How to Open an Online Checking Account Now

Many people do not think of "shopping" for a checking account. Banks are looking for ways to get your business, and one of those ways includes special offers on opening checking accounts online. Many institutions waive any type of minimum balance or direct deposit requirements if opened online. This arrangement works out well for both the institution and the consumer; the banks save money on personnel and you receive premium checking accounts that earn interest.

Things You'll Need

• Computer
• Internet access
• Tax Identification number or Social Security number
• State ID card or driver's license

Instructions

1. Determine your checking account needs. Some questions to ask yourself: Do you need mobile access to your account? Do you need multiple ATM locations to access your money after hours? Do you need online bill-paying access?

2. Check the Federal Reserve website to locate a banking center:

   http://www.ffiec.gov/nicpubweb/nicweb/SearchForm.aspx

3. Read all the information pertaining to checking accounts on each bank's website. Determine which bank best suits your needs.

4. From the bank's website, follow their instructions for opening a checking account online. Most will need a valid street address, tax ID or Social Security number and state ID or driver's license information.

5. Complete an online application. The bank will require you to make a deposit to open the account. If the bank is nearby, you can do it at a branch. Or, you can supply an account number and routing number so the online bank can draft the amount to open the new account.

Tips & Warnings

• Make sure to read each bank's rules and regulations about their checking accounts. Learn about the fee schedule for things such as wires and overdraft charges. If fees are too high, you might want to look elsewhere for an account.

References

• National Information Center
• Online Banking