How to Set Up Your Own Bank Account

Setting up your own bank account is a sign of financial independence. It indicates your intention to direct the future regarding major purchases, like a house or car. Almost anyone may open up a bank account at a local branch or online. Read more to learn how to be prepared with proper documentation to open a bank account.

Things You'll Need

• Proper ID, i.e. driver's license
• Address information
• Social Security card
• Income verification

Instructions

Being Prepared For Financial Independence

1. Collect all pertinent documentation. Always have at least the minimum amount to deposit. For many checking and savings accounts it may be around $25 to $50. No appointment is required to open a bank account, so proceed with the process when all information is collected.

2. Confirm with the selected bank what is required for the particular account you plan to open. For instance, a personal checking account will have different standards from an investment account. Money market accounts have different minimum balance requirements and potential fees attached due to its investment status. This may be completed online, in person or via phone. Ask for a bank officer that handles new accounts.

3. Set up preferred monthly statement delivery. Today, banks may offer incentives for opting for email delivery because it saves them money; however, if paper statements are your preference, don't be deterred from requesting them to be mailed.

4. Ask about any perks for signing up with a new account. The waiver of maintenance fees are the most common benefits for new accounts; however, there may be deposit incentives as well. Nowadays, banks provide free debit cards to clients, and you may be able to include your photo for added security.

5. Keep records of the event. All items, like the temporary checks for a checking account, should be stored in a safe place. Keeping the business card of the bank officer involved is a good idea. Depending on the ability of the bank to check your credit history and confirm your identity, it should only take a couple hours at the most. Online accounts work a little differently because other measures must be taken to verify identity and income.

Tips & Warnings

• Have everything ready to view, with copies to ensure faster service. Take originals for them to view too. Know your credit score before going, and take a copy with you. If the bank has a discrepancy, you will have proof of your financial trustworthiness. Online accounts will take a few days to fully approve, but an email will be provided and usually some mailed out information as well. Check your email often for any additional information that may be requested.

References

• What is a Checking Account?
• What are the Advantages of Checking Accounts?
• Benefits of Opening a Bank Account

Resources

• How to Review Your Credit Score