Banking in Washington, United States: Accounts, Fees and Open

# Banking in Washington, United States: Accounts, Fees, and Opening Steps (2025 Guide)

As we navigate through 2025, understanding the banking landscape in Washington State is essential for both residents and non-residents. This guide will cover the various types of banks available, the types of accounts you can open, typical fees and minimum balances, the onboarding steps including Know Your Customer (KYC) requirements, and key differences for residents versus non-residents.

Available Bank Types in Washington

National BanksWashington is home to several national banks that offer a wide array of services. These banks typically have a robust online presence and extensive ATM networks. Some well-known national banks available in Washington include:

- Bank of America
- Wells Fargo
- Chase

Digital BanksIn recent years, digital banks have gained popularity due to their convenience and lower fees. These banks operate primarily online and often provide features that traditional banks may not, such as:

- Chime
- Ally Bank
- Varo Bank

Digital banks typically have fewer physical branches, which may appeal to tech-savvy customers who prefer online banking.

Account Types: Checking and Savings

Checking AccountsChecking accounts are designed for daily transactions. They offer features such as debit cards, online banking, and bill pay. In Washington, you can expect:

- No minimum balance requirement (common with digital banks)
- Monthly fees ranging from $0 to $15, depending on the bank and account type
- ATM access with varying fees for non-network ATMs

Savings AccountsSavings accounts are intended for saving money and typically offer interest on deposits. Key features include:

- Interest rates that can vary significantly between banks (usually between 0.01% to 1.00%)
- Minimum balance requirements that may range from $0 to $300
- Monthly fees that can often be waived with a minimum balance

Typical Fees and Minimums

When considering banking options in Washington, it's crucial to understand the various fees associated with accounts:

- Monthly Maintenance Fees: These can range from $0 to $15, depending on the bank and account type. Many banks offer options to waive these fees by maintaining a certain balance or setting up direct deposits.
- ATM Fees: Using out-of-network ATMs can incur fees ranging from $2 to $5 per transaction. Some banks reimburse ATM fees.
- Overdraft Fees: If you spend more than your available balance, overdraft fees can range from $30 to $40 per transaction.
- Wire Transfer Fees: Incoming wire transfers are often free, while outgoing transfers can cost between $25 and $45, depending on the bank.

Onboarding Steps: KYC and Identification

When opening a bank account in Washington, you must comply with KYC regulations. The onboarding process generally includes the following steps:

1. Choose Your Bank: Select either a national or digital bank based on your needs.
2. Gather Required Documents: Typically, you will need:
- Social Security Number (SSN) for residents
- Individual Taxpayer Identification Number (ITIN) or Employer Identification Number (EIN) for non-residents or business accounts
- Identification: A valid government-issued photo ID (e.g., passport, driver’s license)
3. Complete the Application: You can usually apply online or in-person. Fill out the necessary forms, providing your personal information and financial details.
4. Fund Your Account: Most banks require an initial deposit, which can vary by account type.
5. Account Verification: The bank will conduct a background check and verify your identity before approving your account.

Resident vs Non-Resident Notes

- Residents: Typically have an easier time opening accounts as they possess an SSN and local identification. Many banks offer tailored services for residents, including personal loans and mortgages.

- Non-Residents: May face additional challenges, such as the need to provide an ITIN or EIN. Some banks may require additional documentation, such as proof of address or immigration status. Not all banks accept non-residents, so it's essential to research your options.

FAQs

1. What types of accounts can I open in Washington?
You can open checking and savings accounts at both national and digital banks.

2. Are there any fees associated with bank accounts in Washington?
Yes, typical fees include monthly maintenance fees, ATM fees, and overdraft fees. However, many banks offer ways to waive these fees.

3. What identification do I need to open a bank account?
Residents need an SSN and a government-issued ID, while non-residents may need an ITIN or EIN and additional documentation.

4. Can non-residents open bank accounts in Washington?
Yes, but they may face additional requirements and restrictions depending on the bank.

5. What is the minimum balance required for savings accounts?
Minimum balances vary by bank; some accounts may have no minimum, while others require up to $300.

6. How long does it take to open a bank account?
The process can be completed in as little as 30 minutes online or in-person, but account verification may take longer.

7. Do digital banks offer competitive interest rates?
Yes, many digital banks provide higher interest rates on savings accounts compared to traditional banks.

In summary, banking in Washington in 2025 offers a variety of options for both residents and non-residents. Understanding the types of accounts available, associated fees, and the onboarding process will help you make informed banking decisions. Always ensure to choose a bank that best fits your financial needs and lifestyle.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles