How to Open a New Bank Account With a Large Sum
Bank accounts are a safer place to keep your money than in a safe in your home. Depending on the type of bank account you choose and the amount of money you deposit, a bank account may pay you interest on the balance you maintain in the account. Opening a bank account with a large sum of money follows the same process as opening a bank account with a small amount except for banking regulations that apply if you deposit a large amount in cash.
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Things You'll Need
- Driver's license or other picture identification
- Social Security card
- Funds to open account
Instructions
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Choose the bank you wish to use. Consider branch locations and operating hours to determine the most convenient choice for you.
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Visit the bank or access the bank online to determine the type of accounts the bank offers. Select an account that best suits your financial situation and expected usage.
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Talk to a bank representative about opening an account. You will need a driver's license or other picture identification, Social Security card (or other proof of Social Security number), and a check or cash equal to or above the minimum required balance for opening the account. Some banks may require proof of address, for which you can produce a mortgage statement, rental agreement or utility bill.
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Sign the paperwork for opening the account and present the funds to the bank representative. If your deposit is cash and is over $10,000, you will be required to sign an Internal Revenue Service Form 8300. The bank representative will open your account and process your deposit, then provide you with all the necessary account information for you to begin banking.
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