Some people mistakenly assume that everyone has a bank account. This could not be further from the truth, close to 17 million people in the U.S. do not have any bank accounts. It can be very expensive to go without an account so here is the logical way to open one.
Step 1: Shop around and learn what the available banks have to offer. Consider whether you want a checking or savings account. Determine whether the account should be fee- free. Look at the interest rates being offered for checking and savings accounts. Consider whether a credit union is an option. Find the institution offering an account with the most desired features.
Step 2: Visit the bank or its Web site. Do an online search for the bank and see if it permits accounts to be opened online. This is convenient because it allows people to open the account from anywhere at any time. If you prefer to open the account in person, visit the bank branch during its normal business owners and do so.
Step 3: Select the desired services and features for inclusion in the account. These may be things like online banking, free debit or ATM cards, free checks, unlimited deposits, or the ability to link accounts.
Step 4: Provide the bank with your personal information. They will need your name, address, telephone number, birth date, Social Security number, and a driver’s license or government ID card. When opening an account online, this information can be typed onto the electronic application. If the account is opened in person, the banking representative will ask to see the identification and may make a photocopy.
Step 5: Agree to terms and rules by signing a document or checking off the acknowledgement area online.
Step 6: If the account was set up online, you may need to print and sign a document and then mail it to the bank before the account can be opened.