Open or Close an Account

Ready to open a new account or close your old one? Here's how to do it.

How to Open an Account

No matter the account type, you likely need some combination of the following:

  1. A valid government-issued photo ID
  2. Personal data, like your birthdate, social security number, and phone number
  3. An initial deposit
  4. (For joint accounts) Identification and personal data for all parties on the account
  5. (For minors) An account co-owner, typically a parent or legal guardian

International Students: The Assembly of International Students (AIS) suggests bringing your passport, PennCard, I-20, and Penn acceptance letter with you to open an account.

How to Close an Account

You may need to close a bank account for a variety of reasons, whether you’re unsatisfied with your current account or moving to a place without access to your bank. If you need to close your accounts, be sure to take the following steps:

  1. Ask what your options are for receiving your remaining balance. This may involve transferring to another account or receiving a cashier’s check.
  2. Find out if there are any fees associated with closing your account or transferring your balances to a new bank.
  3. Update direct deposit information with your school or employer.
    • ​​​​​​​​​​​​​​You can do this on Penn.Pay (student account refunds) and Workday (payroll).
  4. Cancel any automatic bill payments or recurring transfers linked to your account.
  5. Destroy leftover blank checks from your old account.
  6. Obtain a written statement from your old bank, indicating that your account is closed and any terms associated with that closure.