How To Open A Bank Account
Whether you are taking on your first job or moving to a new location, it is important to know how to open a bank account. A bank account helps you establish your credit, pay bills and save money. Regardless of the type of bank account you open—checking, savings or money market—there are certain procedures that need to be followed.
You will need:
- An opening deposit (different banking institutions require different amounts for each type of account)
- Personal information (including an address, date of birth and social security number)
- Choose a financial institution. Find one conveniently located in your area. This will make opening a bank account easy. Different banks have different benefits, so take some time to figure out which one will work best for you. Also, you may want to speak with someone in the human resources department at work to see if your company offers direct deposit.
- Have enough cash or a check for an opening deposit. Once you know the bank you want to use and the account you want to open, you need to have cash. Call the bank, find out what your account options are and how much cash you are going to need to open a bank account.
- Gather together everything that you will need. You will need more than just cash or a check to open a bank account. Make sure to have your driver's license or identification card, a current address and social security number. Bring all of these with you to the bank.
- Find an account specialist. In most banks you can't go to the teller to open up a bank account. You may need to sign in or let the information desk know that you are looking to open up a bank account. They will find someone for you to work with. This representative will walk you through the application, take your opening deposit and make sure you understand how your new bank account works. If you have any questions, this is the person you want to talk to. Before you leave you may get some deposit slips for the account.
- Check the mail in a few days. If you open a checking account, you should see a debit card and some checks with your name on them in the mail. Even if you just opened a savings account, you may see more personalized deposit slips.
Once you know how to open a bank account you may consider setting up a few to help you budget and keep track of your money.