March 16, 2022 |4 min read Show
If you’re ready to open a checking account, you may already have some financial needs in mind—like setting up direct deposit, paying bills or getting a debit card. Virtually any checking account will provide these basic services. But if you want to find an account that really fits your needs and budget, there are a few other factors worth considering. Here’s a simple, 5-step guide to walk you through the process: 1. Gather your identification documentsWhat’s required to open a checking account is probably right at your fingertips. If you open it in person, you’ll likely need two forms of ID (such as a driver’s license, Social Security card, passport or birth certificate) and proof of address (by way of a utility bill, mortgage statement, lease or similar document).1 But if you’re like most people, you may be wondering “Can I open a checking account online?” The answer is yes. You’ll simply enter information such as your date of birth and ID numbers on the bank’s application page. If you’re applying for a joint account, you will likely both need to verify your identities. Under 18? Banks may allow you to get a checking account if a parent or legal guardian is willing to be co-owner of the account. Those are the basic requirements for most people to open a checking account. If you don’t drive, you can get an ID card from your local DMV. If you’re not a U.S. citizen, you may just need an Individual Taxpayer Identification Number and proof of your identity to open a checking account.2 Now that you know what to bring or have on hand to open a checking account, it’s time to learn about fees or—better yet—how to avoid them. 2. Explore low- or no-fee accountsSome banks charge monthly service fees, maintenance fees, low-balance fees and ATM fees. If you’d rather avoid these charges (who wouldn’t?), be sure to go with a truly “fee-free” checking account so there are no surprises. Some banks charge their checking account holders $12 a month (or more) if they don’t maintain a balance of $1,500 or satisfy other requirements.3 That’s $144 a year! By shopping around, you can steer clear of these fees and most additional costs. Some banks require a minimum deposit, usually between $25 and $100, when opening a new account.1 Again, if this doesn’t suit your needs, no problem. There are checking accounts that require nothing at all to get started. 3. Find features that fit your lifestyleEveryone’s banking needs are a little different, so think about your lifestyle and what you need your checking account to handle. Need to pay bills online? Do you travel and need ATMs in lots of locations? Maybe you want to deposit paychecks with your phone on the go. All totally doable. Just keep a list of “must-haves” handy as you compare banks. Overdraft protection is another option to think about. Say you lose track of your balance and spend more than you have in your checking account. Lots of people have been there a time or two (or three), which can result in a penalty. Luckily, there are checking accounts that come with a range of overdraft protection options that can keep those fees at bay. 4. Earn a little interestBesides avoiding fees, you could actually make a little money just for keeping your cash in a checking account that earns interest for you. Even if your balance will be fairly low, it’s worth choosing a checking account that pays interest because every dollar counts. And remember, cash hidden under a mattress or in dresser drawers will never have the chance to grow. 5. Bank on the goToday, checking accounts can be as mobile as you are, with apps that can sign you in with the swipe of a finger (rather than a password), send you instant alerts or transfer money quickly and securely. Once you open your checking account, you can fully explore its features. Just be sure to review any confirmation materials you receive and follow the instructions for setting up your debit card, using your bank’s online services and keeping your account safe. There’s no doubt about it: Opening a bank account is faster and easier than ever. But ensuring that it’s affordable and really fits your needs is what matters in the long run. So, shop around and find a checking account that has the features you’re after. You’ll be glad you did. Opening a checking account is simple once you've done your research. Find out what you need to know below.  A checking account is essential for your everyday banking activities. Without one, it's hard to do tasks like paying bills and making deposits. Opening a checking account is straightforward. Just provide some basic information and fund it. The hard part is picking the right bank out of hundreds of options. Read on to learn exactly what you need to open a checking account.
How to Open a Checking Account
Step-by-step guideMost banks and credit unions allow new customers to open an account online or in-person (if they have physical locations). Usually, you just have to be over 18 and be a US citizen or legal resident. Here's the step by step guide on how to open a checking account.
Making an initial deposit at a credit union is slightly different. You'll usually be required to "buy a share" of the credit union. Shares can be as low as $5 each. Once you buy a share, the money will stay in your account as long as
it's open. If you opened an account in-person, you may be able to get a temporary debit card to use in the meantime. How much do you keep in your checking account? Checking Account PromotionsMember FDIC Chase Total Checking® - $200 Bonus
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. Expires 10/19/2022 Member FDIC Rewards Checking - Up to 1.25% APY
Member FDIC Chase Secure Banking℠ - $100 Bonus
Expires 10/19/2022 Why Open a Checking Account
You need a checking account for everyday transactions and banking activities. With a checking account, you can do things like:
You can freely use the money in your checking account at any time. You can make deposits, transfers, and withdrawals with no limits (as long as you have enough money in the account). What's the difference between a checking account and a savings account? Where to Open a Checking AccountThe first step is to find the right financial institution to bank with. You have 3 main options. Each one has their pros and cons.
Think about your needs before settling on one. For example, if you often get paid in cash tips, you may want a physical bank to make cash deposits. Where do you prefer to bank? How Much Money Do I Need to Open a Checking AccountMany banks let you open a checking account with $0. Most online checking accounts don't require an opening deposit. Popular banks like Ally Bank, Discover, and Capital One all have no minimums. It's also possible to open checking accounts with physical banks for no (or very little) money. Chase Total Checking has a $0 opening deposit. Wells Fargo Everyday Checking only requires $25 to open. Each bank will have different requirements for their checking accounts. Make sure you can meet them before applying. You
may be able to open a checking account with very little money, but be careful of minimum balance requirements. Many banks (especially physical banks) require that you maintain a certain balance or else there's a monthly service fee. What Credit Do I NeedYou don't need very good credit to open a checking account. However, if you have a poor credit history (such as not repaying debts), you may not be approved. Most banks will conduct a soft credit pull when reviewing your application. This will not negatively impact your credit score. What's more important is your ChexSystems report. This reports any previous negative banking activities, like overdrafts, bounced checks, unpaid fees, etc. If you have a poor ChexSystem report, you could be denied a new bank account. Features to Look for in a Checking AccountDifferent banks will offer different features for their checking accounts. Think about what kind of services you will need. Here are some things to consider: Minimum balance requirements ATMs Not every bank has physical locations or gives its customers free access to ATMs for cash deposits. Depositing cash into an online-only account is possible, but can be complicated. Banking fees Be aware of all the potential costs and if there is any way to waive them. Physical vs. online Member FDIC Rewards Checking - Up to 1.25% APY
Other services Member FDIC Chase Total Checking® - $200 BonusExpires 10/19/2022
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. Member FDIC Chase Secure Banking℠ - $100 BonusExpires 10/19/2022
Member FDIC Chase College Checking℠ - $100 BonusExpires 10/19/2022
Availability Make sure to check if you can open a special, exclusive checking account for your specific group. Some accounts cater to seniors, members of the military and their families, students, public servants, and more. Requirements for Special Types of Checking AccountsIf you're looking to open a special type of checking account, know these extra requirements. Joint account Teen account College checking Second chance checking What the Experts SayA checking account can help you manage your money and keep it safe. But figuring out the right checking account and bank to use can be tricky. As part of our series on banking and saving, CreditDonkey asked a panel of industry experts to answer some of readers' most pressing questions:
Here's what they had to say: Bottom LineOpening a checking account is easy when you have all of your materials gathered. Before you commit to one, take a look at everything you'll need to do to maintain it and possibly avoid any extra fees. Member FDIC Chase Total Checking® - $200 BonusExpires 10/19/2022
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do. |
What information do you need to open a checking account
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