To open a checking account there are certain things you need and certain requirements you must meet. Banks require you to have the appropriate identification and the funds necessary to open a checking account.
When you get ready to open a checking account, banks will require you to have picture identification. Some banks will require one piece of identification and other banks two. Acceptable forms of identification include a driver's license, military identification, passport or a state identification.
You will also need to provide the bank representative with personal information such as name, address, home phone, address, date of birth, and Social Security number.
Most checking accounts can be opened with an initial deposit in the range of $50 to $100. This requirement can vary from bank to bank.
You should also have a clear track record when it comes to dealing with previous banks. In other words, you should not be listed on ChexSystems, which is a credit reporting agency that lists the names of consumers who have abused their banking privileges in the past. You may be reported to ChexSystems if you had insufficient funds fees, or other fees, that you did not pay. Taking part in fraudulent activities is another way to get reported to ChexSystems.
Once reported to ChexSystems you remain in their database for five years. When you are reported to ChexSystems, some banks will open a checking account for you, once you pay the fees, even though the five-year time frame has not expired. Some banks just want you to pay the fees owed before they open a checking account for you.
How Old Do You Have to Be to Open a Checking Account?
The specific age required for opening checking accounts varies depending on where you live. Since there are no uniform requirements, you will...
How to Open an LLC Bank Account
Your limited liability company needs a bank account of its own. An LLC, even a one-person LLC, is legally separate from its...
Can I Open a Bank Account Online With No ID?
Opening a bank account online allows customers to take advantage of bank features, but with the convenience of submitting all necessary information...
Documents Needed to Open a DBA Checking Account
A business checking account has specific advantages for people who plan to or already own a business. The business account allows you...
Ideas to Sell Checking Accounts
Checking accounts are one of the most lucrative types of accounts for financial institutions. Wherever a consumer holds his primary checking account,...