How to Open a Checking Acount

It is important to choose the right bank for your checking account.

Opening a checking account can be the first step to achieving lasting financial security. A checking account allows you to store money in a safe place and withdraw that money as you see fit. The account also helps you keep track of your expenditures when you receive your monthly bank statement. You can use a debit card, check or online withdrawals to access the funds you have stored in your checking account. Some banks may even pay you a small annual yield for choosing their checking accounts.

Things You'll Need

• Bank pamphlets
• Personal identification

Instructions

Choosing a Bank

1. Write a list of the options you would like to have with your checking account. For example, if you would prefer a debit card, you need to make sure your checking account offers debit cards.

2. Ask your friends and family about the banks they use. The people close to you can give you accurate information about the bank in an unbiased way. They can tell you about the customer service, the speed in which the bank responds to their requests and the overall quality of their banking experience.

3. Visit some of the banks in your community to gather informational pamphlets about their checking accounts. Determine what fees they charge and what bonuses they provide.

Open the Account

1. Gather the identification you need to open your checking account. Most banks require two forms of identification (one with your photo and another one without your photo). You may also need to bring a small amount of cash to open the checking account.

2. Visit the bank. An employee should sit down with you, discuss some of the benefits of the checking account and also request your identification.

3. Carefully read any paperwork that the bank representative provides. If something seems unclear, ask the representative for clarification.

4. Sign the signature cards the representative hands you. Signature cards are what the bank uses to match your original signature to the signatures on checks and debit card transactions taken against your checking account.

Tips & Warnings

• After you set up the checking account, the bank representative should provide you with starter checks. Use these checks to process your transactions until you receive your regular checks or your ATM debit card.

References

• Youth Venture: How to Set up a Checking Account
• University of Illinois Extention Thrifty Living: To Open a Checking Account