How to Open an Online Checking Account for $1.00
Online checking accounts combine the interest-earning incentive of saving accounts and the easy access of online banking into an environmentally friendly and financially efficient option. Opening an online checking account with a deposit of only $1.00 should take you five to 30 minutes. Bankrate.com provides an unbiased service for those wanting to open such an account.
Other People Are Reading
Instructions
-
-
1
Evaluate fees and minimum balances for the available online checking accounts on Bankrate.com. As of October 2009, ING Direct and Charles Schwab were both listed as offering Internet checking accounts that could be opened with a deposit of $1.00. Determining fees and minimum balances from an objective reporting at Bankrate.com will enable you to make a sound decision governed by your own priorities.
-
2
Gather identification documents and credit documents. You will need to provide at least one form of identification and answer questions about your credit history.
-
-
3
Transfer money into the account from a bank that accepts wire or Automated Clearing House transfers. This is how you will make the deposit to open the online checking account.
-
4
Thoroughly read all statements, verify all advertising claims in terms and conditions, and remember any personal identification numbers you select. Although opening an online checking account can be quick and simple, it should not be taken frivolously or lightly. Carefully examine all documents, and make sound decisions for managing your account.
-
1
Tips & Warnings
Keep contact information for your new bank readily available.
Don't sign up for a bank account with an institution that isn't insured with the FDIC unless you are not opening a regular checking account. Otherwise, the government is not "backing up" and insuring your deposits, and you could be prey to a scam.
