Shaping Your Financial Future

Shaping Your Financial Future

What Do You Need to Open a New Banking Account?

by Angie Wells

Many people live without bank accounts, but it is much easier to handle your finances if you have one. Are you interested in getting one but nervous about the process? The good news is that getting a bank account is not difficult. Almost anyone can open one, and it does not require much. Here are the things you need to open a new banking account.

Identification

Before a bank opens a new account for you, they must verify your identity. To do this, they will ask for several things. If you open the account in person, they might ask to see your driver's license. If you open the account online, you might have to enter your driver's license number. They use this to verify who you are and that you are old enough to have an account. Banks do not allow minors to open accounts themselves. If a person is under 18, they will usually need a cosigner for the account.

A bank will also ask for your social security number. This number identifies you and sets you apart from everyone else.  Most banks check a person's social security number on a bank software program. This program alerts them of any issues with bank accounts. If you have a bank account with a negative balance, you might have to pay this balance before getting a new account.

Money

The next thing you will need is money for the opening deposit. To open a bank account, you must have some money. Some banks require large deposits for opening bank accounts, such as $500 or more. Others require much less for opening deposits. You might be able to open a bank account with only $25 or $100. You can ask the bank what their rules are with the minimum amount.

Decision About Which Bank to Use

The next thing you will need is a decision about which bank you want to use. You can compare your options by contacting banks or looking them up online. As you compare your options, make sure you choose one that offers convenient services and low fees. Some banks even offer free bank accounts, which means that you will not pay any fees.

Opening a new banking account is not challenging, and you can do it in person or online. If you would like more information about your options, talk to a bank of your choice today, or compare banks online.


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About Me

Shaping Your Financial Future

A few years ago, I found myself in a tough spot. I was completely out of money, and my expenses kept piling up. I knew that if I didn't turn things around, I would be declaring bankruptcy for my business. To ward off financial disaster, I decided to invest a little time into learning how to budget. I made a few simple changes, including eating out less, paying attention to fines and fees, and avoiding excessive shopping trips. You wouldn't believe how quickly things changed. This blog is designed to teach beginners how to shape their financial future, so that you don't have to worry.

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