• Opening a savings accounts requires meeting a host of regulations.piggy bank image by pershing from Fotolia.com
  
  The requirements for an individual savings account, also known as an ISA in the banking industry, depend on the policies of the individual bank. Opening an account online means additional identification requirements. The federal government also requires a number of regulations for individual savings accounts opened at commercial banks that relate to preventing fraud, protecting the country's national security and collecting federal income taxes.
  
  

Bank Disclosures

• Banks must make disclosures to consumers, under Part 230: Truth in Savings, Regulation DD, listing specific terms of the account and recording accurate amounts of interest on the savings account based on the yield for the term of the savings certificate. The law mandates that only one shareholder receive notification, but all people listed on the account need not be notified. While the disclosure may be sent in languages other than English, at least one copy of the disclosure must be written in English. The disclosure may also be delivered as an electronic form. Since each bank may have individual account regulations, it is critical to read and understand the information provided in the disclosure. Details should include payment of interest, periods of inactivity or required deposits and withdrawal policies.
  
  

Primary Personal Identification

• Commercial banking institutions require one piece of primary, personal identification to open an individual savings account. This is defined as a government-issued identification card. The U.S. Patriot Act mandates that the name of the account must match the personal identification card, including home address; birth date; and the identification must include a photograph that resembles the savings account applicant to avoid fraud. Other forms of primary identification include a passport from Canada, the United States, Mexico or the Dominican Republic. United States military identification that includes a photograph is also acceptable to meet the primary, personal identification requirement. Other acceptable forms of identification include a U.S. Immigration and Naturalization Service employment or boarder-crossing card.
  
  

Secondary Personal Identification

• In addition to the primary form of identification, a second form of personal identification is necessary to open an individual savings account. Acceptable forms for this category include a state license or identification card without a photograph; employment identification, with or without a photo; college or high school identification validated for the current year; or a major credit card or well-known gas or department charge card. Foreign driver's licenses, health insurance identification cards, fishing or hunting licenses, vehicle registration or union cards may also be presented to meet this requirement. Utility bills, lease agreements or property tax documents may be used, provided the name and address posted on the document matches the information on the individual savings account.
  
  

Tax Identification Information

• Federal tax information, including a Social Security or identification numbers, must also be presented to open an individual savings account. This requirement allows the federal government to track deposits should questions arise regarding payment of federal income taxes or contributions to Social Security or disability accounts. Social Security numbers also prevent confusion between accounts issued to people with the same name. U.S. Immigration and Naturalization Service employment numbers and temporary tax numbers may be used for account holders who hold resident alien status.