How to Open a Basic Bank Account

Saving money is on everyone's mind in a slow economy. The best way not to spend money is to place it where you are either not able to touch it or can't see it. The old saying "out of sight out of mind" applies here. In recent years, the banking industry has changed so that your choices are broader. But the way you open your account remains the same.

Things You'll Need

• Initial deposit money or a paycheck
• Driver license or picture ID
• Social Security card or number

Instructions

How to open a basic bank account

1. To open an account you must have either a check or cash for the initial deposit. Sign the list at the bank of your choice to speak with a personal banker when entering the bank and wait for someone to come and bring you to his or her office. Tell the personal banker that you want to open a basic account. Hand the banker your valid identification to input into the bank's database.This information may be ran through the Chex System to prove you are eligible for an account.

2. Tell the banker your deposit preference, whether you want to deposit your paycheck electronically from your company or manually deposit your check. If you choose to direct deposit, provide the banker with your employment information. She in return will give you a form to submit to your employer. Pick the type of check design you want from a list of character or monogrammed checks.

3. Give your deposit to the banker. Sign a new membership card or printed paperwork and choose a personal identification number (PIN) for your debit or ATM card. Depending on the bank, it may issue you a debit card at the time of opening the account. But most banks mail your card to your residence. Also, the banker will give you a folder with your temporary checks and banking rules. After you receive your folder, ask the banker when your money will post as available and if there is a minimum balance to keep your account open.

4. Ask the banker about identity theft protection. Most personal bankers will explain how your account accrues interest or if it even accrues interest. Ask what the monthly fees for your account will be and what day they will be deducted. Now that your account is open, keep track of your spending.

Tips & Warnings

• Always ask about monthly fees as well as ATM fees. Be aware of ATM daily withdrawal limits.

• Get identity theft protection and never share your PIN with anyone.