Before you start

Passport, with visa and I-94 if applicable
A California 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, California 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.
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
Consider a credit union alongside the national bank
The Bay Area has a deep credit-union sector, several with roots in the big technology and aerospace employers and membership open more widely than the name suggests. They are frequently better on car loans and on thin credit files than a national bank.
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.
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 matters as much as behaviour, so the clock is the thing you are buying — and a landlord here will look at it.
OnlineWho: YouMonth 1
6
Set up the equity brokerage account before the first vest
Restricted stock is deposited into a brokerage account your employer designates. Complete the onboarding and the tax elections before the first vesting date rather than in the week of it, because a missed election is not retroactively fixable.
Via employerWho: You
7
Check what is actually being withheld on equity, and top it up
Employers commonly withhold on vesting stock at a flat supplemental rate that is below what a high earner in California actually owes once state tax is added. The gap does not show up until you file, and it can be a five-figure surprise. Model it in your first year and make estimated payments if needed.
OnlineWho: YouBefore the first April

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 California address
Employer offer letter, which carries real weight with Bay Area landlords

Things most newcomers don’t know

Withholding on vesting stock frequently under-covers a Bay Area tax bill.

Employers commonly withhold supplemental income at a flat federal rate that assumes a much lower marginal position than a Silicon Valley engineer actually has, and California's own rate sits on top. The shortfall surfaces at filing, often as a large payment nobody budgeted for. Anyone paid substantially in equity should model the real liability in year one and consider estimated payments.

Source: IRS — supplemental wage withholding

Your credit file, not your salary, decides where you can rent.

Bay Area landlords in a tight market screen on credit score as heavily as on income, and a newcomer has no score at all — which reads worse to an automated screen than a mediocre one. An employer offer letter, several months of rent paid up front, or a co-signer are the usual workarounds. Open the secured card in week one; six months of history changes the conversation.

Source: community-reported

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 often do not know this. Escalate politely, or try a credit union, before concluding you must wait for the SSN.

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

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

Assuming payroll withholding on vesting stock covers what you owe. It frequently does not.
Waiting for an SSN before trying to open an account, when a passport is often enough.
Starting a flat search with no US credit file and no plan for the screening.
Missing a tax election on the equity plan before the first vest.
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.