Opening Procedures for Bank Accounts
Bank accounts are one of the most basic parts of managing your personal finances. Virtually every bank, both online and traditional brick-and-mortar, offers basic bank accounts. Although opening a bank account is a fairly basic process, you should put some thought into which bank you choose for your account. Once you establish a bank account, you will be able to deposit and withdraw funds from it as needed. You can open an account by visiting a bank branch or by going to its website.
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Instructions
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Go to the Federal Deposit Insurance Corporation's website and enter your city and state to locate banks that are FDIC insured. This means that your money is protected up to $250,000 even if the bank fails.
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Pick a bank from the FDIC insured list that is most convenient for you. This might mean it is close to your home or business, or simply that it has many branches and ATMs in your city. Also look at the bank's website to identify fees it charges, interest rates it offers and minimum deposit requirements. Compare the banks to determine which one offers you the best deal.
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Read the bank literature or visit its website and decide whether you want to open a checking account or a savings account. In general, if you will be performing transactions frequently, choose a checking account. If you simply want a place to store your money long-term, a savings account might be better option.
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Go to the bank and inform the representative that you want to open an account. Fill out the form they provide. It will typically ask for your name, address, contact information and the names of any other people you wish to have access to the account. Sign the bottom of the application, since this will be your official signature on file for the account.
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Present the application to the bank representative along with a picture ID, your Social Security card and proof of your address if it is different from your driver's license.
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Give the bank representative the amount of money you want to place in the account initially. You can deposit any amount of money you want, but it must be at least the minimum deposit required for the account. The amount varies by bank.
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Take your temporary deposit and withdrawal slips, which you will use until the permanent ones come by mail. If you opened a checking account, the bank will also provide temporary checks. You will also receive an ATM card in the mail that allows you to make deposits and withdrawals at ATMs.
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Tips & Warnings
Before opening a bank account, ask if there are any fees for the account and if interest is paid on the money in it.
If you open an account online, you will follow the same process, but all of your material, such as checks, will be mailed to you.
Never open an account at a bank that is not FDIC insured.
