Opening a new bank account might seem overwhelming. However, if you have the documentation in place, the entire process is pretty quick and straightforward. You need to start by choosing between a savings account and a checking account. If you want to open an account for making payments and for direct deposit, a checking account is ideal for you. Consider the purpose of opening the account and approach the bank according to your needs.
Know the features of a checking account
Before you open a new checking account, you need to understand the features of the account and the services that are a part of it. Learn about the minimum deposit requirement or the fees. Choose an option that is ideal for your requirements. If you want to keep a low balance, you need to open an account that has no minimum balance requirements.
Open a checking account online
The advances in technology have made it possible for you to open a free online checking account from the comfort of your home. Once you have decided the bank in which you want to open a new checking account, you need to drill down to the product and click on “Open an account” and then click on “Checking account”. You will be required to fill in your personal details here.
To verify your identity, they will require you to provide details like your full name, date of birth, and identification numbers, like your Social Security Number. You will also have to provide a valid government ID, like a passport or a driver’s license. Additionally, you will need funding account information. If you are making an application for a joint account, you will have to provide the verification documents of both the applicants.
Open a checking account offline
If you prefer visiting the bank to open the account, you can have all your queries answered by the banker during business hours. You can then fill up the account opening form and hand over your verification IDs to the banker who will make photocopies of the same.
After this, the bank will open a new checking account within minutes and you can make an instant transfer of funds. Always keep a watch on the account and maintain a record of the account statements. If you have any additional accounts, you might want to transfer the funds from the respective accounts to your checking account. Moreover, the inter-bank transfer process is quick and convenient.