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This page has contents that helps you with Banking Service in Washington State

Banking Info

Process to open a bank account

  1. Decide what bank or credit union you want to open an account at. Both allow you deposit checks, take out loans, earn interest rates, and are insured up to $250,000.
    1. Banks are privately owned, and generally serve a larger population. Because they are for-profit, they are more likely to charge many fees.
    2. Credit unions are owned by community members, and generally serve a smaller population. Because they are not-for-profit, they have higher interest rates.
  2. Decide what kind of account you want to open
    1. Checking account
      1. Often used to make payments and receive direct deposits
      2. Usually does not earn interest
      3. Can come with a debit card, which is used to withdraw funds from the account
    2. Savings account
      1. Allows you to put savings aside and earn interest on the money you store there. 
        1. Note:  Because these are interest-earning, they go against Islamic Finance laws (Shariah).  With most banks/credit unions, however, you can ask that no interest accrue by filling out a form (which makes a savings account similar to a checking account)
      2. Have a maximum number of withdrawals per month (6 transactions)
      3. Your savings are insured up to $250,000
  3. Go online or to your local bank/credit union office with the following items:
    1. Your social security number
    2. An ID card or driver’s license
    3. If needed, the minimum opening deposit amount (usually $100)
      1. Each institution has a different minimum balance to open an account



Savings accounts and some checking accounts offer interest rates on the money you have in the bank. A standard interest rate will be between 0.05% and 3.5%. Interest rates are usually applied to your account at the end of the month.  

Ex: If you have $200 in your savings account with a 0.10% interest rate, you will have $0.20 added to your account at the end of the month.

TIP:  you can ask most banks to remove any interest accruing on your account by asking for this and filling out a form. This is important for those who wish to comply with Islamic Shariah/law regarding riba (interest)

Direct Deposit: Direct deposit is when you link your paycheck from your employer to your bank account. This way, your employer directly deposits your paycheck into your bank account instead of giving you a physical check. Many banks and credit unions will give you perks for setting up direct deposit.

Debit card: A debit card is linked to your checking account. It allows you to pay for things with the money in your checking account wherever there is a card reader such as a grocery store or an online marketplace.

ATM: An automated teller machine, or an ATM, is a machine you can find in grocery stores, malls, or attached to banks. These can be used to withdraw cash from your bank account. An ATM that does not have the same branding as the bank you use will incur an ATM fee. Some banks and credit unions refund these.



Banks and credit unions allow you to borrow money from them, but you have to pay it back, plus an interest rate on top. The interest rate is usually between 5% and 8%.


It is important to avoid loan sharks. Loan sharks are moneylenders who charge extremely high rates of interest (usually between 20% and 30%), which make it difficult to pay off the loan and may force you to get another loan from them in order to pay off the first loan. These lenders should not be trusted. Examples of loan sharks include:

  • Loan for Any Purpose
  • Moneytree
  • Champion Cash Title Loans
  • Loan Service Center



Different banks and credit unions may charge different fees for a variety of things.  Below are some common fees that may (or may not) apply to the specific bank or credit union that you use.  Be sure to ask about and understand which of these fees apply, and when, before opening an account.  

  • Maintenance fee – Some banks require you to pay a monthly fee to have a bank account with them. Sometimes these fees can be waived if you meet some of their requirements such as a minimum balance or a monthly direct deposit.
  • ATM fee – ATMs, or automated teller machines, can be used to take cash out of your bank account. They are found at every bank, in grocery stores, and in public areas. If you use an ATM that has the same name as the bank you use, they will not charge you a fee. However, if you use an ATM that has a different name than the bank you use, they may charge a fee. Check with your bank or credit union on their out-of-network ATM policy.
  • Overdraft fee – If you use more money than your bank account has, your account balance will become negative and you will be charged an overdraft fee. Depending on the bank or credit union you use, you may continue to be charged on a monthly basis if your account balance remains negative.
  • Excessive transactions fee – Most savings accounts are limited to 6 withdrawals per month. If you exceed this number of withdrawals, your bank or credit union may charge you an excessive transactions fee.
  • Insufficient fund fee – Some banks require a daily minimum balance to be maintained. For example, you may be required to keep at least $100 or $250 in your account at all times. If your account falls below this daily minimum balance, your bank or credit union may charge you an insufficient fund fee.
  • Check fee – Not all banks or credit unions will provide you with a checkbook or free checks. When requesting a check from a bank, you may be required to pay a fee for the bank to write the check on your behalf.
  • Wire transfer fee – Some banks or credit unions will charge you a fee to wire money from one account to another. A transfer is when you move money between accounts within the same bank. A wire transfer is when you move money between accounts in different banks.
  • Paper statement fees – Some banks or credit unions charge a monthly fee to send paper statements to update you on your account balance and activity. You can avoid these fees by opting out of paper statements and instead choosing electronic statements that will be sent to you via email.
  • Lost debit card fees – to access the money in your bank account, you can either use an ATM to withdraw cash, or use a debit card. If you lose your debit card, you may be charged a fee to replace it. If you do lose your debit card, you should contact your bank or credit union right away and notify them so your card can be frozen and the money in the account associated with it cannot be withdrawn by that card.
  • Inactivity fees – If you stop using your account, your bank or credit union may charge you an inactivity fee after a period of time (like after one year). If you want to stop using an account, you should close it.
  • Account closing fees – Some banks and credit unions may charge you a fee to close an account. Closing an account means removing all the money from it and making it so that account can no longer receive money.


Credit Cards

Credit cards are a way of paying for goods and services with a card on credit loaned to you by the credit company that you pay back at a later date, usually at the end of the month. If you don’t pay the credit card company back on time, they will charge you a high interest rate on the money you owe. It is recommended you pay back the full balance of your credit card every month, especially if you want to avoid interest (riba).

Islamic Financial Institutions

The following are resources that may allow you to take out riba-free loans compliant with Sharia, and open profit-sharing accounts free of speculation. But please note that we cannot confirm whether any of these are in fact religiously approved. Please check the organization’s own information or talk to a religious scholar/imam if you have questions or concerns.


You take out a home, business, or car loan through UIF that is sharia compliant. UIF offers competitive prices comparable to other US banks and credit unions.

You can contribute a minimum of $5,000 to a sharia-compliant profit-sharing time deposit of:

  • 12 months
  • 36 months
  • 60 months

Profits are calculated and paid out every quarter.


Devon Bank

Devon Bank offers riba-free home loans at prices competitive with other US banks and credit unions. All loans through Devon Bank state they are Sharia-compliant.


Guidance Residential

Guidance Residential states that it is the largest U.S. provider of Shariah-compliant mortgages to American homeowners.

Banks/Credit Unions (by County)
This section lists local banks and credit unions by County

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