposit account, a transaction or asset account, a credit account, or other extension of credit. The term includes a relationship established to provide a safety deposit box or other safekeeping services, and cash management, custodian, and trust services.

Each bank's customer identification program must include procedures for verifying the identity of each customer. At a minimum, when opening a new account, a bank must obtain the following information as part of its program:

• Name
• Date of birth (for an individual)
• Address
• Identification number

The required identification number for a U.S. citizen is a Social Security number and for a U.S. company is an employer identification number. For all others, an identification number is one or more of the following:

• Taxpayer identification number
• Passport number and country of issuance
• Alien identification card number
• Number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard

The bank must then verify the accuracy of the information the applicant provided by reviewing documents, such as a driver's license or passport. It can also verify the information by other means, such as comparing it with information from a credit reporting agency or by checking the applicant's references with other financial institutions.

Refer to 31 CFR 1020 "Rules for Banks."

Last Reviewed: April 2021