Having a checking account can help you manage your finances better. It not only keeps your money safe while earning interest, but it’s also the best account option if you are making large purchases.
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If you plan to open an account, whether or not you already have one, you should consider getting a checking account. Its application process is pretty straightforward.
Here are the steps you can follow to open one.
Choose an Institution
When you are ready to apply for an account, you need to find an institution. You can get a checking account in banks and credit unions, so you better start searching for one.
Even though you already have a bank in mind, it’s still best to shop around so that you choose the best. Find an institution that can meet your needs, such as savings or purchases.
Compare options and be aware of the fees and the usage restriction. Both banks and credit unions have their benefits. Banks, for instance, may charge fewer fees, and some big banks will even waive them. On the other hand, credit unions offer the most competitive rates as they are non-profit financial institutions. You can visit CreditNinja.com list of checking account benefits to know why this account is the best option for you.
Visit the Institution or Their Website
After you have chosen a bank or credit union, the next thing you will need to do is to visit their branch. Fill out a checking account application form and comply with all the requirements.
You will only need to wait for a few minutes, and your checking account will be ready. You may have to pay for the checkbook.
You can open an account in most banks or credit unions online through their website or mobile apps. Fulfill the requirements, and start the online application process by following the instructions.
Most institutions will ask you for the following documentation:
- Social Security Number
- Physical address
- Government Issued ID
- Initial Deposit
The initial deposit can be made in different ways. Some Institutions will let you visit their branch and deposit it in person. Others will let you do a bank transfer if you have another account in a different bank.
Sign the Agreement
After you fill out the application form and provide all the required documents, you will be asked to sign the agreement. Make sure to read it thoroughly and ask questions if you do not understand a section or something is bothering you.
If you opened the account in person, you would sign the documents upfront. But, if you apply online, the bank will send the agreement to you via mail or email. You will then have to sign it and return it to the institution as soon as possible.
Enroll in Online Banking
If you opened your checking account at the institution’s branch, you should immediately register for online banking. E-banking can let you access your account conveniently with just a few clicks of your hands.
You can monitor the cash flow of your account and even track and trace your issued checks.
The bank will post a scanned image of your checks where you can see the name of the recipient, the amount, and the signatures.
If you have opened a checking account online, you do not need to register online banking. You can not apply for an account online if you do not enroll in online banking in the first place.
Wait for Your Checkbook
You will have to wait for the checkbook after your account gets activated. Some will issue the checkbook the same day as your application, while some will release it the next day.
You should also ask if your account comes with a debit card. You will have to wait for the bank to mail your debit card aside from the checkbook in this case.
Opening a checking account is very easy; there is no reason for you not to consider applying for it. Now that you already have an overview of what you will be required to do to get a checking account, start compiling all the requirements and start hunting for the best financial institution now!