Many clients ask what I need to open a bank account. Regardless of your application, you will need to provide proof of identity. You also need to provide personal information: insurance number, identification code, and income statement. Also, to activate the account, you will have to replenish the initial deposit by a certain amount. This article will give you detailed information to open a bank account.
What do you need to open a bank account?
You can open a bank account in several ways: online or by contacting a bank branch directly. In most banking institutions, the list of documents is the same, but it may differ depending on individual characteristics and what are the requirements to open a bank account. You will need the following data to open a new bank account:
- Identity card with up-to-date data according to the state standard. It can be a passport or driver's license. You can get an ID from the Department of Motor Vehicles even if you are not a driver.
- General information about you. You need to provide information about the social security number and indicate the date of birth, unique taxpayer code, contact number, email, and others if necessary.
- In some banks, it is mandatory to deposit a certain amount on a deposit to open a bank account.
- Identification data for opening accounts. Then you need to provide all the applicants' data to be able to use the account together.
- Co-owner of an account for minor clients. To do this, you must apply with your parents or guarantors to sign the documents.
As you can see, the list of what documents do I need to open a bank account is relatively small, so opening a bank account is not difficult. It is enough to follow simple recommendations.
Selecting the type of bank account
The client can open a savings or current account at the bank. They differ in the features of their work and purpose. An existing account has the following features:
- no need to make monthly payments;
- the lowest possible fees for using a bank account;
- free access to ATMs and some other bank services;
- the ability to make purchases, make payments, and write checks.
The savings account is also popular among bank customers. It is due to the following features:
- the ability to set aside money for specific purposes;
- high-interest rates on deposits;
- lack of monthly payments.
The requirements what do you need to open a checking account are easy. Check out the available conditions of each bank to choose the best and most profitable option for opening a bank account. Other options differ in certain features of banking operations. Some banks even offer services to clients with bad credit or non-US residents. If your application is denied, you can try to apply a second time.
Searching a bank
Next, you need to choose the bank that suits your needs. Many online banks offer lower interest rates and attractive terms for using their cards. Traditional banks charge a range of fees for certain services. At the same time, they have significant advantages compared to online banks, as they offer a wide range of services.
What to consider when opening a new bank account?
Opening a new bank account does not take much time and does not require much effort on your part. In some cases, it is not even needed to make a certain amount on the first deposit. In this case, you should prepare a certain amount in advance, just in case. If you already have an account opened with another bank, you can quickly transfer the new amount to another account.
How to close an old bank account?
Observing some features when changing banks is essential to avoid late payments and fines. Among the main subtleties of what is needed to open a bank account are:
- First, you should tell your employer that you have changed your bank account for payroll purposes.
- Turn off automatic payments on your old bank account. You will also have to set up a new bank account to make the relevant payments.
- Recurring transfers should also be changed to another account to avoid late payments. You should provide up-to-date information in the relevant payment application that you use to complete the appropriate transactions.
- All alerts and banking transactions through the application must be configured. It is essential to turn off the notification in the old app and then turn it on in the new one.
- You should destroy all paper checks from the old bank account.
After all, issues are resolved, you should request a statement from your old bank account. You need to get confirmation that you owe nothing more. Carefully double-check all the information beforehand to avoid problems in the future. Now you know the answer to the question, what do I need to open a bank account.