how to open a bank account

Different banks are going to ask for different things in order to open an account for you. Generally, they will want a form of ID, your social security number . Checking accounts give you easy access to your money and are great for managing expenses. Choose from our no-fee or low-fee options and open an account. Whether you're switching banks or starting fresh, opening a bank account is a big step. It's important to get everything in order before you. how to open a bank account

How to open a bank account -

Savings Account

The eligibility and documentation required for a Savings Account may vary on the type of Savings Account variant chosen as well as the type of user (Individual or Joint) or the nature of account opening (Physical or Digital Savings Account).

Certain common documents requested include:

• KYC Documents (Proof of Identification, Address and Nationality)
• A Duly Filled Account opening form
• Photographs of the customer
• Transfer of the initial funding amount as and when applicable.

Please remember however that this is not an exhaustive list; do check the Eligibility and Documentation sections of your chosen Savings Account variant as some features are liable to change.

For Example: In order to open an Easy Access Savings Account for HUFs (Hindu Undivided Families) will require additional documents such as a declaration from the “Karta” and the prescribed Joint Hindu Family Letter while, during application for a Digital Savings Account need not be submitted as hard copies and can just be recorded via Video KYC.

Источник: https://www.axisbank.com/retail/accounts/savings-account

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If you’ve never opened a bank account, you’re not alone: 14 million Americans don’t have bank accounts. 

But the number of American households that are unbanked or underbanked has dropped steadily over the past decade, while banking options have expanded drastically. Many banks now let you apply entirely online, so you can open your account from the comfort of home.

And with the pandemic making it even more challenging for people to get to the bank, many people are “turning to online banking and downloading their bank’s apps for the first time,” says Allie Fleder, COO of SimplyWise, a retirement and Social Security resource site. 

In addition to things like saving and paycheck direct deposits, bank accounts are an important part of borrowing money and demonstrating creditworthiness. 

While having bank accounts doesn’t directly impact credit scores, “it could greatly increase the likelihood you’ll be turned down for a loan if you don’t have one,” says Lamar Brabham, CEO of Noel Taylor Agency, a financial services firm in South Carolina. “Loan providers want to be able to see you have enough money coming in each month to cover the monthly loan payment.”

Whether you’re applying for an account online or in person, having things in order will make the process smoother. 

Provide Your Information

Start an application

After walking through the door or clicking “apply now” on a bank’s website or app, the process for opening a bank account is very similar. 

Have your documents ready

You’ll need to have some basic documents and information at the ready when opening your account:

  • A government-issued ID like a passport or driver’s license. The ID should show your legal name, picture, date of birth, country of citizenship, and current address.
  • Your Social Security number or tax ID number 

Make an initial deposit

Be prepared with cash, check, or the routing and account numbers from an existing account to make an initial deposit (some banks may require a minimum deposit amount). Some banks also accept deposits from apps like PayPal. 

Choosing an Account

Asking yourself what the main goal of your account is can help you narrow down which type is best for you. 

Banks offer a few different types of personal accounts that you can open. Most people will choose between a checking and savings account when first starting out. Along with choosing what type of account makes sense, you’ll also need to choose a bank.

Choosing a bank

Before you open an account, find a bank that fits your needs. Stick to banks that are federally insured by the Federal Deposit Insurance Corporation or National Credit Union Administration. From there, consider things like a bank’s reputation for customer service, and whether you are comfortable with an online bank or prefer a bank with physical locations. Along with products and services offered, note the bank’s mobile and online banking features, as well as ATM access

Checking account

A checking account is intended for regular cash transfers in and out. These transactions can include things like everyday purchases, ATM withdrawals, written and deposited checks, and automatic bill payments. 

Checking accounts are usually a person’s primary account for everyday spending. Checking accounts come with debit cards, which provide convenient access to your cash but also lack some of the fraud protection services that come with major credit cards. For this reason, many people use credit cards for everyday purchases, and regularly pay down their balance from their checking account.

Savings account

Savings accounts are more secure than checking accounts, and intended for storing your money that’s not used for everyday transactions. Savings accounts earn interest, which is a payment to you by the bank for holding your money in the account. 

Online banks tend to offer significantly better interest rates – more money for you – than traditional brick-and-mortar banks. These accounts are known as high-yield savings accounts.

Banks offer some other types of accounts for saving, such as money market accounts and CD accounts, but a checking or savings account is a great way to start building your financial footprint. 

Money market account

A money market account is a type of savings account, but you can use checks or a debit card to access funds. Usually, MMAs can get higher returns than traditional savings accounts, but rates have been very low in recent months. MMAs are also more flexible than a typical savings account and — traditionally — offer higher interest rates than a typical checking account.

CD

A CD (or certificate of deposit) account offers a guaranteed interest rate in exchange for leaving your money untouched for a set period of time. Similar to other interest-bearing accounts, rates are low right now. But traditionally, a CD grows your money over the set time period at a fixed interest rate, which is usually higher than what you’d get from a typical savings account. It’s important to note that you’ll be penalized for withdrawing your money from your CD account before the term is up.

