How to open a Bank Account?
Opening a bank account is a simple task. It is not as simple Open a Bank account requires some preparation. You have to decide which type of bank account you will be opening. While the banking terms can be scary, this process isn’t as tricky as you some few banking basics knowledge. Let us understand how to open a Bank account?.
Below are the steps to set up your first bank account.
You should be eligible to open a bank account. Before you go to the bank, it’s intelligent to check whether you can meet all the specified criteria of a bank for opening an account. As a basic rule, most of the banks will require condition as per the following:
Are you under 18. Banks will need your parents to sign the forms when you open your Bank account. Not all the banks do the same if you do not want your parents to interfere with banking, try to call bank before you go there asking whether bank require your sign of parents.
You will have actual identification and your willing to share some basic KYC about yourself. In US, you will have to your Social Security number.
You will have minimum amount deposit money for opening account. This sometime vary based on the bank and the account you choose. For example, a primary account opening deposit of Bank of America which for the savings account is a minimum deposit of $300.
2 Select the bank which is best for you.
All banks are not the same when it comes to personal accounts. Very wise to contact the banks which are in your local area to further discuss what you will get if you are opening an account. All banks are different when they can generally be divided into two basic general categories: large chain of the banks and smaller chain local banks.
Large chain made banks: Large banks typically have branches in many of the cities across the country, which means you will get the same service.
Comprehensive coverage will help you to avoid fees. You will have to pay other banks’ services charges for ATM fees and other expenses. Etc. Large banks usually have resources to which they offer services mainly 24-hour helplines for customers. These banks will tend to have some solid and trusted reputation.
• Smaller local banks: Some small banks mainly offer a personal and human experience. Tend to be friendlier than big banks in many ways — not only will they be ready to suggestion more private, one-on-one care, but they’ll often be keen to “work with a customer” when anything goes wrong.
Smaller banks are usually charging more smaller fees for using these services. They invest their money into some local community, national, or multinational big projects that banks might be participating in. Some time fails more often frequently than the large banks. Also, some credit unions are more option for banking. Credit unions are not-for-profit financial institutions, many often their mission to be like community build and to the concept of service people, not to earn a profit. Many Credit unions had successfully made the services which are more accessible by partnering with some other credit unions to bargain shared branch banking and the ATMs.
3 Type of account you want.
When someone opens his first bank account. It is a regular current or savings account. Types of reports allow you to store your money to withdraw it when you need safely. However, every kind of mind is the best for each different tasks.
• Savings: As the name suggests, a savings account is one of the best for long-term saving money. Savings account money slowly gains income from interest. In other words, a bank pays you some small amount of storing cash with it. More money you have in an account and longer you can save it, more interest income you will get. You can withdraw money from your savings account in banks and an ATM, but you generally use for checks or your debit card payments.
If you have more money, then you can keep the deposit for both, having both a current checking account and a savings account. The checking account you can use for your daily expenses, and you can put extra money in your savings account to make income in interest.
4 Visit your bank and ask to open an account.
1) Ask the banker for the account opening form.
2) Fill the account opening form
3) Get the account opening form signed
4) And submit your address proof and your identity proof with the Bank.
Chequebook you will be courier by Bank. But some bank will give you a kit in which the chequebook will also be available.
Always sign on the chequebook as per the signature you had done the name in account opening form.