Banking in Ohio, United States: Accounts, Fees and Opening St

# Banking in Ohio, United States: Accounts, Fees, and Opening Steps (2025 Handbook)

Ohio, with its diverse economy and vibrant community, offers a variety of banking options for residents and non-residents alike. This article serves as a practical guide for understanding the types of banks available, the accounts they offer, typical fees, and the onboarding process required to open an account in 2025.

Available Bank Types in Ohio

National BanksNational banks operate across the United States and provide a wide range of services. Some prominent national banks in Ohio include:

- Chase Bank
- Bank of America
- Wells Fargo

These banks offer extensive ATM networks, online banking services, and a variety of account types.

Regional BanksRegional banks focus primarily on specific areas of the U.S. and may provide more personalized services. Examples in Ohio include:

- Huntington Bank
- KeyBank
- FirstMerit Bank

Digital BanksDigital-only banks have gained popularity, especially among tech-savvy consumers. They offer competitive interest rates and lower fees. Notable digital banks accessible in Ohio include:

- Chime
- Ally Bank
- Marcus by Goldman Sachs

These banks often provide user-friendly apps and online services but may lack physical branches.

Account Types

Checking AccountsChecking accounts are essential for everyday transactions. They typically offer features such as:

- Debit cards
- Online bill pay
- Mobile banking

Most banks in Ohio offer various checking accounts, including:

- Standard Checking: Generally comes with low or no fees but may require a minimum balance.
- Interest-Bearing Checking: Allows account holders to earn interest on their balance, usually with a higher minimum balance requirement.

Savings AccountsSavings accounts are designed for saving money and earning interest. Key features include:

- Interest accrual
- Limited withdrawals

Ohio banks commonly provide:

- Standard Savings: Basic accounts with lower interest rates.
- High-Yield Savings: Accounts that offer higher interest rates, often requiring a higher minimum balance.

Typical Fees and Minimums

When choosing a bank account, it’s essential to understand the associated fees and minimum balance requirements. Here’s a breakdown:

Checking Account Fees- Monthly Maintenance Fees: Typically range from $5 to $15, but many banks waive this fee if a minimum balance is maintained or if direct deposits are made.- ATM Fees: Banks may charge $2 to $3 for using out-of-network ATMs.- Overdraft Fees: Generally around $30 to $35 per transaction.

Savings Account Fees- Monthly Service Fees: Similar to checking accounts, these can range from $3 to $10 but may be waived under certain conditions.- Excess Withdrawal Fees: Most savings accounts limit withdrawals to six per month; exceeding this limit may incur a fee of $5 or more per transaction.

Minimum Balance Requirements- Checking Accounts: Minimum balances can vary from $0 to $1,500, depending on the bank and the account type.- Savings Accounts: Minimums typically range from $100 to $1,000.

Onboarding Steps (KYC/SSN/ITIN/EIN)

Opening a bank account in Ohio involves specific onboarding steps, primarily driven by Know Your Customer (KYC) regulations. Here’s what you need:

Required Documentation1. For Residents: - Social Security Number (SSN): Required to verify identity and for tax reporting purposes. - Government-issued ID: A valid driver’s license or passport. - Proof of Address: Utility bill or lease agreement.

2. For Non-Residents:
- Individual Taxpayer Identification Number (ITIN): Required if you don’t have an SSN.
- Passport: A valid passport is generally accepted.
- Proof of Address: Similar to residents, but documents can be from the non-resident's home country.

3. For Businesses:
- Employer Identification Number (EIN): Required for business accounts.
- Business License: Depending on the type of business, additional documentation may be required.

Application ProcessThe application process can be completed online or in-person. Here are the general steps:

1. Choose the Account Type: Determine whether you want a checking or savings account based on your needs.
2. Gather Required Documents: Ensure you have all necessary identification and proof of address.
3. Complete the Application: Fill out the application form, providing accurate information.
4. Submit Documentation: Upload or present your documents as required by the bank.
5. Initial Deposit: Some banks may require an initial deposit to activate the account.

Resident vs. Non-Resident Notes

Residents of Ohio typically have a more straightforward banking experience due to their ability to provide an SSN and local address. Non-residents face additional challenges, such as:

- Limited Account Options: Not all banks accept non-residents, particularly for checking accounts.
- Higher Documentation Requirements: Non-residents must provide an ITIN and additional identification.
- Potential Fees: Non-residents may encounter higher fees or minimum balance requirements.

FAQs

1. Can I open a bank account in Ohio as a non-resident?Yes, but not all banks accept non-residents. It’s best to inquire directly with the bank about their policies.

2. What is the average monthly fee for checking accounts in Ohio?Monthly fees typically range from $5 to $15, but many banks offer options to waive these fees.

3. What documents do I need to open a savings account?Residents need an SSN, valid ID, and proof of address. Non-residents need an ITIN, passport, and proof of address.

4. Are there any high-yield savings accounts available in Ohio?Yes, many banks and digital banks offer high-yield savings accounts with competitive interest rates.

5. What is the typical minimum balance for checking accounts in Ohio?Minimum balances can range from $0 to $1,500, depending on the bank and account type.

6. How do I avoid monthly maintenance fees?You can often avoid fees by maintaining a minimum balance, setting up direct deposit, or meeting other bank-specific criteria.

7. Can I open an account online?Yes, most banks in Ohio offer the option to open accounts online, although you will need to provide the required documentation.

This comprehensive guide aims to provide essential insights into banking in Ohio as of 2025. Understanding the available options and requirements will help you make informed decisions about your banking needs.

About the Author

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