Funding Your Account

Once you have gathered all of the necessary documents and information, selected your bank and account type, the process is simple. If going in person, a bank employee will walk you through the steps of opening your account.

Online applications guide you through the same process at home. You’ll need to provide personal information to verify your identity, and may need to upload some of your documents for proof.

Then you’ll need to fund the account, which you can do in a few ways:

  • If you go in person, you can provide a check or cash to start your account.
  • If opening online, you can usually take a picture of a check to deposit, link to an existing account you want to pull the funds from, or connect to another service like PayPal that has funds in it.
  • If you want to start the account online but only have cash to deposit, you’ll need to first open an account with a brick-and-mortar bank where you can deposit your physical cash. You’ll then be able to transfer your money to an online-only institution. 

If you’re opening an account online and run into trouble, look for your bank’s customer service features. Online banks commonly offer 24/7 customer service for any questions you might have.

Pro Tip

Research what bank features are important to you. A mobile app, ATM or branch proximity, low fees, and competitive rates could all impact whether or not a bank is right for you.

If you’re opening an account online and run into trouble, look for your bank’s customer service features. Online banks commonly offer 24/7 customer service for any questions you might have. 

Start Using Your Account

Keep track of your finances

You can use your bank account to help see all of your expenses and savings in one place. If you were previously keeping track of your finances by hand, a bank account can expedite the process with automated summaries, reports, and a real-time look at your available balance.

Get paid faster and easier

Most employers offer direct deposit, which is only available if you have a bank account they can deposit your money into. Direct deposits allow you to access your paycheck funds more quickly, and eliminate a trip to the bank to cash a physical check.

Make payments easier

Paying for goods and services is simpler with a bank account, as well. “The days of mailing in a monthly payment are almost obsolete,” says Brabham. 

Bank accounts also allow you to make automatic payments on most bills you owe, which can help you make sure you don’t miss payments. Consistently paying your bills on time can “help increase your credit score,” says Brabham, so anything that makes that easier is a good thing.

Qualify for loans and credit

If you need to take out a loan, a bank account is the first step. 

Not only can you qualify for more loans with an established banking history, you can also get better rates. Lenders often provide slightly discounted rates to borrowers who set up autopay – a feature that can only be accessed with a bank account.

Be able to buy more

Having a bank account allows you to tap into the world of online shopping, and could be more important in the future as more businesses choose to no longer accept cash payments.

Bottom Line

There are many reasons why opening a bank account could benefit you, and many options to choose from. Doing research on what features you want from a bank can help you narrow down your search. Once you’ve figured that out, the process for opening a bank account online or in person is relatively simple. Make sure you bring the correct documents and go from there. 

Источник: https://time.com/nextadvisor/banking/how-to-open-a-bank-account/

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Just like your favorite local sales office, only digital.

A lot of people think they have to give up personal service for the convenience of digital banking. At Bank Independent, our Digital Sales Office would beg to differ. Just like your favorite local sales office, our Digital Sales Office is staffed with team members ready to work directly with you.

Different from a traditional sales office, you can be just around the corner or across the country. You choose how you want to interact with your Digital Sales Office. If you prefer to speak with someone directly, a team member will be happy to take your call. If you prefer text, our Digital Sales Office offers Text Concierge, a texting service provided for your convenience.

Digital Sales Office team members are available from 8:00 a.m. to 8:00 p.m. CST Monday through Saturday. They can assist you with your banking needs, whether opening checking and savings accounts, certificates of deposit or transferring funds. Our online and mobile apps offer robust banking features with the flexibility and security our customers have come to expect.

Living out of State? We have you covered. Taking that job in a city far away? Our Digital Sales Office can follow you to your new town. The kids head off to college soon? Set them up with a digital account before you send them off. Your Digital Sales Office is ready to be your local office.

Bank Independent’s Digital Sales Office wants you to know digital banking can still be personal banking.

Call us at: 877-865-5050

Источник: https://www.bibank.com/open-a-new-account

How To Open a Bank Account

If you want to open a bank account, there’s no shortage of options out there. For many people, opening a bank account is relatively easy. Most banks and credit unions follow a straightforward process similar to the one described below. Generally, opening an account is a matter of choosing a bank, providing certain details, and funding your account. Once the formalities are done, you can start using your account—potentially saving you time and money.

Of course, not everyone wants to have a bank account, or feels they could qualify for one. Around 7.1 million households in the U.S. are “unbanked,” meaning that no one in the household has a checking or savings account at a bank or credit union, according to a 2019 FDIC study. The number one reason respondents gave for being unbanked? They didn’t have enough money to meet the minimum balance requirements. That’s a real concern, though often solutions such as check-cashing services that people without bank accounts rely on are also costly.

If you are able to qualify for a bank account and feel you want one, here’s a quick and easy guide to opening an account.

Choose a Bank or Credit Union

You might already know where you want to bank even if you aren’t yet sure of the steps to open an account there. If not, shop around. Start by finding the best match for your immediate need (a checking account or savings account, for example). As you compare institutions, be mindful of account usage restrictions and fees, which can quickly add up.

