Banks That Accept ITIN For Loans, Credit Cards, And Checking Accounts

There are a lot of banks that accept an ITIN (Individual Taxpayer Identification Number) to open bank accounts and get different types of financial products. If you're an immigrant and don't have an SSN, you can use an ITIN to run your business, open a checking account, or prove how long you've lived in the United States.

List Of Banks That Accept ITINs

While there are several options for ITIN holders, banks don't regularly offer that many products if you don't have an SSN. That doesn't mean it's the end of the road. There are alternative lenders that offer a more comprehensive range of financing options and don't require you to have an SSN.

For Personal Loans

Wells Fargo

Wells Fargo offers ITIN personal loans starting at $3,000 and up to $100,000 with 12 to 84-month repayment terms. Their APR ranges from 5.74% to 24.24%. Applicants must open an account at a Wells Fargo branch before applying for a loan. Once you have an account set up, you'll learn that they accept an SSN or an ITIN in their credit applications. You must provide personal information such as date of birth, citizenship status, permanent address, gross monthly income, and preferred loan amount and terms. Wells Fargo also requires copies of pay stubs, W-2s, tax returns, and other additional documents.

US Bank

US Bank offers personal loans with an Individual Taxpayer Identification Number from $1,000 to $50,000 at fixed rates and terms, with repayment terms from 12 to 60 months. Their APR ranges from 6.49% to 18.49%. Once enrolled in their online banking system by setting up a checking account, you can fill out their loan application. You can register digitally or visit one of their bank branches.

#CaminoTip Banks are not the only ones that offer ITIN personal loans, many other alternative lenders have fewer requirements and are easier to get. Find here the best personal loans in the US.

For Business Loans

Unfortunately, established brick-and-mortar banks do not routinely offer business loans with ITIN number but limit lending to those with social security numbers. That said, some alternative lenders offer small business loans to applicants with only ITINs.

For Mortgages

First National Bank of America

With First National Bank of America, you can apply for a fixed-rate ITIN mortgage with a minimum down payment of 15%. In addition, they offer repayment terms of 15, 20, or 30 years. To document your income, the bank accepts tax returns or bank statements. The bank charges the same interest rates to applicants with an ITIN or SSN. FNBA finances single-family homes, mobile/manufactured homes, condos, 2-4 unit homes, and townhouses.

#DidYouKnow A credit union in your community may offer to fund individuals with an ITIN even though they don't advertise the service.

For Credit Cards

• American Express. They accept ITIN and passport numbers. You might need to visit a branch to apply.
• Bank of America. They accept ITIN and passport numbers.
• Capital One. They indicate they accept an ITIN, but their application only has an SSN entry. Contact them to get more information.
• Chase. They accept ITIN numbers.
• Citibank. They accept ITIN and passport numbers. You might need to visit a branch to apply.
• KeyBank. They accept ITIN and passport numbers.
• TD Bank. They accept ITINs but only for some secured cards.
• US Bank. They accept ITINs but only for some secured cards.
• Wells Fargo. They accept ITINs but only for some secured cards.

For Opening Bank Accounts Without SSN

Below, find some banks available to open a business bank account with an ITIN or an alternative form of identification.

• Ally. You need to be a legal permanent resident to apply. They offer an online application.
• Axos. You need to be a legal permanent resident to apply.
• Bank of America. ITIN acceptance varies by branch. You'll require 2 ID documents (Foreign passport, Consular ID, foreign driver's license, Voter Registration Card, Diplomat ID, or US-issued employment ID) and proof of a valid US address.
• Charles Schwab. You need to be a legal permanent resident to apply. They offer an online application.
• Chase. They accept ITINS. You'll require 2 ID documents and proof of a valid US address. They offer an online application.
• Citi Bank. You need to be a legal permanent resident to apply. They offer an online application.
• Citizens Bank. You need an unexpired passport, refugee document, or employment authorization card. They offer an online application.
• Fifth Third Bank. You need a valid form of ID; you can use a Matricula card.
• HSBC. You need to be a citizen of a country from their approved list. They offer an online application.
• KeyBank. You need a foreign passport, foreign driver's license, Matricula card, or permanent resident card.
• PNC. ITIN acceptance varies by branch. They offer an online application.
• Santander Bank. You need to be a legal permanent resident to apply. You can apply with SSN, ITIN, passport number, permanent resident card, or government-issued ID. You'll also need proof of address and three forms of ID (foreign passport, employee ID, vehicle registration, birth certificate, medical insurance card, university or school ID, lease agreement, deed, utility bill, debit or ATM card, credit card from a major financial institution, any Matricula ID, any Consular ID, or government visa). They offer an online application.
• US Bank. You need a valid form of ID; they allow you to use a Matricula Consular. They offer an online application.
• Wells Fargo. You'll require 2 ID documents (permanent resident card, foreign visa, foreign passport, or ITIN number). You'll also need proof of a valid US address. They offer an online application.

