Banks That Accept ITIN

ITIN is issued by IRS to serve one paramount purpose, that is, to help you process your tax return in America. This number is given, and applicable to non-permanent residents in America.

Having ITIN does not qualify you for Social Security benefits, nor does it give you hope for getting a job in America. 

Your dependents are not necessarily considered for Earn Income Tax Credit because you possess ITIN. Yet, it’s good if you apply and get your ITIN because it’s parts of what you need when you want to file a US tax return.

Some of the banks that accept ITIN include Chase, Citibank, HSCB, Axos Bank, Wells Fargo, TD Bank, Fifth Third Bank, PNC, Capital One, Alliant Credit Union, US Bank, BMO Harris, Charles Schwab, Bank of America, Ally, Citizens Bank, Digital Federal Credit Union (DCU), Santander Bank, and so on.

We’ll discuss later what some of these banks ask for when you want to use your ITIN in their workplaces.

Why Do I Need ITIN?

We find a few reasons why you should apply and get your ITIN from IRS

  1. To open a checking account: Some people believe they necessarily need to have Social Security Number before they can open a personal bank account with checking, but that is not true. The banks we mentioned above will accept ITIN from you instead of SSN for you to open an account. If you’re a migrant or an alien, and you’re not eligible to have SSN, apply for ITIN with IRS so that you can use that number to open your personal bank account.

  2. To access loan credit: If you’re not eligible for Social Security Benefits, it may be difficult to meet certain financial challenges and fulfill your financial need. Having ITIN may give you some backing to access credit from a few financial institutions whose other requirements for loans you met.

  3. Children’s health insurance: Even though the holders of ITIN are not eligible to purchase affordable health insurance for themselves, their US-born children are definitely eligible. When you want to purchase affordable health insurance for your children, you’ll need ITIN to apply for the insurance. Thus, having ITIN could be of great help when you’re purchasing health insurance for your children.

  4. A safe way to retirement: Recall that all taxpayers make contributions towards Social Security. Yet, as an ITIN holder, you’re not entitled to Social Security Benefits. If in the future you have Social Security Number, and hence, the Social Security Benefits, all the taxes you’ve been paying all along will be cumulated and used to calculate your benefits.

Requirements from Banks to Accept ITIN

For some of the banks mentioned above, we want to look at their requirements before accepting ITIN from you.

  1. Wells Fargo: Do you know that you can use your ITIN to open an account with Well Fargo, and to access loans of up to $10,000 with a repayment period of up to 84 months? 

After opening your account with Well Fargo, you’re eligible to apply for a credit under ITIN. You’ll need to provide them 

your personal informationMeans of identificationTax return documents

  1. US Bank: US Bank can grant you a credit of up to $50,000 with a repayment period of 60 months. Like in the Well Fargo we discussed above, you have to provide some facts the bank may deem from you.

  2. Bank of America: Bank of America allows you to use your ITIN to open an account with any of their branches, and you could collect credit cards in those workplaces only with your ITIN.

  3. Citibank: You can open an account with Citibank online or in the office locations. Citibank also grants you access to credit cards with your ITIN. But you must be a citizen of America or resident of America with the identified traceable address.

5.  Capital One: Capital One lets you have possession of its credit card with your ITIN. To open an account with Capital One, you must necessarily have Social Security Number.  

Conclusion

ITIN is a short name for an Individual Tax Identification Number issued by Internal Revenue Services (IRS). ITIN is used as an alternative to Social Security Number from the residents or non-residents of America who do not have or are not eligible to have the SSN.

Having ITIN can help you fulfill your desires, like opening a personal checking account,  filing tax returns, saving for retirement, purchasing health insurance for your children, and so on. It’s good you apply, and get your ITIN for your own good.

  1. Why Do I Need an ITIN?

You really need ITIN if you do not have Social Security Number, or need to file a tax return, are not a permanent resident of America, if your children or your marriage partner is not an American resident, and so on. 

  1. How Can I Apply for ITIN?

You can apply for ITIN by filling out Form W-7 on the IRS website. We have both the English and Spanish versions of the form. Choose the one applicable to you. Also, when submitting your form, submit means of personal identification like a passport, driver’s license, and official card.

  1. Can ITIN Get Expired?

According to IRS official statement ITINs that are not included in the federal tax return from the year 2008 to December 31st, 2021 have expired. If your ITIN has the middle digit (fourth and the fifth number) with 70, 71, 72,…86, 87, 88 it has expired. Also, those with middle digits 90, 91…., 98, and 99 which are issued earlier than 2013 should be considered expired. Check your own and know your ITIN status.

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