There are three basic categories of financial institutions:

  • Banks, including community banks and big banks: These might be well-known brands in your local community (or nationwide). They offer most of the basic services you need. Local and regional banks tend to have more friendly fee structures, but it may be possible to get fees waived at big banks.
  • Credit unions: A credit union is a customer-owned financial institution that provides many of the same services and products that banks provide. If you opt to join one of these not-for-profit institutions, you'll often enjoy competitive rates because they're not necessarily trying to maximize profits. But that’s not always the case—so review fee schedules carefully.
  • Online banks and credit unions: These institutions operate entirely online. There’s no branch to visit (or pay for), and you’ll handle most service requests yourself. If you have access to and are comfortable using a computer or mobile device—and performing basic banking transactions—an online bank can help you reduce your fees, earn higher interest rates on savings accounts, and even get free checking.

If you prefer, you can even pick more than one type of bank. For example, you may decide to open an online bank account and keep your brick-and-mortar bank to keep your fees low and maintain the ability to visit a bank in the event of a financial emergency.

Visit the Bank Branch or Website

If you have access to a computer or mobile device and an internet connection, you can  open an account by visiting the institution’s website. Search for the bank online, or visit the website listed on the bank's marketing materials.

Be careful when you type in the institution’s web address—impostor sites with similar names may exist.

The advantage of opening accounts online is that you can do it at any time, from anywhere. If you’d rather open an account in person, that’s usually an option, although you’ll need to visit the branch during business hours. Before you go, have the following items ready:

  • A government-issued ID (such as a driver’s license, passport, or military ID)
  • Your Social Security Number
  • Your physical and mailing address
  • An initial deposit (if required)

Generally, banks are required to verify your identity when you open an account. If you don’t have a government-issued ID, however, you may be able to use another form of ID. Ask your bank what other forms of identification it can accept.

Similarly, if you don’t have a Social Security number or Individual Taxpayer Identification Number (ITIN), some financial institutions will accept a passport number from the issuing country, an alien identification card number, or another government-issued ID number.

Pick the Product You Want

Once you determine the bank where you want to open an account, you'll generally have a variety of account types and services to choose from, including:

  • Checking accounts: Use these for making payments and receiving direct deposits.
  • Savings accounts: These accounts allow you to earn interest.
  • Money market accounts: These products sometimes earn slightly more interest than savings accounts (while maintaining your access to cash).
  • Certificates of deposit (CDs): These products can earn much more than savings accounts but require you to lock up your funds for a certain period.
  • Loans: Depending on your credit score and payment history, you may be able to take out one of several types of loans (auto, home, personal loans, for example).

Within one of the above categories, a bank may offer multiple products, each with a different name and level of service. Premium accounts that come with more features have correspondingly higher fees (like monthly service fees, ATM fees, and overdraft fees) and higher thresholds to avoid the service fee.

A general rule of thumb is to choose an option with a mix of features and fees that meet your needs and budget. For example, if you think you won’t keep a lot of money in the account, you may want to open a bank account with a low initial deposit and low or no minimum balance and fee requirements so you don’t get stuck paying unnecessary fees.

If you're viewing a bank's products online, you might have to drill down to the product that is right for you. For example, you might have to click “Open an Account,” and then click “Checking” and peruse the options for free checking, if that’s what you’re looking for. If you open your accounts in person, chat with a banker to find the best account for your needs. Generally speaking, you’ll only want to bank where your money is protected by FDIC insurance (or NCUSIF coverage if you use a credit union).

Avoid accounts that require a large balance to qualify for fee waivers unless you plan to keep that amount in the account and intend to use the special account features. But bear in mind that even a "free" account might impose some fees even if it has no monthly maintenance fee.

Provide Your Information

As you open a new bank account, you'll need to provide sensitive information to the bank. To protect themselves and comply with regulations such as the Patriot Act, banks can't open an account without verifying your identity.

You’ll need to provide details like your name, birthday, and mailing address, as well as identification numbers (in the United States, this is most likely your Social Security Number, but you may be able to use an ITIN or another government-issued ID number). You'll also be asked to present a valid government ID (such as a driver’s license or passport). Again, if you don’t have these, ask your bank what other forms of identification it can accept.

If you're opening a bank account online, you'll type this information into a text box. If you set up your accounts in person, be prepared to hand your ID to the banker, who will probably photocopy it for the bank's records.

Your Financial History

Your financial history doesn’t need to be impeccable to open a bank account, but it may play into the bank’s decision to approve or deny your application. Banks often use ChexSystem, a targeted consumer reporting agency that tracks checking and savings accounts, to determine how much risk a potential customer might pose to the institution where they’re applying for an account. ChexSystem is the banking equivalent of the credit reporting bureaus. 

Many banks will also check your credit to see if you’ve had problems repaying loans in the past. These credit checks are usually “soft” pulls that do not damage your credit—but it’s best to ask, if you’re concerned. You don’t necessarily need good credit to get a bank account, but having bad credit can sometimes lead to denials.

