When you open a new bank account, you must provide identification to the financial bank or credit union. Prepare the required items before proceeding:
lGovernment-issued ID
lYour ID number
lDocumentation of your current address and postal address
lInitial deposit (if required)
Even if you do not have an official card, you may be allowed to use another form of identification instead of the official card. Check with your bank to see what alternative forms of identification they may accept. Your identification number can be your social security number, alien identification number, unique tax identification number, or another government-issued identification number. It depends on the specifics of your position.
If you are a U.S. citizen, your social security number is most likely used as your identification number. You must provide this information whether you open an account in person or online.
Choose a Bank or Credit Union
After gathering all the required documents, the next step is to decide which financial institution (bank or credit union) will best meet your needs. Whether you're looking for an online checking account, a high-yield savings account, or something else, if you know what type of account you want and then search for them, you'll likely get the greatest account discounts. There are three main categories of financial institutions:
Bank
These are well-known companies in your community and across the country. They should provide the most basic services you need, such as checking and savings accounts, debit and credit cards, mortgages, personal loans, and other financial products and services.
Credit union
Credit unions are cooperative financial institutions owned by their member customers that offer many of the same services and products as traditional banking institutions. Let's say you join one of these nonprofits. When this happens, you can often benefit from lower prices since these companies aren't necessarily aiming to maximize their revenue. However, this is only sometimes the case; therefore, it is important to double-check the pricing plans.
Online Banking and Credit Unions
These organizations conduct their business exclusively via the Internet. With no physical location to walk to (or pay for), most service requests are handled in person. If you use a computer or mobile device, can perform basic banking tasks, and are comfortable, switching to online banking can help you lower your banking costs and get better savings to account interest rates.
Your financial history
When opening a bank account, you can provide a full record of all financial transactions. However, the bank may review your application before accepting it. ChexSystems is a targeted consumer reporting company that tracks checking and savings accounts. Your bank or credit union can use this to estimate how much risk a new customer poses to the financial institution they applied for an account with. The version used by the banking credit bureaus is called ChexSystems.
Good credit is not required to open a bank account; however, if you are still trying to obtain an account, you should research your credit report and receive a copy of the ChexSystems report.
Fund your account
When you open a new checking or savings account, financial institutions often require you to deposit money on deposit. You may need to do this when you set up your account, but you can also do it at another time after account activation. There are several ways to deposit funds into your account:
If you deposit cash, it should arrive within one business day at the latest.
If you deposit by check or money order, funds should be available within a few business days of deposit. However, the process may take longer since the account is brand new.
Set up direct deposit with your employer. If your company offers this service, instead of receiving a paper paycheck, your earnings will be transferred immediately to the account of your choice.
Electronic Funds Transfer: When you want to make your first deposit, you can transfer money online from another bank account.
Start using this account.
If you followed all the instructions, you should now have a new bank account. It should be running within a few minutes to a few days. If you have a checking or savings account, look for a debit or ATM card in the mail. These accounts can be used at ATMs.
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