If one bank or credit union is not satisfied with your items of identification, try another one—different financial institutions have different requirements. Note that it is against the law for the IRS to share information with other federal agencies, including immigration and homeland security authorities. You must have some money to open an account. Some banks and credit unions require an initial deposit of only $1 others ask for $50, $100 or $500. You can use cash or a check to open an account.