Consent to the Terms

You’ll have to agree to abide by certain rules and accept responsibility for certain activities in your accounts. When you open an account at a bank, you form a relationship based on an important subject: your money. Therefore, you should know what you’re getting into. If you open a bank account online, you'll complete this step by clicking the “I Agree” (or similar) button and moving on to the next step. You’ll likely need to sign a paper contract if you open an account in-person at a branch.

Under 18?

If you’re under 18 years old, you’ll need someone over age 18 to open the account with you. You still might be able to use a debit card and online banking, and you can eventually get your own account.

Joint Accounts

If you’re opening a joint account of any kind, you’ll need the personal information for all of the account holders and a signature from each of them. If possible, it’s best to get everybody together in one place to complete the application.

Although disclosures have improved over time, there are a lot of important details buried in the fine print when opening a bank account. In particular, you'll want to know about any fees applicable to your account, and when your funds will be available for withdrawal.

In addition to bank agreements, federal law dictates your rights and responsibilities as an account holder. For example, if somebody takes money out of your account fraudulently, you might be protected against losses. However, you may need to report the withdrawal quickly for full protection.

Print, Sign, and Mail (If Required)

If you're opening a bank account online, you may have to print, sign, and mail a document to the bank before the account is opened. Some banks use electronic disclosure and consent to make the banking relationship legally binding—you can do everything online. Others still require a signed document to open an account. Until the bank receives the documents, your account is not active.

Fund Your Account

If you’re opening a checking or savings account, you’ll often need to make an initial deposit into the account. Sometimes, this is required as part of the opening process, and other times, you can do it after the account is up and running. There are several ways to fund your account:

  • Deposit cash: It should be available for spending with your debit card or by writing a check by the next day.
  • Deposit a check or money order: The funds should be available within a few business days after you make the deposit.
  • Set up direct deposit with your employer: If your company offers this benefit, instead of getting a physical paycheck, your earnings will be sent directly to your new account.
  • Transfer funds electronically: If you have one, you can move money from an external bank account to make your initial deposit.

Start Using the Account

If you followed all the steps, you should have a brand new bank account in your name. It should be ready to use within a few minutes to a few days. For checking and savings accounts, keep an eye out for a debit card (or ATM card) in the mail. You might also get a checkbook so that you can write checks. To make the most of your account, you can sign up for (usually free) account features that help you manage your money, especially if you have access to a computer or mobile device:

  • Online bill pay: This feature allows you to pay bills electronically.
  • Remote check deposit: Your bank’s mobile app may allow you to deposit checks remotely so that you don’t have to make trips to a branch or fill out deposit slips.
  • Alerts: Sign up for text or email alerts so that you know when your account balance is running low (or when large withdrawals happen).

Frequently Asked Questions (FAQs)

How much money do you need to open a bank account?

Every bank has its own requirements for opening account balances. Some allow you to open a checking account with no balance, while others require a small deposit. Interest-bearing savings accounts will usually have a much larger minimum balance. Be sure to ask the bank how much money you need to deposit, what the minimum balance is, and any fees you'll have to pay if you go below that balance.

How long does it take to open a bank account?

The application process for a new bank account is fairly quick. You can usually apply online in 15 minutes or less, though it may take a bit longer in person. It may also take a few days for the bank to verify your information and allow you to begin using your account. If you order checks or a debit card, those items will typically come in the mail within seven to 10 business days.

What if I don’t want a bank account?

Where you choose to keep your money depends on your financial goals. If you don’t want to maintain a bank account, or if you don’t want to limit yourself to just that option, you don’t have to. There are plenty of other ways to access your money and send and receive payments, such as money orders, prepaid cards, peer-to-peer payment apps like Cash App and Venmo, and bill payment services like those offered by Western Union and Moneygram. 

Источник: https://www.thebalance.com/how-can-i-easily-open-bank-accounts-315723

Here’s How to Open a Bank Account in the US

Now that you’re settled and working, it’s time to open a bank account. Not only will you know your hard-earned cash is protected, it will also be easier to make online purchases and to pay bills. 

Also, you can grow your money if you choose an account that earns interest, which means the bank will give you some money on a regular basis. This is usually a small percentage of what you put in the bank. 

There are different types of banks: retail banks, online banks and credit unions. You can learn about the different types here to help figure out which is best for you. Once you decide, here’s what you need to know to get started:

Can a non-citizen open a bank account in the United States?

Some banks do require you to be a citizen, but not all. Many of the big banks, in fact, allow residents and students. If your bank in your home country also has offices in the United States, you may also want to continue using the same bank.

What do I need to open a bank account?

Different banks are going to ask for different things in order to open an account for you. Generally, they will want a form of ID, your social security number (SSN), and a proof of your physical address. If you do not have an SSN, the bank will need extra documentation, such as an individual taxpayer ID number (ITIN), passport, or a government ID issued by your home country.

