Before you start

Passport, with visa and I-94 if applicable
A Florida 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, Florida address and SSN or ITIN if issued. Federal Customer Identification Program rules explicitly permit a passport number and country of issuance instead of a taxpayer number for non-US persons, and South Florida branches see this weekly rather than annually.
In personWho: YouWeek 1
2
Mention a pending ITIN if you have no SSN
Banks may open accounts for people who have applied for but not yet received an ITIN. File IRS Form W-7 and keep the receipt.
In personWho: You
3
Set up direct deposit
Give payroll your routing and account numbers. Direct deposit waives the monthly maintenance fee on most US checking accounts.
Via employerWho: You and your employer
4
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 matters as much as behaviour, so the clock is the thing you are buying.
OnlineWho: YouMonth 1
5
Price insurance before you price the mortgage
In coastal Broward the insurance line can rival the mortgage interest. Get a windstorm and flood quote on the specific address before you make an offer — an older roof, no impact glazing or an AE flood zone can move the annual number by thousands, and a lender will escrow it either way.
OnlineWho: You
6
On a condominium, read the reserve study and the minutes
Florida requires milestone structural inspections and a structural integrity reserve study for older condominium buildings, and boards can no longer waive the structural reserves. Ask for the inspection report, the reserve study, the last two years of minutes and any assessment already voted. A low asking price on a 1970s beachside building is frequently a pending assessment in disguise.
In personWho: You
7
Apply for the homestead exemption once you own and occupy
Florida's homestead exemption reduces the taxable value of your permanent residence and, more importantly, locks in the Save Our Homes assessment cap that limits annual increases. It must be applied for with the county property appraiser by the statutory deadline in the first year — it does not arrive with the deed.
OnlineWho: 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 a Florida 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 elsewhere often do not know this; in South Florida they usually do, which makes the first fortnight easier here than in most of the country.

Source: FFIEC BSA/AML Examination Manual — Customer Identification Program

Insurance is the underwriting question, not the price.

In coastal Broward a lender's decision turns on whether the property can be insured affordably: roof age, impact glazing, elevation certificate and flood zone all feed into it. A house that looks cheap because it is in an AE zone with a twenty-year-old roof may be uninsurable at any sensible premium, which is a financing problem before it is a comfort problem.

Source: Florida Office of Insurance Regulation

An old waterfront condo's low price is often a pending assessment.

Florida's post-Surfside regime forces older buildings to inspect, to fund reserves and to repair. Special assessments in South Florida buildings have run from five figures to well over a hundred thousand dollars a unit. The documents that reveal it — the milestone report, the reserve study, the board minutes — are all obtainable before you offer.

Source: Florida Statutes — condominium milestone inspections

Carrying a balance builds interest, not credit.

Scores respond to on-time payment and low utilisation, not to interest paid. Paying in full each month builds history identically and saves a rate above 20% APR.

Source: Consumer Financial Protection Bureau — credit cards

Common mistakes to avoid

Waiting for an SSN before trying to open an account, when a passport is often enough.
Making an offer before getting a windstorm and flood quote on the specific address.
Buying an older condominium without reading the milestone inspection and reserve study.
Assuming the homestead exemption is automatic — it is applied for, with a deadline.
Delaying a secured card until credit is actually needed.
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.

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