A checking account provides a versatile means to manage payments either with written checks or through online bill payments with the checking account. As bank checking accounts have added more features they have become almost indispensible tools for financial management. For most consumers, it is difficult to manage their finances optimally without at least one checking account. There are however certain requirements for opening a new bank checking account that are consistent for most all banks.
Although the requirements for a new checking account are fairly consistent among most banks, the terms and conditions for the checking accounts are usually not uniform across different banks. Consumers shopping for new checking account should not only be familiar with general checking account requirements but should also spend time comparing and analyzing the features of different checking account and the requirements of different banks.
The most basic requirements for opening a new checking account with a bank involves verification details regarding the account holder. Generally the new checking account holder will be asked to submit their social security number, proof of identity such as a driver’s license or a state employee id and a proof of residence such as the current utility bill. The new account holder may be asked the details such as name, address, contact number etc. They may have to additionally submit their email identification for online banking and online checking accounts, if those bank services are requested.
Most banks will do a credit check on new checking account applicants. The credit check may be performed through the major credit reporting agencies or it may be done through a credit reporting agency used primarily in the financial services industry, Chex Systems. Chex Systems, Inc. is a credit agency that provides information on mishandled checking and savings accounts to member financial institutions. Consumers that apply for a new checking account may be denied the option to open the account should derogatory data be found with the credit agency report.
To open a checking account, most banks require the account holder to have attained the age of 18. Some regions offer a lower age requirement, generally based on state contract laws. Some banks will permit joint accounts for minors with an adult of legal age to be opened.
Other checking account requirements are not so obvious or ubiquitous. A basic requirement to open most accounts is a minimum deposit. Minimum deposit requirements can range from less than a hundred dollars to several thousand dollars. In addition to the minimum balance requirement, some banks will have requirements for minimum maintenance fees while other banks offer free checking accounts, requiring no maintenance fees. The terms and conditions for bank fees will vary widely from bank to bank, new account shoppers should be vigilant to compare bank fees, terms and conditions carefully before opening a new account.
To find information on current checking account promotions see Checking Account Promotions. To find additional information on online bank checking accounts please see Online Checking Accounts or to find information on current bank deals and promotions see Bank Deals. For specific promotions from Chase Bank, Citibank or Bank of America refer to Chase Bank Promotions, CitiBank Promotion or Bank of America Promotions. To review best high interest checking accounts go to Interest Checking Accounts.
Before a new bank account holder spends too much time pondering the question of what do I need to open a bank account; they must first determine what type of bank account they wish to have. There are a variety of different bank accounts from which a consumer can choose from including basic checking accounts to long term certificates of deposit. For most bank accounts, the requirements to open these accounts are very similar.
In order to open any bank account, the bank will require some information for identification. Banks will not open a new bank account without certain details about the account holder. This is to protect the bank against risks and comply with Federal regulations. Federal law requires banks to obtain, verify, and record information that identifies each person that opens an account. The method that a bank may use to obtain, verify and record the information is determined by the individual bank.
For almost all new bank accounts in the U.S. the bank will request the new bank account holder’s full name, street address, date of birth, and an identification number, such as a Social Security number. The bank will generally also request to see the account holder’s driver’s license or passport or two other identifying documents as proof of identity.
A new bank account can be opened in person, at the local bank branch over the phone or on the Internet. Not all banks will allow accounts to be opened over the phone or via the Internet but for the consumer this method of opening a bank account is available through scores of local banks as well as large national banks. Regardless of how the bank account is opened, at a minimum, the new account holder must provide proof of their age, address, and legal status.
What is needed to open the bank account online or over the phone is generally completed in two steps as opposed to an account opened in a branch that is frequently opened at once with a bank representative. Supporting information is given to the banker over the phone or entered into a form online, and the bank will request that the new bank account holder send in their signature with a copy of their identification to finalize the account.
Along with the information and supporting document to verify identity, a new bank account holder will need a means to fund the account. A bank check, cash, credit card, debit card or routing and account number for an electronic transfer from another bank are all common methods of funding a new bank account.
Opening a new bank account can be beneficial for a variety of reasons from the safety aspect of FDIC insurance coverage to assistance with saving money. Opening a new bank account is a task that is also very easy to complete, requires very little paperwork and can be performed quickly and easily.
To find information on current checking account promotions see Checking Account Promotions. To find additional information on online bank checking accounts please see Online Checking Accounts or to find information on current bank deals and promotions see Bank Deals. For specific promotions from Chase Bank, Citibank or Bank of America refer to Chase Bank Promotions, CitiBank Promotion or Bank of America Promotions. To review best high interest checking accounts go to Interest Checking Accounts.