All applicants, regardless of citizenship, need to have documentation with their name, date of birth, and proof of physical address (such as a utility bill or rental lease). 

Can I do it online?

You can open an account online, but because non-citizens have to provide extra paperwork, it’s best to make an appointment to go into a bank and do it in person. That way you’ll know exactly what you need to bring. If you are opening a joint account, or an account with another person, like a spouse, make sure they have their documents ready as well.

Remember, the bank wants your business, so don’t be afraid to ask questions!

Are there any costs to opening a bank account?

There is no cost to open a bank account, but the bank will need you to make a minimum deposit. You cannot open a bank account with no money in it. The amount will vary, but it can be as low as $10. If you want to earn interest, like we talked about earlier, it will be more, like $100.

What’s the difference between a checking and savings account?

If you’re in a good place financially, you can opt to not only have a checking account but also a savings account. The savings account is where you’ll keep, you guessed it, your savings!

This is money you’ll want to set aside in case of emergencies or to save up for large purchases, like a car or home.

Savings accounts usually need a minimum amount to be deposited every month. You can set up an automatic transfer of money from your checking to your savings so you’ll never forget. It’s also helpful to make a goal of how much money you want to keep in your checking and how much extra should go into your savings account.

Learn more about checking and savings accounts here.

Looking for other tips to manage your new bank account? A membership with MAJORITY is a  free and easy solution for your money management needs. Get started now!

Источник: https://www.majority.com/en/community/article/how-to-open-a-bank-account-in-the-us/

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Just like your favorite local sales office, only digital.

A lot of people think they have to give up personal service for the convenience of digital banking. At Bank Independent, our Digital Sales Office would beg to differ. Just like your favorite local sales office, our Digital Sales Office is staffed with team members ready to work directly with you.

Different from a traditional sales office, you can be just around the corner or across the country. You choose how you want to interact with your Digital Sales Office. If you prefer to speak with someone directly, a team member will be happy to take your call. If you prefer text, our Digital Sales Office offers Text Concierge, a texting service provided for your convenience.

Digital Sales Office team members are available from 8:00 a.m. to 8:00 p.m. CST Monday through Saturday. They can assist you with your banking needs, whether opening checking and savings accounts, certificates of deposit or transferring funds. Our online and mobile apps offer robust banking features with the flexibility and security our customers have come to expect.

Living out of State? We have you covered. Taking that job in a city far away? Our Digital Sales Office can follow you to your new town. The kids head off to college soon? Set them up with a digital account before you send them off. Your Digital Sales Office is ready to be your local office.

Bank Independent’s Digital Sales Office wants you to know digital banking can still be personal banking.

Call us at: 877-865-5050

Источник: https://www.bibank.com/open-a-new-account

Open a Bank Account Online

1Loans, lines of credit and credit card products are subject to credit approval. Terms and conditions apply. Certain fees and restrictions may also apply. Ask your banker for details.

2Deposits include direct deposit, mobile deposit, ATM deposit or in branch deposit of any amount. Does not include fund transfers between Bank of the West accounts or any credits from Bank of the West. $10 monthly service charge is also waived if any owner of the account is under age 25.

3Foreign transaction fees may apply.

4A Premier Relationship Premium (available to Bank of the West Premier Checking customers) is a bonus interest rate on qualifying Choice Money Market Savings accounts for selected balance tiers. The standard interest rate plus the How to open a bank account Relationship Premium hancock whitney locations near me rate equals the Premier Relationship Interest Rate. The Premier Relationship Premium interest rates are set at the Bank’s discretion and are subject to change without notice. Only one Choice Money Market Savings account can be linked to a checking account. There may not be a Premier Relationship Premium associated with every balance tier.

5To automatically qualify for a Premier Relationship Interest Rate, you must have an open Bank of the West Premier Checking account and one Choice Money Market Savings account with the same ownership. The Premier Relationship Interest Rate will be earned on your Choice Money Market Savings account, and is calculated as follows: On the last day of your statement cycle, your Choice Money Market Savings account’s end-of-day collected balance tier will be determined. If the Bank is paying a Premier Relationship Premium for that balance tier, that Premium will be added to the standard interest rate for the balance tier into which your daily end-of-day balance falls each day during the next full statement cycle. The Premier Relationship Premium will be applied beginning the first business day of the statement cycle. Once set, the Premier Relationship Premium will not change during that statement cycle. The standard interest rate can change as frequently as daily. The Premier Relationship Interest Rate is compounded daily and paid to your Choice Money Market Savings account on the last day of the statement cycle. If you do not qualify for a Premier Relationship Premium as of the last day of any statement cycle, your account will earn only the standard interest rate during the next full statement cycle.

6Cash Back rewards are based on Net Purchases (qualifying purchases less credit, returns, and adjustments). 1% base Cash Back for every $1 of net purchases. Eligible merchants for the 3% bonus categories (2% Bonus Cash Back on top of the 1% Base Cash Back) include: (a) groceries (representing grocery stores/supermarkets, freezer/meat provisioner, miscellaneous food stores, bakeries, and candy/nut/confection stores); (b) Dining (representing wellsfs place restaurants, bars, lounges and fast food restaurants); (c) Gas (representing service stations and automated fuel dispensers). After $1,500 is spent on gas purchases each calendar quarter, you go back to earning 1% Base Cash Back.

