How to Open Your First Bank Account
If you've never had a bank account, opening one for the first time may seem overwhelming. Fortunately, banks make it easy to open an account. Having a checking or savings account gives you a place to safely store your money and allows you to take control of your own finances. Most important, though, if you keep your account in good order, you'll help build your credit and make future financial transactions much easier.
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Instructions
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Compare account features among banks. Different banks may have different standards or incentive programs when it comes to new accounts. Some banks will pay you a bonus if you open an account and maintain it for a specified period of time. Others may offer free checking to students or new account owners. Some banks may require a hefty deposit to even open an account. To find the right bank to meet your needs, visit several banks in your area. Ask about requirements and costs to open a checking account. Find out about any special offers.
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Consider location when choosing a bank. Over the life of your bank account, you'll have to visit both the bank and its branch ATMs many times to deposit and withdraw funds. Choose a bank with a branch that is close to where you live or work, and make sure the hours work with your schedule. Check to see how many ATM machines your bank has that are located close to places you go often. It can be frustrating to constantly pay fees to use other banks' ATMs.
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Make your selection and open your account. Start with a checking account, which will allow you to write checks, pay with a debit card, and cash or deposit your paychecks. Visit the bank you've chosen and ask to set up a new checking account. In many banks, you'll have to speak to an account representative; most bank tellers aren't able to set up new accounts themselves.
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Fill out the necessary paperwork, then provide two forms of identification. Generally, this will be a driver's license and Social Security card, but your bank may accept alternatives if you don't have one of these.
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Set up your savings account if you want one. Having a separate account for savings will keep you from spending all your money without putting some away. You can arrange for a portion of each paycheck to be automatically deposited in your savings if you wish.
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Order checks. The bank will provide you with a set of starter checks. These checks will not have your name or address printed on them, and as a result, most businesses will not accept them. Once you have your account information, you can order checks from your bank or from a private company. You'll often get better deals and a bigger selection by buying from outside the bank, although some banks offer accounts that come with free checks.
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Use your check register. This is a series of pages found in your checkbook. You should use this space to write down every transaction you make with your account. This will help keep you from overdrafting (spending more money than you have in your account). Every time you overdraft your account, you will be hit with a penalty fee, but more important, you will damage your credit.
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Wait for your debit card to arrive. Most banks will mail a debit card and pin number to your home within a few weeks of your opening an account. Use this card to access ATM machines for cash withdrawals or deposits.
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References
- Photo Credit Wiki Commons