#DidYouKnow A "matrícula consular" (commonly referred to in English as a "matricula card") is an identification card issued by the Government of Mexico through its consulate offices to Mexican citizens residing outside Mexico.

How To Choose Where To Bank

Selecting the right bank is a crucial decision. Here's what you should consider:

• Research. Spend some time online looking at customer reviews, branch locations, and the services on offer.
• Accessibility. Check if the bank has branches or ATMs nearby or if they offer robust online and mobile banking options.
• Fees. Take note of monthly fees, transaction fees, and any other hidden charges.
• Customer Service. Find out how easy it is to reach the bank, whether over the phone, online, or in person.
• Special Provisions. Some banks might have special provisions for those using an ITIN, offering additional assistance or tailored services.

Most Common Requirements To Open A Bank Account

It's important to always consult with your chosen bank, as requirements might vary.

• Name and date of birth. You'll need to provide your full legal name and date of birth. This helps banks ascertain your identity and prevents fraudulent activities.
• Proof of address. Be it a utility bill, a lease agreement, or any official document that states your current address, this is an essential requirement for most banks.
• Identification number. Banks will require an ITIN number as an alternative to the SSN. This is to ensure they adhere to federal guidelines while still serving non-citizens.
• An opening deposit. Most banks require an initial deposit to open your account. The amount can vary, so it's always a good idea to ask beforehand.
• Valid Government-Issued photo ID. This could be a passport, driver's license, or government-issued ID. It provides an additional layer of verification for the banks.

Why You Should Open A Bank Account Even If You're Undocumented

Living in a country without official documentation, like an SSN, presents a myriad of challenges, but accessing the banking system shouldn't be one of them. Here's a deeper dive into the reasons why it's beneficial to open a bank account:

• Safety First. Keeping large sums of money at home is risky. Fires, theft, or simple misplacement can result in a total loss. Banks offer a secure environment to safeguard your hard-earned money.
• Building and Establishing Credit. Even without official documentation, creating a positive credit history is crucial. A good credit score, over time, can lead to better interest rates on loans and credit cards; it can even influence aspects like renting apartments. Some banks and credit unions provide opportunities for ITIN holders to build and establish credit.
• Growing Your Money. Many bank accounts, especially savings accounts, offer interest. This means your money grows over time. While the rates may vary, it's always beneficial to earn some extra bucks without any additional effort.
• Access to Other Financial Services. With a bank account, you get closer to other financial services and opportunities, such as loans or credit cards. Some banks also offer financial literacy programs, helping you make informed decisions about saving, investing, and borrowing.

Apply For A Business Loan!

What Is An ITIN Number?

The Individual Taxpayer Identification Number (ITIN) is a number that the Internal Revenue Service (IRS) issues for those who aren't eligible for an SSN. It allows undocumented immigrants to pay taxes, but it can also help build credit and access financial products while living in the United States.

How To Get An ITIN

Here's a step-by-step guide to apply for an ITIN:

1. Determine Your Eligibility
   • The IRS issues ITINs to individuals who need a taxpayer number but are not eligible for an SSN.
2. Complete Form W-7
   • To apply for an ITIN, you must complete the IRS Form W-7.
   • Ensure you fill out the form accurately and according to the instructions. This will prevent unnecessary delays.
3. Attach a Valid Federal Income Tax Return
   • Along with Form W-7, you must also file a tax return as part of the ITIN application process unless you meet one of the exceptions.
4. Provide Supporting Documentation
   • You must provide original documentation or certified copies to prove both your identity and foreign status. Common documents include passports, national ID cards, birth certificates, and other US or foreign government-issued identification.
5. Mail or Submit Your Application
   • Mail: You can mail your Form W-7, tax return (if applicable), and supporting documentation to the IRS address listed in the Form W-7 instructions.
   • In-Person: The IRS has authorized Acceptance Agent services and Taxpayer Assistance Centers in various locations. You can submit your application in person at these centers.
6. Wait for Your ITIN
   • Once the IRS approves your application, you will receive a letter containing your ITIN, typically within seven weeks. The timeframe may vary depending on the time of year, the completeness of your application, and the volume of applications the IRS is processing.

#CaminoTip Did your ITIN expire? Learn about ITIN renewal.

*Bank requirements and acceptance of ITIN subject to change without notice.