7Lower rates may be available for Wealth Management clients. Click here for more information.

8Those applying online for a Premier Checking, Classic Savings, or Choice Money Market Savings account must have a working mobile phone and a valid U.S. phone number.

*Securities and variable annuities are offered through BancWest Investment Services, a registered broker/dealer Member FINRA/SIPC, and SEC Registered Investment Adviser. Financial Advisors are Registered Representatives of BancWest Investment Services. Fixed annuities/insurance products are offered through BancWest Insurance Agency in California (License #0C52321) and through BancWest Investment Services, Inc. in all other states where it is licensed to do business. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. Bank of the West and its various affiliates and subsidiaries are not tax or legal advisors. Please consult your tax or legal advisor for more information regarding your personal situation.

BancWest Investment Services is a wholly owned subsidiary of Bank of the West. Bank of the West is a wholly owned subsidiary of BNP Paribas.

Investment and Insurance Products:

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  • MAY LOSE VALUE
  • NOT A DEPOSIT
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Источник: https://www.bankofthewest.com/open-account.html

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

If you’ve never opened a bank account, you’re not alone: 14 million Americans don’t have bank accounts. 

But the number of American households that are unbanked or underbanked has dropped steadily over the past decade, while how to open a bank account options have expanded drastically. Many banks now let you apply entirely online, so you can open your account from the comfort of home.

And with the pandemic making it even more challenging for people to get to the bank, many people are “turning to online banking and downloading their bank’s apps for the first time,” says Allie Fleder, COO of SimplyWise, a retirement and Social Security resource site. 

In addition to things like saving and paycheck direct deposits, bank accounts are an important part of borrowing money and demonstrating creditworthiness. 

While having bank accounts doesn’t directly impact credit scores, “it could greatly increase the likelihood you’ll be turned down for a loan if you don’t have one,” says Lamar Brabham, CEO of Noel Taylor Agency, a financial services firm in South Carolina. “Loan providers want to be able to see you have enough money coming in each month to cover the monthly loan payment.”

Whether you’re applying for an account online or in person, having things in order will make the process smoother. 

Provide Your Information

Start an application

After walking through the door or clicking “apply now” on a bank’s website or app, the process for opening a bank account is very similar. 

Have your documents ready

You’ll need to have some basic documents and information at the ready when opening your account:

  • A government-issued ID like a passport or driver’s license. The ID should show your legal name, picture, date of birth, country of citizenship, and current address.
  • Your Social Security 88 sears customer service number or tax ID number 

Make an initial deposit

Be prepared with cash, check, or the routing and account numbers from an existing account to make an initial deposit (some banks may require a minimum deposit amount). Some banks also accept deposits from apps like PayPal. 

Choosing an Account

Asking yourself what the main goal of your account is can help you narrow down which type is best for you. 

Banks offer a few different types of personal accounts that you can open. Most people will choose between a checking and savings account when first starting out. Along with choosing what type of account makes sense, you’ll also need to choose a bank.

Choosing a bank

Before you open an account, find a bank that fits your needs. Stick to banks that are federally insured by the Federal Deposit Insurance Corporation or National Credit Union Administration. From there, consider things like a bank’s reputation for customer service, and whether you are comfortable with an online bank or prefer a bank with physical locations. Along with products and services offered, note the bank’s mobile and online banking features, as well as ATM access

Checking account

A checking account is intended for regular cash transfers in and out. These transactions can include things like everyday purchases, ATM withdrawals, written and deposited checks, and automatic bill payments. 

Checking accounts are usually a person’s primary account for everyday spending. Checking accounts come with debit cards, which provide convenient access to your cash but also lack some of the fraud protection services that come with major credit cards. For this reason, many people use credit cards for everyday purchases, and regularly pay down their balance from their checking account.

Savings account

Savings accounts are more secure than checking accounts, and intended for storing your money that’s not used for everyday transactions. Savings accounts earn interest, which is a payment to you by the bank for holding your money in the account. 

Online banks tend to offer significantly better interest rates – more money for you – than traditional brick-and-mortar banks. These accounts how to open a bank account known as high-yield savings accounts.

Banks offer some other types of accounts for saving, such as money market accounts and CD accounts, but a checking or savings account is a great way to start building your financial footprint. 

Money market account

A money market account is a type of savings account, but you can use checks or a debit card to access funds. Usually, MMAs can get higher returns than traditional savings accounts, but rates have been very low in recent months. MMAs are also more flexible than a typical savings account and — traditionally — offer higher interest rates than a typical checking account.

