What do I need to open a bank account?

Depending on how you open a bank account and what type of account you need, different materials may be required. At a minimum, you must provide proof of your age, address and legal status, whether you open the account in person on the phone, or on the Internet. Prepare to set aside at least half an hour to complete the process, and gather support materials first so you are ready to go. If you open a joint account with another person or co-signer, gather all the information and plan to be together to open an account.

Before you start, find out what kind of account you want and where you want the bank. Most people have a checking account, which allows them to deposit money and then write checks or use a debit card to pay bills. Depending on the bank, you may be able to get an interest bearing checking account, which will allow you to make money on deposits. In this case, the bank will probably require a minimum balance, usually around $ 1000 US dollars (USD), and if the balance falls below this amount, you will be charged a fee. If you just want to spend money, you will want to investigate different types of savings accounts, which earn interest on deposits but do not have the flexibility to check.

You also have opportunities when it comes to banks when you open an account. If you’re traveling or moving a lot, you’ll probably want to consider a large chain bank, which will have many ATMs (ATMs) for you to access money from, as well as many physical branches. If, on the other hand, you prefer to do business locally or not travel much, a local bank or credit card union is a good choice and it will support your local economy.

When you open a bank account in person, you will need identification that proves your age, such as a driver’s license or passport; proof of address, such as a tool sent to you; and an additional proof of your legal status, such as a social security number or passport. You should also bring money into the security deposit. Step into the branch when it is not too busy so you can get help quickly from bank staff and be sure to ask about fees associated with the account before signing any papers. When you have completed all the information, you will be given a passbook and temporary checks, if you have opened a checking account, to use until the bank records the official documents.

You can also open a bank account over the phone or on the Internet. Your support information is provided to the bank over the phone or entered into a form and the bank will request that you submit your signature to close the account. Once the bank receives your signature, it will send checks, official passbook, and other material related to the new account.

  • A passport can legitimize itself to open a bank account.
  • Some bank accounts have a minimum opening deposit to receive a higher interest rate.
  • There are several documents a person needs to present when you want to open a bank account.
  • Before opening a bank account, it is important to choose an institution that is FDIC insured.
  • Checking accounts allow people to deposit money and then write checks or use a debit card.

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