Teenagers, Here Is How You Can Open New Bank Accounts!
Your parents might have taught you the importance of money and how they save money in bank accounts. You might have owned a piggy bank when you were small. Now your savings have grown a little and the piggy bank is full. It’s time to have a saving bank account.
Or you might have planned to open a new bank account due to some other reason such as investing in the future. Well, whatever the reason, follow this step by step guide to open a new bank account.
Choose An Institution For Your New Bank Account
Have you already chosen one? If not, just shop around – online or in person. Before choosing a bank, you should look at the several options. If you like traveling a lot, go for the large banks that have branches all over the United States. You can save some money on ATM fees this way. Also, check if the bank charges any monthly maintenance fees. Some banks charge fees for inactive accounts.
Another thing to consider is interest rates. Although most of the banks offer abysmal rates, but you can choose the best of them. Even a slightly higher interest rate can have a profound impact on your finances in the long run. Let the magic of compound interest work for you, says Madison DuPaix, a personal finance adviser and author of The Dollar Plan.
Go To The Bank or Visit Its Website
Do a quick Google search and go to the bank’s website. People prefer to open accounts online because you can do it anytime, anywhere. But if you are keen to open the bank account in person, just go to the branch during business hours.
Choose The Account Type
Each bank has a variety of account types and services to fit the requirements of different types of customers. They all will have enticing names, but you won’t need to memorize them all. Just pick an account that is right for you.
If you are opening the bank account in person, go talk to the banker and they will help you. In case you are opening it through website, click on “Open Bank Account”, then make a choice.
Don’t forget to read the fine print in detail. You should very well know the terms and conditions related to your bank account. Many bank accounts have limits on the number of checks you are allowed to write and the number of ATM transactions. You must know all the limits and charges before you open the account.
Provide The Necessary Information
When opening an account, banks require some information from you. You can’t open a bank account without providing those details. They do so to comply with the regulations and to protect themselves against risk.
You have to provide your name, birthday, identification number (mostly your Social Security Number). Some banks can also ask for the Driver’s License or Government ID. When doing it online, simply type the information in the text box. If you open the account in person, hand the photocopies of your ID’s over to the banker.
Kids under 18 are not legally eligible to sign the documents. Don’t worry. You can still open the bank account by having the name of your guardian or parents on the account. Your guardian will also have control of your account until you are no longer a minor. In that case, ID proof of your guardian will also be required.
Agree To The Terms & Conditions
You have already read them. Now you will have to agree to abide by them and that you will be responsible for certain actions. Remember that it involves your money, so make sure you are aware of what you are getting into. To complete this step, click on “I Agree” (online) or sign on the document (in person).
Print the Application Form, Sign and Mail
This step is not required if you open the account in person. If you have filled in the form online, you need to print, sign and mail it to the bank before your account is opened. Though the electronic consent and disclosure is legally binding, some banks don’t open the account unless they receive the documents.
Congratulations! You have now opened a new bank account. Relax now and let the bank process your paperwork for a few days. They will send you the necessary things like debit cards and checkbooks.
Do you still have any queries? Ask your question in the comments section and I will guide you.