Opening up a bank account is one of the first steps toward financial literacy. Opening up a bank account can seem intimidating at times, but nowadays, you can do everything from the tip of your fingertips. Back in the day, you would have had to go into a branch and supply all your documentation in person. With today’s technology, There are a lot of banks that are 100% online. Deciding on where and how to open a bank account used to be a hard decision, but it’s not anymore. You can either go into a branch or do it online. There are a lot of different variables that are going to play out when it comes to choosing which bank you want to open up your account with. Read on to learn how can you open a bank account online or at the branch.
Choosing a Bank to Open an Account
The first thing you want to do is see how convenient and reliable the bank is. For example, if you need to physically go to a branch on a daily or weekly basis, you need to make sure that your bank is within your region. According to the experts at SoFi, “If you’ll primarily be using this account for paying expenses, you may want to open a checking account with no or low fees.” Another thing you may look at is the type of savings you may want to have. If you want to save up for emergencies, vacations, etc., you should explore a savings account.
Information Needed to Open a Bank Account
When it comes to opening a banking account, there are a few things you’re going to need. You’ll need important information such as your social security number and your driver’s license. You’ll also need to provide current contact information, such as your home address, phone number, and a valid email. This may seem like common sense to already know, but some people will forget that they will need physical documentation. Once your account is set up, you will be able to create a username and password. This will give you everything you need to set up your online banking. Online banking is a digital platform that allows you to view your transactions and balances.
Once Bank Account is Open
Once you have opened up a bank account, there are a few more steps to complete the entire process. The next thing you’ll want to get is a debit card and setup up bill pay on any bills you want to be recurring. This keeps a clean track of you paying your bills on time.
As you can see, opening up a bank account can appear to be complex, but it’s not. It’s as simple as finding the right bank/account for you and providing them with the proper information. This process is the first step towards financial literacy, so it is ideal to be sure you are selecting what best fits your needs.