Brick-and-Mortar Banks

• Brick-and-mortar bank branches commonly accept cash as a deposit to open a checking account. Cash represents a secure deposit, so the bank does not have to worry about your opening deposit being returned for nonpayment. This eliminates the bank's risk of having to close your account or contact you to replace the deposit payment. Your bank teller or branch manager will typically check the watermark on $20 and higher denomination bills to make sure they are not counterfeit.
  
  

Applying Online

• Some brick-and-mortar banks offer you the ability to apply for a checking account online, and some allow you to make your opening deposit online. However, the opening deposit typically must be a transfer from another checking or savings account. If you do not have another active bank account or want to pay cash, you may still complete and submit the application online, but must visit your local bank branch to make your opening cash deposit.
  
  

Online-Only Banks

• If you prefer the convenience of online banking, but no banks in your area offer this service, you can open an account with a bank that operates exclusively online, such as Discover Bank, ING Direct or Ally Bank. These banks allow you to complete your account application without having to leave your home or office. These banks require you to initiate a bank transfer or mail a check to fund your account; they do not accept cash as a deposit.
  
  

Other Requirements

• Regardless of whether you make your deposit by check or other financial instrument, you will have to provide identification information before you can open an account. The United States Patriot Act requires banks to obtain information, such as your address and Social Security number, before accepting an opening deposit or approving a bank account application. The provisions of the Patriot Act are designed to prevent money laundering.