Opening a bank account

Opening a bank account is one of the most important steps that a person takes needed to achieve financial independence. By opening a bank account, a person gets access to new tools such as a debit card, online bill pay, credit cards and financial statements. It is because of this, we recommend you take the time to learn what is needed to open an account and the responsibilities that come with it. Below are set of things needed to open a bank account and things to consider before doing so.

Items Needed

1. Government identification - This could be a state ID or federal ID such as a driver license or passport, respectively. If you are foreign born, a government identification may also suffice depending on your state laws. This is used to verify your identity.
2. Federal ID number - This could be your social security if you were born here or have legal right to work in the United States. If you do not have one, you can provide an ITIN or EIN (if you are a business). It is recommended that you speak to a banker for more information.
3. Mailing Address - The address where everything will be mailed to. Granted, most banks offer electronic statements but whenever your debit or credit card needs to be mailed, they will use this address.
4. Other Contact info - This may include your phone number and email address
5. Money - Every bank has a minimum they require to open an account. Some banks, such as online banks, may have a deposit as low as a $1 while others, such as retail banks, may require $100. It is best to speak to a banker to get more information on the minimum deposit needed to open an account.

Things to consider

1. Fees - Most banks have monthly fees on top of other fees like overdraft or "not enough" funds fee. Always pay attention to these fees as this is where most people will lose the most amount of funds.
2. Minimum balance - As explained above, some banks may charge a fee for not meeting certain requirements such as a minimum balance. Therefore, it is recommended you speak to them and read the fine print in the agreement they give you to find out how much you need in your account so you don't get charged a monthly fee.
3. Checks - Nowadays banks no longer give these checks for free. It is because of this that you should verify if checks are provided with your account. Why? Because checks never expire and you never know when you will use them. Plus, if they are free, why not get some?
4. Debit card design - All banks provide debit cards as this is what is needed to deposit and withdraw funds from an ATM or a teller at your local branch. However, a few of them give you the awesome perk of picking a great design for your debit card.