Banking in Montana, United States: Accounts, Fees and Opening

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

Montana, known for its stunning landscapes and outdoor recreation, also offers a variety of banking options for residents and non-residents. Understanding the types of banks available, the accounts they offer, associated fees, and the onboarding steps can help you make informed decisions about managing your finances in the state. This guide will cover the essentials of banking in Montana as of 2025.

Available Bank Types in Montana

National BanksNational banks operate across the United States and typically offer a wide range of services. In Montana, you can find branches of major national banks such as:

- Wells Fargo
- Bank of America
- Chase Bank

These institutions provide comprehensive banking services, including checking and savings accounts, loans, and investment options.

Regional BanksRegional banks have a more localized focus and often provide personalized service. Examples in Montana include:

- First Interstate Bank
- Stockman Bank

These banks may offer competitive rates and services tailored to the needs of Montana residents.

Digital BanksDigital banks, or online-only banks, have gained popularity due to their convenience and lower fees. Some prominent digital banks available in Montana include:

- Ally Bank
- Chime
- Marcus by Goldman Sachs

These banks typically offer robust mobile banking features and higher interest rates on savings accounts compared to traditional banks.

Account Types

Checking AccountsChecking accounts are essential for everyday transactions. In Montana, you can find various checking account options, including:

- Basic Checking Accounts: Often have low or no monthly fees.
- Interest-Bearing Checking Accounts: May require a higher minimum balance but offer interest payments.
- Student Checking Accounts: Designed for students, often with no monthly fees and lower minimum balance requirements.

Savings AccountsSavings accounts are ideal for saving money and earning interest. Montana banks offer:

- Traditional Savings Accounts: Generally low minimum balance requirements and modest interest rates.
- High-Yield Savings Accounts: Offer higher interest rates, typically available through online banks.
- Certificates of Deposit (CDs): Fixed-term savings products with higher interest rates for locking funds for a specified period.

Typical Fees and Minimums

Understanding the fees associated with bank accounts is crucial for managing your finances effectively. Here are common fees and minimums associated with banking in Montana:

Checking Accounts- Monthly Maintenance Fees: Ranges from $0 to $15, depending on the bank and account type.- ATM Fees: $2 to $5 per transaction for out-of-network ATMs.- Overdraft Fees: $30 to $35 per transaction if you overdraw your account.

Savings Accounts- Monthly Maintenance Fees: Usually $0 to $10, depending on balance requirements.- Withdrawal Limits: Most savings accounts limit withdrawals to six per month; exceeding this may incur a fee.- Minimum Balance Requirements: Typically range from $0 to $1,000, depending on the account type.

Onboarding Steps

Whether you are a resident or a non-resident, the onboarding process for opening a bank account in Montana involves several steps. Here’s what to expect:

KYC (Know Your Customer)Banks in Montana are required to comply with KYC regulations to prevent fraud and money laundering. You will need to provide:

- Identification: A government-issued ID (e.g., driver’s license, passport).
- Proof of Address: Utility bills or lease agreements with your name and address.

SSN, ITIN, or EIN- For Residents: Most banks require a Social Security Number (SSN) for individuals.- For Non-Residents: If you do not have an SSN, you may need an Individual Taxpayer Identification Number (ITIN). Some banks may allow account opening with a passport and proof of address.- For Businesses: An Employer Identification Number (EIN) is required for business accounts.

Resident vs. Non-Resident Notes

ResidentsMontana residents have a variety of banking options available, including local and national banks. They typically have easier access to services, lower fees, and may qualify for local promotions.

Non-ResidentsNon-residents may encounter additional challenges when opening a bank account. Some banks may require more documentation, and fees could be higher for non-resident accounts. It’s advisable to check with the bank regarding their specific policies for non-residents.

FAQs

1. Can I open a bank account in Montana as a non-resident?Yes, you can open a bank account in Montana as a non-resident, but you may need to provide additional documentation.

2. What identification is required to open a bank account in Montana?You will typically need a government-issued ID, proof of address, and either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).

3. Are there any fees associated with checking and savings accounts?Yes, most banks charge monthly maintenance fees, ATM fees, and overdraft fees. It's essential to review the fee structure before opening an account.

4. What is the minimum balance requirement for savings accounts in Montana?Minimum balance requirements vary by bank and account type, typically ranging from $0 to $1,000.

5. Can I open a joint account in Montana?Yes, most banks allow you to open joint accounts, which require both parties to provide identification and documentation.

6. How can I avoid monthly maintenance fees on my checking account?You can often avoid monthly fees by maintaining a minimum balance, setting up direct deposit, or being a student.

7. What are the advantages of digital banks over traditional banks?Digital banks generally offer lower fees, higher interest rates on savings, and robust online banking features.

By understanding the banking landscape in Montana, you can make informed decisions about your financial needs, whether you are a resident or a non-resident. Always compare options to find the best bank accounts that suit your requirements.

About the Author

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