What to Know About Opening a New Bank Account

June 30th, 2021 by

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Opening a checking or savings account is fairly easy as long as you have the necessary documentation and funds to initiate the transaction, according to the Consumer Financial Protection Bureau

Before actually going down to the financial institution with your money, it is suggested that you do a little research and compare banks and/or credit unions on their benefits and see who has the best conditions to meet your needs.

RelatedHow to Prepare Your Finances for an Emergency

Ask friends and relatives what financial institution they do their banking at and why. You should research and find out about such things as fees they may charge, services they offer such as online bill payment, direct deposits, mobile app, and the interest rate they pay for savings accounts. 

Some places even have complimentary notaries when dealing with banking or financial matters. 

You should also find out what the minimum balance requirement is as well. This is the amount of money you need to keep into the account to avoid or reduce fees. This may not be the same amount of money that is required to open the account initially. To open an account the financial institution usually requires an initial deposit of anywhere between $25 and $100.

In addition to having funds to deposit, you will also need to provide the financial institution with some personal information to establish your identity for them.

The common information that they will ask you for and that you need to provide to verify your information is:

  • Name
  • Date of Birth
  • Address
  • Identification Number
  • A bill with your name and current address
  • A copy of your Birth Certificate

The Identification Number can be a Social Security Number, an Individual Taxpayer Identification Number, Passport Number and the country of issuance, Alien Identification Card Number, or other government-issued identification numbers. 

Related: What is the Overdraft Opt-in Choice on your Checking Account?

Many banks will require you to show the U.S. or state government-issued identification card with your photo on it as well, such as a driver’s license, U.S. passport, or military identification.

Having these items at your fingertips when opening your checking or savings account will ensure a smooth and efficient transaction.

 


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