Bank On Certified Accounts / FDIC #GetBanked

What this actually is

If you have been shown savings and CD offers in answer to the question "need an account for direct deposit," check what those offers actually require. A certificate of deposit with a $1,000 minimum deposit, or a savings account with a $5,000 minimum balance, is not an answer to needing somewhere for a paycheck to land. BANK ON CERTIFIED accounts are checking accounts that meet a published national standard: no overdraft or non-sufficient-funds fees, a low minimum opening deposit, and free direct deposit, bill pay and debit card. Hundreds of banks and credit unions offer them, including large national ones. The FDIC #GetBanked page lists options and explains what identity documents a bank may and may not require.

Who qualifies, and what trips people up

No credit check is required for a Bank On certified account and past overdrafts at another bank do not automatically disqualify you. Banks must accept a range of identity documents; ask specifically which ones, and ask whether the account is Bank On certified rather than merely "free checking."