CD

A CD (or certificate of deposit) account offers a guaranteed interest rate in exchange for leaving your money untouched for a set period of time. Similar to other interest-bearing accounts, rates are low right now. But traditionally, a CD grows your money over the set time period at a fixed interest rate, which is usually higher than what you’d get from a typical savings account. It’s important to note that you’ll be penalized for withdrawing your money from your CD account before the term is up.

Funding Your Account

Once you have gathered all of the necessary documents and information, selected your bank and account type, the process is simple. If going in person, a bank employee will walk you through the steps of opening your account.

Online applications guide you through the same process at home. You’ll need to provide personal information to verify your identity, and may need to upload some of your documents for proof.

Then you’ll need to fund the account, which you can do in a few ways:

  • If you go in person, you can provide a check or cash to start your account.
  • If opening online, you can usually take a picture of a check to deposit, link to an existing account you want to pull the funds from, or connect to another service like PayPal that has funds in it.
  • If you want to start the account online but only have cash to deposit, you’ll need to first open an account with a brick-and-mortar bank where you can deposit your physical cash. You’ll then be able to transfer your money to an online-only institution. 

If you’re opening an account online and run into trouble, look for your bank’s customer service features. Online banks commonly offer 24/7 customer service for any questions you might have.

Pro Tip

Research what bank features are important to you. A mobile app, ATM or branch proximity, low fees, and competitive rates could all impact whether or not a bank is right for you.

If you’re opening an account online and run into trouble, look for your bank’s customer service features. Online banks commonly offer 24/7 customer service for any questions you might have. 

Start Using Your Account

Keep track of your finances

You can use your bank account to help see all of your geico home insurance usa and savings in one place. If you were how to open a bank account keeping track of your finances by hand, a bank account can expedite the process with automated summaries, reports, and a real-time look at your available balance.

Get paid faster and easier

Most employers offer direct deposit, which is only available if you have a bank account they can deposit your money into. Direct deposits allow you to access your paycheck funds more quickly, and eliminate a trip to the bank to cash a physical check.

Make payments easier

Paying for goods and services is simpler with a bank account, as well. “The days of mailing in a monthly payment are almost obsolete,” says Brabham. 

Bank accounts also allow you to make automatic payments on most bills you owe, which can help you make sure you don’t miss payments. Consistently paying your bills on time can “help increase your credit score,” says Brabham, so anything that makes that easier is a good thing.

Qualify for loans and credit

If you need to take out a loan, a bank account is the first step. 

Not only can you qualify for more loans with an established banking history, you can also get better rates. Lenders often provide slightly discounted rates to borrowers who set up autopay – a feature that can only be accessed with a bank account.

Be able to buy more

Having a bank account allows you to tap into the world of online shopping, and could be more important in the future as more businesses choose to no longer accept cash payments.

Bottom Line

There are many reasons why opening a bank account could benefit you, and many options to choose from. Doing research on what features you want from a bank can help you narrow down your search. Once you’ve figured that out, the process for opening a bank account online or in person is relatively simple. Make sure you bring the correct documents and go from there. 

Источник: https://time.com/nextadvisor/banking/how-to-open-a-bank-account/

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1Monthly maintenance fee can be waived with one of the following: $5,000 or more in direct deposits within a statement cycle or $2,500 minimum daily balance is maintained or maintain a $25,000 minimum daily combined balance of all deposit accounts, all outstanding home equity loan and home equity line of credit accounts, and/or mortgages in good standing (excludes credit cards and personal loans) that you choose to link.

2Non-TD ATMs: TD ATM fees are waived regardless of balance. Any surcharges at the time of your non-TD ATM transaction, will be reimbursed when the minimum daily balance in the TD Beyond Checking is at how to open a bank account $2,500. The institution that owns the terminal (or the network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

3Overdraft Payback automatically reverses the first two overdraft fees (paid or returned) incurred within a calendar year (January–December); max $70 per calendar year.

4Rush Bill Payments may appear on your account statements and account activity as Same Day Payments. A fee applies to all Rush Bill Payments, TD Beyond Checking accounts will be reimbursed for Rush Bill Payment fees.

5TD Convenience CheckingSM monthly maintenance fee waived if the Primary account holder is 17 through 23 years of age. Upon the primary account holder's 24th birthday the account will be subject to the monthly maintenance fee unless the minimum daily balance is maintained.

6Send Money with Zelle® is available for most personal checking and money market accounts. To use Send Money with Zelle® you must have an Online Banking profile with a U.S. address, a unique U.S. mobile phone number and an active unique e-mail address. Your eligible personal deposit account must be active and enabled for ACH transactions and Online Banking transfers. Message and data rates may apply, check with your wireless carrier.

U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes. Transaction limitations apply.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

7TD Bank Mobile Deposit is available to Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

View the TD Checking Account Guides.

1Monthly maintenance fee can be waived with one of the following: $5,000 or more in direct deposits within a statement cycle or $2,500 minimum daily balance is maintained or maintain a $25,000 minimum daily combined balance of all deposit accounts, all outstanding home equity loan and home equity line of credit accounts, and/or mortgages in good standing (excludes credit cards and personal loans) that you choose to link.

