How To Open A Checking Account?

Are you looking to open a checking account?  You might think that it is a long and hard process, but it really isn’t!  The hardest part of opening a checking account is determining which type of checking account fits your needs. Below you will learn the steps you need to take to open a checking account.

1- Figure Out Your Needs

The right type of checking account will fit your individual needs.  Ask yourself some question so you can figure out your needs.

• How much money will be in the account?
• Do you want your account balance to earn interest?
• Do you need access to a bank branch or ATM close to your home, school or work?
• What is more important minimal fees or an accessible bank?
• What is the purpose of your account? Paying bills, making deposits, transferring money, everyday purchases?
• Can you get a special account (i.e. senior account, military account, student account)?

2 – Compare Financial Institutions

It is important to compare the different financial institutions and the different checking accounts that they offer. Make sure you look into not only banks with physical branches, but online banks and credit unions.  Here are some things you may want to compare when considering financial institutions and checking accounts:

• Minimum opening deposit
• Minimum balance
• Direct deposit availability
• Overdraft protection
• Ability to write checks
• Transaction limits
• Electronic banking
• Online banking fees
• Printed check fees
• Debit/ATM card fees
• Monthly service charges
• Maintenance Fees

3 – Opening A Checking Account

You can open your account online or visit a physical branch to open your account.  Regardless of the method you choose, the steps are the same.

Step 1 – Gather your Application Materials

• Identification – Make sure you have two forms of identification.  This can be your drivers license, state ID, passport or social security card.
• Proof of Address –  You must have a utility bill with your name and current address.
• First Deposit – You will have to be prepared to make a minimum deposit.

Step 2 – Complete the Application

If you are at a physical branch, the bank employee will have you fill out an application.  If you are opening the account at home you need to fill out the application on the financial institutions web page.  During this process, the bank will run a credit check.  Once you are approved, you will receive bank documents and your new account number.

Step 3 – Sign Documents/Card

You will have to sign paperwork.  You might be able to do this online or you might have to complete this step at a physical branch.  Also, you will have to sign the back of your card.

Step 4 – Make A Deposit

After your bank account is all set up, you will have to make the minimum deposit required.

Step 5 – Wait For The Mail

Now that your bank account is all set up, you will have to wait for a set of personalized checks, deposit slips and a debit card.  This usually takes 5 -7 business days.  Once your debit card is activated you can set up your online account.

Step 6 – Direct Deposit

You can now set up your paycheck to be directly deposited into your new checking account.  This feature is very convenient so that you don’t have to enter a physical branch or take a picture of your check to make a deposit. Also, you may get some benefits from doing direct deposit.

We told you that opening up a checking account was easy!  The key thing is to research the financial institutions and the checking accounts to make sure you pick one that fits your needs.