If you don’t have a driver’s license and other US -issued identification, it is extremely hard to open a bank account in the U.S. We’ve always thought that the primary reason that banks don’t issue bank accounts to non-residents was due to Federal “know your customer” regulations. Apparently, that’s not the whole reason.

A recent FDIC study surveyed a bunch of U.S. banks and asked them questions about opening new accounts (and in particular, opening new accounts for the “underbanked” population in the U.S.).

Here are some interesting survey results from the report:

Unbanked and underbanked individuals also face a number of challenges in establishing banking relationships. These individuals often must present government-issued identification to open a bank account. While most banks will accept either a driver’s license (99 percent) or passport (92 percent), only 27 percent of banks accept Matrícula Consular cards and only 38 percent accept ITINs as forms of identification for opening a new account.

It’s even more difficult to cash a check at a bank without “proper” identification. Check this out:

Banks need to start accepting the fact that not everyone has a driver’s license. There are plenty of excellent customers who work hard and have alternative forms of identification. How about giving them a shot?

You can read the whole study here.

-->

Related ChexSystems Banking Information:

1. The FDIC Says Almost 1/4 Of Banks Offer “Second Chance Accounts”
2. What do I Need to Open a Business Checking Account?
3. What Features do Bank Accounts for Bad Credit Offer?
4. Which is More Expensive: Check Cashers, Checking Accounts, or Prepaid Debit Cards?
5. Opening a New Bank Account with a Minimum of Stress

Tagged as: banking, non resident, underbanked