Last Updated on Apr 7, 2020 by James W
There comes a moment in our lives when it becomes clear that we want to see our hard worked money coming. Since receiving cash money is so outdated, we are ought to enter the modern life and approach technology at its best. One of the first steps into this direction seems to be opening a bank account, either for saving or only receiving money. Regardless of the age, these days the limit seems to go lower and lower, since there are parents who wish for their children to hold a card with them from the very beginning moments of their lives. These being said, in case you are looking forward to knowing more concerning the subject, make sure to stick with us and keep an eye onto the following lines in order to see what do you need when you aim to open a bank account!
- Choose the Bank
Before heading to any bank accounts, it is imperative that you know what the bank that you wish to work with is. In order to make the best choice, consider the proximity (if ATMs are found near you, as well as they are available 24/7 – some of them might be broken for one to many times), the fees that you are ought to pay (such as a certain commission for each withdrawal), and rates. Any bank which fulfills all of these requirements is ought to be chosen as your very best.
- Proof of Identity and Address
This is one general requirements that is finished in a minute. The bank wants to know who you are and that you are not making a fake bank account. Thus, you will be required to provide a valid yet government-issued photo ID, usually found on a driver’s licence or on a passport. Next, personal details are being asked for – such as date of birth, social security number, phone and email address. All these information are basic, so you should not be scared about having to offer them to a third party. As mentioned above, even a person who is under 18 can actually open a bank account, but only with the approval of a parent or legal guardian. By this way, the account receives a co-owner who is able to sign the legal documents.
Usually, the process takes longer for people who are non-citizens, because the bank has to collaborate with banks from other parts of the world to see whether that person has some legal concerns with them. In short, if you are a non-citizen, your bank account will take longer, because the bank will dig to see if you had previous problems with the authorities back in your country.
- Check the Fees – Every Fee
Even though you are going to the bank with a single goal in mind (which obviously is to get a bank account as soon as possible), the fees regarding the opening should be coupled with the ones regarding the closing of the bank account. Only by this way will you make sure that your comparisons between one bank and another are accurate. In addition, there are some external fees (such as monitoring the account, being offered the mobile banking, receiving SMS with every transactions that you make) which should be known in advance. Not to mention the savings accounts (which could be opened straightaway) and their financial impact onto your entire budget. Once you know all of there requirements, you are able to make the choice of your life.
- Welcome Adulthood
Some people say that once you own a bank account, you are a man (or a woman). In short, they say that this is the moment in which you realize that you are a grown up and that you are closer to make your dreams come true. Either talking about a business bank account or just a regular one, we already know that there are some documents required to identify yourself, as well as revealing legal parts of who you are. Once you manage to collect all of them, it is just a matter of time before you are heading towards sights that are more important. If you are looking forward to knowing also the downside part regarding the closing of the bank account, there are also some fees, which might be of a real importance. In addition, you should know by now that you can have at least one bank account to any bank (so that there is not a limit). You can choose which ones suit you best, as well as the colors that fit best your card. The last but not least, once you wish to close a bank account, make sure that you leave at least a period of one to two days (since the bureaucracy is quite harsh over this).