We live in the land of opportunities, where every single mouse click can make our dreams a reality. Face it, there’s almost no area which you do online. Diet, fitness, health, entertainment, eCommerce, finance, everything’s at your fingertips.
The recent data shows that there’s a significant increase in interest in personal finance topics (up 21.1 percent).
What is bitcoin? How to secure mobile payments? There seems to be no end to the diversity of questions. In times, a major part of consumers agonizes over on some level while searching how to open a bank account online. If you are one of them, then let our journey down the rabbit hole together begin.
How Much Does It Cost to Open a Bank Account?
Access to the Internet is the game changer today. For that reason, most banks and credit unions have vastly simplified online applications and claim that you’re 10 minutes away from it. The best thing is that it costs you literally nothing to open a bank account online, though you may have to meet deposit requirements first.
Seriously, it’s in banks’ interest to encourage consumers to deposit cash so they can use it to make personal loans. At times, there may be fees to maintain your account once it has been opened for a reason: they want to be sure they don’t waste time and resources dealing with you. In some cases, you may face extra costs related to canceling an account too soon after opening it.
Anyway, it’s to your interest to read the terms and conditions carefully before diving in.
Why Do You Need to Open a Bank Account?
As you begin your journey toward becoming ‘financially sweat’, learn how to open a bank account without much legwork on your end. After all, opening a bank account is safe. While, without one, you and your family face a risk of losing your money.
Your money is your business, and if you want to keep it safe, one thing to do is to open a bank account. Now you know, no matter what disaster may leave you helpless – an earthquake, fire, or robbery, your money is safe. And the last, sooner or later you’ll think about your long-term goals. Whether it’s buying a home, starting a business, or simply pursuing the American dream, – without a bank account, it’s hardly possible.
What Do I Need to Open a Bank Account?
To open a bank account online, be about to provide all personal information and documents for your application to be successful. Indeed, it’s a great idea to go one step further and check for an advance.
- Photo Identification – government-issued ID, valid driver’s license, unexpired passport, or secondary identification, such as a credit card or utility bill.
- Social Security Number (SSN), Identification Number for noncitizens, such as ITIN, Alien identification card number, and the like.
- Personal Information – physical address, date of birth, phone number, email address, and so on.
- Initial Deposit/Debit Card Information – required a minimum amount to open an account.
Doubt-free, today banks collect more information about every single customer than ever before. Yet, the ease of opening a new account online has become a terrific advantage in this dynamic world. Thus, opening an account online is as simple as clicking the mouse.
In case you prefer to do this in person, you can always visit your bank’s nearby branch and speak with a sales representative. Depending on your financial goals, having the options to open a bank account online with no deposit is always a good thing. All in all, decide for yourself how to up your money game.
Can I Open a Bank Account Online?
Gone are those days when going to the bank was once an errand that required tons of time. In 2019 you have more access to the world while sitting on your couch in your sweats and bunny slippers than in any time in history. That’s huge, right?
The migration from physical stores to computers and mobile devices cuts across all industries and banking is no exception. In 2016, 72 percent of consumers used digital channels to open credit, savings and checking accounts.
Did you know that, according to the last survey, 54 percent of consumers who opened accounts on a mobile device were Millennials? So, if you’re still on the fence, the time is now.
According to a new survey, 85 percent of banks claim that digital transformations program is their business priority. This is true, especially for the largest organizations. Besides, 62 percent of banks expect to become digitally mature or digital leaders by 2020.
If you’re ready to take the plunge, opening a bank account online makes a lot of sense. Check the numbers below. It’s clear that banks continue the move to a digital account opening.
How to Open a Bank Account Online?
Without a doubt, opening an account with a bank or credit union today is increasingly different than it has been a decade ago. It’s as quick and convenient as long as you’re prepared.
Are you 18 or older? Then, you can do it on your own. So, to set up a bank account you usually have to fill in an application form. Then, you need to provide proof of your identity including your full name, date of birth and address. Once you provide all the necessary information, the security check is a must. It varies from bank to bank and depends mostly on the type of customer, type of account and the account position at that time in view.
However, a bank and credit union can refuse to open an account for you. Thus, if you’re bankrupt or have a record of fraud, chances are you are not allowed to open a bank account. Besides, your poor credit rating could be another reason why you might be denied a new bank account. Generally, they don’t have to give you a reason, that doesn’t mean you can’t ensure that information is accurate.
- Checking account is for everyday transactions. Preferred by most people, checking accounts offer an easy place to store money, pay bills and make purchases. It’s a convenient way to pay bills by mail or in person.
- Saving account is a deposit product. Looking to have an emergency fund for unexpected expenses? Saving account is the solution. Pretty easy to access, this type of account allows you to reach your financial goal while safely store your money and earn interest.
- Certificate of Deposit (CD) allows you to leave money in the bank for a set term – 6 months, a year, 5 years. In fact, the longer the deposit period, the higher the interest rate. Since the money can’t be withdrawn before the CD maturity date, you’ll want the best possible interest rate. If you need your money to remain committed to its purpose, the credit of deposit is the surefire way to go.
When you’re ready to open your new account, shop around. Different banks offer multiple options. One thing to do is to weigh options available. Lastly, think about the benefits and features that matter to you most.
Now You Know How to Set Up a Bank Account
Today people expect the process to be fast, simple and intuitive if properly prepared. Your account officially opens when you make your first deposit. At this point, some banks may require a minimum deposit (as a rule $25 or higher), while others offer you to open a bank account online with no money. Such banks have no set minimum and let you fund your account later.
So, how can you ensure you’re getting the best banking services possible? You can probably imagine; the US banking industry is huge. Among thousands of banks available in the US, consider why you chose your bank. After all, it’s always a good idea to look elsewhere.
Ready to open a bank account? No waiting in line. No annoying forms or paperwork. Just follow a few simple steps and you will be on your way to a better banking experience.