What do you need to open a checking account?

To open a checking account with a US-based bank, you need: A Social Security number or Individual Taxpayer Identification Number Government-issued proof of identity and legal residency or citizenship, such as a driver’s license, passport or state ID. Basic contact information, such as your phone number, email and physical address Where applicable, a minimum deposit

What are the minimum deposit and balance requirements?

Free checking accounts vary in the minimum deposit required to open an account. In our list above, that ranges from $0 to $50. Each bank's requirements can vary based on its business model and marketing efforts. A checking account that requires a minimum balance -- the amount you must keep in the account to avoid service fees -- isn't a free checking account.

Do free checking accounts have overdraft protection?

Overdraft protection is a service offered by banks to cover the cost of transactions that exceed an account's available balance. Banks can charge a monthly or per-transaction fee for this service. Some banks that offer no-fee checking accounts will include overdraft protection at no additional cost by automatically transferring money from a linked savings account to cover the transaction. Others may waive one overdraft fee per year as an overdraft forgiveness service. An overdraft protection service can be valuable as the average overdraft fee of around $35 per transaction, according to the FDIC, can quickly add up.

How can you avoid hidden fees?

When opening any account, review the account disclosures completely to understand the terms and conditions associated with the new account. Sticking with accounts advertised as free checking accounts will help you avoid taking on unknown fees. Free checking accounts may charge fees for services such as official check writing. This will all be listed in the account disclosures. If you're in doubt, schedule a call with your customer service representative or personal banker to review all potential fees you may incur.