How to Get a Checking Account

Checking accounts are a valuable part of creating and maintaining financial order in your life. A checking account is important for financial transactions such as direct deposit and automatic bill pay services. Many people maintain a checking account separate from savings accounts to simplify bookkeeping. It is not difficult to get a checking account, but there are a few things you should know first.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Valid photo identification
• Social Security card
• Proof of residence
• Minimum cash deposit (some banks)

How to Get a Checking Account

1. Visit banks online or in person to find out about their services. Look for banks that do not charge fees for checking accounts.Read the fine print. Some banks require that you keep a minimum balance in the account to avoid fees. Other banks have no minimum. To get the best deal, shop around.

2. Go to the bank at which you want to open an account (or apply online). Bring all the required documents and be prepared to wait in line. Go at a time when you don't have a full schedule and can afford to spend an hour or so waiting in line and then speaking with the bank representative. It doesn't usually take very long to open a checking account, but it might if the bank is very busy.

3. Get a debit card/checking card if your bank offers one. These cards are more convenient than paper checks. Also, paper checks must be ordered and cost extra money.

Tips & Warnings

• If you plan to order personal checks, shop around. The price of paper checks may be greater that you imagine--especially if you order them from your bank
• Some checking accounts gain interest on the balance. These usually require a higher deposit and they often have fees. However, if you plan to keep a large sum in your checking account, interest checking accounts might be right for you. This kind of checking account is ideal for someone who wants to keep a lot of money liquid (available for immediate withdrawal) and still gain a small percent of interest on money remaining in the account
• Consider getting overdraft protection. This will save you money if you accidentally overdraw. Most banks now provide optional overdraft protection services.
• Check your bank statements each month for errors and to keep track of your funds
• Read the fine print. Avoid banks that charge fees for regular checking accounts.

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