Before you start

Passport, with visa and I-94 if applicable
A Norfolk 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 credit union before a national bank
The Navy presence has left Hampton Roads with one of the densest credit union sectors in the country. Some are restricted to serving members and veterans, but several hold community charters open to anyone living or working in the region, and they read a thin file the way a human does.
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 start immediately.
OnlineWho: YouMonth 1
6
Budget for insurance, not just the loan
In this region, car and home insurance both carry costs newcomers underestimate — a named-storm deductible on the property policy and a separate NFIP flood policy where required. Get real quotes before committing to a mortgage payment, because the escrowed insurance can be a large fraction of it.
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 Norfolk address
Employer offer letter, accepted by some institutions as supporting evidence

Things most newcomers don’t know

The military credit unions are the local advantage, and several are open to everyone.

A region built around the Atlantic Fleet has an unusually deep credit union sector. Some are restricted to service members and veterans, but several hold community charters covering anyone who lives or works in Hampton Roads. For a newcomer with no credit file, that is often the difference between being declined and being underwritten.

Source: National Credit Union Administration — find a credit union

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

Insurance, not the mortgage rate, is the surprise on a Norfolk home purchase.

A coastal Virginia homeowner's policy typically carries a separate percentage-based hurricane or named-storm deductible, and a flood policy is a separate purchase again — the National Flood Insurance Program does not come bundled with anything. Price both against a specific address before agreeing a budget, because the difference between two flood zones dwarfs the difference between two lenders.

Source: FEMA — flood insurance

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.

Source: Consumer Financial Protection Bureau — bank accounts

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 in a region full of them.
Budgeting a mortgage without quoting flood and named-storm cover on the specific address.
Financing a car in month one with no credit file and accepting a punitive rate.
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.