2Non-TD ATMs: TD fees waived regardless of balance, and non-TD fees reimbursed when minimum daily balance is at least $2,500. For non-TD ATM transactions, the institution that owns the terminal how to open a bank account the network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

3Overdraft Payback automatically reverses the first two overdraft fees (paid or returned) incurred within a calendar year (January–December); max $70 per calendar year.

4Rush Bill Payments may appear on your account statements and account activity as Same Day Payments. A fee applies to all Rush Bill Payments, TD Beyond Checking accounts will be reimbursed for Rush Bill Payment fees.

5TD Convenience CheckingSM monthly maintenance fee waived if the How to open a bank account account holder is 17 through 23 years of age. Upon the primary account holder's 24th birthday the account will be subject to the monthly maintenance fee unless the minimum daily balance is maintained.

6Send Money with Zelle® is available for most personal checking and money market accounts. To use Send Money with Zelle® you must have an Online Banking profile with a U.S. address, a unique U.S. mobile phone number and an active unique e-mail address. Your eligible personal deposit account must be active and enabled for ACH transactions and Online Banking transfers. To send money for delivery that arrives typically within minutes, a TD Bank Visa® Debit Card is required. Message and data rates may apply, check with your wireless carrier. Must have a bank account in the U.S. to use Send Money with Zelle®. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. Transaction limitations apply. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

7TD Bank Mobile Deposit is available how to open a bank account Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

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Источник: https://www.td.com/us/en/personal-banking/checking-accounts/

Here’s How how to open a bank account Open a Bank Account in the US

Now that you’re settled and working, it’s time to open a bank account. Not only will you know your hard-earned cash is protected, it will also be easier to make online purchases and to pay bills. 

Also, you can grow your money if you choose an account that earns interest, which means the bank will give you some money on a regular basis. This is usually a small percentage of what you put in the bank. 

There are different types of banks: retail banks, online banks and credit unions. You can learn about the different types here to help figure out which is best for you. Once you decide, here’s what you need to know to get started:

Can a non-citizen open a bank account in the United States?

Some banks do require you to be a citizen, but not all. Many of the big banks, in fact, allow residents and students. If your bank in your home country also has offices in the United States, you may also want to continue using the same bank.

What do I need to open a bank account?

Different banks are going to ask for different things in order to open an account for you. Generally, they will want a form of ID, your social security number (SSN), and a proof of your physical address. If you do not have an SSN, the bank will need extra documentation, such as an individual taxpayer ID number (ITIN), passport, or a government ID issued by your home country.

All applicants, regardless of citizenship, need to have documentation with their name, date of birth, and proof of physical address (such as a utility bill or rental meredith village savings bank alton nh I do it online?

You can open an account online, but because non-citizens have to provide extra paperwork, it’s best to make an appointment to go into a bank and do it in person. That way you’ll know exactly what you need to bring. If you are opening a joint account, or an account with another person, like a spouse, make sure they have their documents ready as well.

Remember, the bank wants your business, so don’t be afraid to ask questions!

Are there any costs to opening a bank heritage south community credit union lewisburg tennessee is no cost to open a bank account, but the bank will need you to make a minimum deposit. You cannot open a bank account with no money in it. The amount will vary, but it can be as low as $10. If you want to earn interest, like we talked about earlier, it will be more, like $100.

What’s the difference between a checking and savings account?

If you’re in a good place financially, you can opt to not only have a checking account but also a savings account. The savings account is where you’ll keep, you guessed it, your savings!

This is money you’ll want to set aside in case of emergencies or to save up for large purchases, like how to open a bank account car or home.

Savings accounts usually need a minimum amount to be deposited every month. You can set up an automatic transfer of money from your checking to your savings so you’ll never forget. It’s also helpful to make a goal of how much money you want to keep in your checking and how much extra should go into your savings account.

Learn more about checking and savings accounts here.

Looking for other tips to manage your new bank account? A membership with MAJORITY is a  free and easy solution for your money management needs. Get started now!

Источник: https://www.majority.com/en/community/article/how-to-open-a-bank-account-in-the-us/

What is a bank?

A bank is a place to put your money and keep it safe in an account.

Banks offer many services, including:

  • checking accounts and savings accounts for your money
  • debit cards and credit cards
  • loans to buy things like cars and homes
  • check cashing and money transfers

What is a credit union?

A credit union is another place for your money. To use a credit union, you have to be part of a group that is allowed to join that credit union. Many groups, including communities and places of worship, have credit unions their members can join.

Credit unions offer the same services as a bank.

What is a checking account?

When people talk about bank accounts, they usually mean checking accounts. A checking account lets you keep your money safe and still be able to spend it.

A checking account lets you pay for things without using cash.  Instead, you might pay with a check or a debit card.

What is a savings account?

Banks and credit unions also offer savings accounts. A savings account is for money you want to save. 

A savings account can help keep the money you are saving separate from the money you need to spend now.

Read more
Источник: https://www.consumer.gov/articles/1003-opening-bank-account

: How to open a bank account

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