Over the years, it has become almost a necessity to have and use a checking account. They are convenient and easy to mange, which is a huge reason why they are so popular. A person can pay bills, purchase anything with their debit card, and write checks with their account. Luckily, there are two ways a person can open a checking account:
1) In a physical bank branch.
2) On the Internet.
Nowadays, most people simply open their accounts online because it is more convenient and simple than going to the bank. Almost every banking institution will allow a person to open an account on the Internet and then manage that account online too. Through this method, a person will receive their debit card and PIN number in the mail within 2 weeks, but the account will be opened as soon as the opening deposit clears the financial institution. The opening deposit is usually between $25 and $100 for most basic checking accounts; the account might or might not have an actual minimum balance requirement each month though.
When you go to open a new checking account online, each bank will require the same general information:
– Name and Address
– Current Employment
– Yearly Income
– Social Security Number
– Driver’s License Number
– Opening Deposit
Of course, the information required by each bank is different. There probably won’t be less information than previously mentioned, but there could easily be more necessary information. Some – but not all – banks may not even require an opening deposit. Fortunately, there isn’t much that will disqualify a person from opening a basic checking account. A person doesn’t necessarily need to be employed and make tons of money for an account or have a driver’s license. However, the social security number and accurate personal information is a must-have for all potential account owners.
Opening a new checking account is as simple as filling out a few boxes in an online application. Nobody should have trouble doing so, and the process itself is extremely quick. In fact, some accounts are opened and ready-to-go as soon as the application process is completed – although the account will still lack funds and a debit card for a few days. With a straightforward and quick application, nearly everyone should open their account online rather than in a bank branch. Some people find this to be uncomfortable, however, because they like human contact when doing business, and that’s perfectly okay.
Tips for Owning a Checking Account
– Make sure that you always know your balance so that you don’t end up overdrawing your account – the fees are huge for doing so.
– If your account has a minimum balance requirement, make sure that you keep your balance well above that bar.
– Utilize free bill pay services to take care of your monthly bills. This way, you’ll never have to worry about paying a bill late again.
– If you receive a weekly paycheck, then set up direct deposit so that you receive your check into your account automatically each week.
– Keep your account information safe, so do not write your PIN down anywhere, leave your debit card lying around, or have easy-to-guess login information for your online account.