Yes. Open a bank account online without going to the bank is so easy, fast, and convenient. Its convenience is priceless as you can do it in the comfort of your home with no need to queue at the bank. If you are wondering how possible this is, then we have quenched your worry. This is by explaining to you the importance of this process, requirements, and the steps to follow. In that case, follow us closely.
What Do You Need to Open a Bank Account?
In most cases, the vast majority of individuals already know where they want to open a bank account. So, once you have identified the most suitable bank for you, you will require a couple of basic things so that you can be eligible to open an account with them.
The information below concisely highlights the key things needed by any individual to open a bank account:
- You will need at least two forms of a government-issued identity card. This can be your driving license or even a copy of your passport.
- If you are a citizen, you will be required to present your social security number. If perhaps you are a non-citizen, then the bank will guide you on which identification number to provide.
- Utility bill with current address information.
- Your home address and email address.
- If you are employed, state your area of occupation.
- You will also need an initial deposit for your new account. Though not all banks require a deposit to open an account with them, most of them have a minimum deposit as a requirement of opening an account with them.
How to Choose the Right Bank?
With a plethora of banks to choose from, you might get spoilt for choice when it comes to bank selection. Ideally, you should choose a bank that aligns with your lifestyle and is able to meet all your financial needs and goals. If you check keenly, most of the banks you find around normally offer almost similar services.
However, there is some minor difference between the products and services offered by these banks. Here are some factors that will help you make a good choice of a bank:
1. Fees Charged
One of the critical factors that you should consider when choosing your bank of choice is the fees charged. This is because some banks charge higher fees than others. In most cases, the fees charged usually depend on your banking habits. Therefore, you should beware of these habits so that you can avoid hefty fees. For instance, knowing the balance that you should maintain will help you keep these fees at the bare minimum.
Better still, knowing how many ATM withdrawals you should make and where you should make them can help you save more money in the long run. Generally, you should take a closer look at the different fee charges so that you can choose the bank that will not strain your budgets.
2. Interest Rates
Besides the fees charged, you should be keen to check the interest rates offered by different banks. Ideally, your deposits should earn a considerable amount of interest over time. The higher the interest rates, the better the returns. In fact, this can motivate you to invest more money and keep them as bank deposits for a particular period of time. Over time, you can be sure that your money will have earned more interest. Besides this, you should ensure that the bank does have restrictions in case you earn a maximum level of interest on your deposits.
3. Is it Accessible?
How accessible is your bank? This is another consideration that you should not overlook. Here, you should take into account the ATM location, branch location, and even the availability of online and mobile banking. Ideally, the bank should have several places where you can enjoy ATM services.
This way, you will be able to make withdrawals even at night. Better still, if the bank has many branches, you might enjoy more convenience as you will be able to have your issues handled seamlessly, regardless of your location. Finally, if the bank appreciates online banking, you will be able to enjoy unmatched convenience as you can send and even receive money, without necessarily having to leave your home.
4. Types of Accounts offered
Different banks normally allow their customers to open different types of bank accounts. From the checking account to the reward checking account, there are many types of bank accounts that you can open in various banks out there. The more the variety of bank accounts one can open here, the better. More importantly, you should check the requirements needed to open a particular type of account so that you can enjoy the benefits that come with it.
5. Check Their Customer Service
Customers are very essential to any business. Banks are no different. If your bank does not offer high-quality customer service, you might feel demoralized. In fact, you might feel humiliated anytime that you seek help. Ideally, the bank should have a customer care team that is always available to listen to you. All your queries regarding the products and services offered by the banks should be well answered by this team, anytime, anywhere.
6. Read the Fine Print
Is the bank federally insured? This is another concern that you should have when choosing your banking institution. Here, your money should remain safe even if the bank shuts down. In most cases, the banks are normally insured by the Federal Deposit Insurance Corporation. If it is insured, then you have to reason to worry about your money in case of any eventuality.
Can I Open A Bank Account Online Without Going to the Bank?
With the current technological advancement, opening a bank account has even been made easier for you. These days, open a bank account can be done online instead of visiting a bank branch physically. The application process is usually super short hence saving on time. As a matter of fact, it takes less than ten minutes for you to complete the online application. Below is the process:
1. Determine your Eligibility.
There are a number of requirements needed for you to open a bank account online. (Eligibility requirements). Generally, these requirements are:
- You must be of at least eight years of age. Nevertheless, some banks still allow minors to open bank accounts.
- You must be a citizen of the United States and have a United States residential address.
- You should have a government-issued identity card.
The following information will simply help how to make an online application.
2. Identify your Suitable Bank.
This requires you to comb through different banks to find the most suitable for you. Through this, you are able to understand the terms of the account, I.e you will know the minimum deposit required. Also, if there are any fees required. Such fees include monthly fees and ATM withdrawal fees. Also, Look out for other fees such as early- withdrawal penalty, excessive transaction fees, overdraft fees, and minimum balance fees. It is also cardinal for you to know whether the account waives fees for any direct deposits made.
How to Choose the Type of Account You Want.
From your suitable bank, choose your desired account. This requires you to decide whether you want a single account or a joint account.
Single accounts are for a single individual while joint accounts are usually shared with someone else. Know the difference between the two. If you choose a joint account, you should know that all the account holders have equal information regarding the account.
How to Create Your Online Account.
After the first two steps, you now go ahead and create the online account from the most preferable bank for you.
This process is usually very short and it’s as follows:
- Go to their website and start the online application. The application will require you to provide a few details about yourself. This fundamentally entails your personal information. These include things such as your name, date of birth, your social security number as well as your address.
- Once you are through with your application, the account provider will immediately send an email to you. This is to help you confirm that indeed you have applied for an account. Usually, this email comes with instructions meant to verify your identity.
- Identity verification requires you to provide documents such as your government-issued identity card. However, if you already have an existing account with the bank. You can skip this process. For more stringent banks, you are even required to take a photo of yourself.
- Once the verification process is over, you are given consent to make your first deposit. You can make the opening deposit through a routing number for an existing bank account or a debit card.
- Note that for those opening their accounts for the first time and want to deposit in cash, you have to sign up for the account physically at any of the bank’s branches.
- After making the opening deposit and you are approved. A debit card will be issued to you. Both the Debit card and pin are sent separately for the utmost confidentiality. Once this card arrives, make sure to activate it for use. After you have passed all those requirements, you can now comfortably start using the account.