Before you start

Passport, with visa and I-94 if applicable
An Albany-area residential address
An SSN or ITIN if you have one; a passport number if not
An opening deposit, which varies by institution

Step-by-step

1
Open a checking account in branch
Bring your passport, local address and SSN or ITIN if issued. Federal Customer Identification Program rules explicitly allow a passport number and country of issuance instead of a taxpayer number for non-US persons.
In personWho: YouWeek 1
2
Mention a pending ITIN if you have no SSN
Institutions may open accounts for people who have applied for but not yet received an ITIN. File IRS Form W-7 and bring the receipt to the counter.
In personWho: You
3
Try a Capital Region credit union
Several credit unions here hold community charters covering anyone living or working in Albany, Rensselaer, Schenectady or Saratoga counties, and some grew out of the state workforce and the universities. They read a thin file the way a human does, which a national bank's underwriting model cannot.
In personWho: You
4
Set up direct deposit
Give payroll your routing and account numbers. Direct deposit waives the monthly maintenance fee on most US checking accounts. If you are a state employee, payroll runs on the state's own cycle and the first cheque can take longer than a private employer's.
Via employerWho: You and your employer
5
Open a secured credit card in month one
Post a deposit, typically around $500, and get a card with a matching limit that reports to the credit bureaus. Age of history counts as much as behaviour, so start immediately rather than when you need credit.
OnlineWho: YouMonth 1
6
Delay the car loan rather than accepting a bad rate
Financing with no credit file means a large deposit or several points above market. CDTA covers the corridors most people commute along, so six months on the bus while a file builds is a real option here in a way it is not in Boise or Charleston — and a credit union will usually beat a dealership when you do buy.
In personWho: You

Documents you’ll need

Passport, with country of issuance serving as the identifying number if you have no SSN or ITIN
Visa and I-94, where applicable
SSN card or ITIN letter, if issued
Proof of an Albany-area address
Employer offer letter, accepted by some institutions as supporting evidence

Things most newcomers don’t know

Federal rules let a bank take your passport instead of an SSN.

The Customer Identification Program rule accepts a passport number and country of issuance for non-US persons. Branch staff frequently do not know this and will send you away for a Social Security card. Escalate, or try a credit union.

Source: FDIC — Customer Identification Program requirements

No credit history is treated worse than bad credit history.

US underwriting scores a file, and a file that does not exist cannot be scored. A well-paid newcomer can be declined for a flat and a car loan in the same week, and building one takes months rather than days.

Source: CFPB — bank accounts and services

Albany buys you time that a hot market would not.

Rents here are among the most modest in this app's US set and the market is only genuinely tight in the weeks around the university turnover. That means a thin credit file is less likely to cost you a flat outright, and the six months you need to build one is time you actually have. Use it: get a secured card open in month one rather than month six.

Source: CFPB — bank accounts and services

A pending ITIN is often enough to open an account.

You do not have to wait for the number to arrive. Form W-7 takes weeks; many institutions will open an account on the receipt plus a passport, which unblocks payroll and a rental deposit.

Source: IRS — US taxpayer identification number requirement

Common mistakes to avoid

Waiting for an SSN before trying to open an account, when a passport is often enough.
Never trying a credit union, where a human reads a thin file.
Financing a car in month one with no credit file and accepting a punitive rate.
Delaying a secured card until you actually need credit, and losing six months of history.
Paying an avoidable monthly maintenance fee by never setting up direct deposit.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.