All About Opening a Checking Account

If you are thinking of opening a checking or deposit account, here are some facts that might help. Checking accounts come in all kinds of shapes and sizes. It is important to first establish the purpose this account is being opened for. To initiate this process, the bank will first request you to establish your identity and your permanent address. This can be done using your social security number and your driver’s license or your state identity card. The banks might even request for your passport or your utility bill. Once your identity is established the bank will run checks on your credit history and banking records. Banks can refuse your request for a checking account based on your poor credit and banking records. Banking institutions offer many kinds of checking accounts. After your credit check is complete, bank representative will discuss different types of checking and saving options available with the bank.

There are some checking accounts that require you to maintain a minimum balance, while there are others that allow you free checking if you use the account for directly depositing your paychecks. At this stage you should ask questions about various banking services provided with each type of account, fees for printing checks, minimum balances, overdraft fines and protection, insurance, bank statements, and ATMs. You will now choose the option most suitable for you, complete and sign the applications for opening the new checking account and fill out forms to apply for your debit card which is attached to your checking and savings accounts. This step will also include setting up your 4 digit security password. The debit card along with your checks is usually mailed to your address within two weeks. The bank will now walk you through their online banking facilities via their secure website and set up your new user name and password. You will also be provided with printed material that gives you all the information you need to get started with your new checking account and the contact information of the representative to call in case you need assistance. Some banks will also give you complementary checks or a $100 reward for opening a new checking account with them. At this stage, if you chose an option that requires a minimum balance, the bank will also collect a check from you for the minimum amount and provide you with copies of all legal documents you signed. The process of opening a new checking account is now complete. Make a note to open your checking account with a bank that is located in your neighborhood. This will make your banking process convenient and save you a lot of money in the long run.