What Documents Do You Need To Set up a Bank Account?

If you have just arrived at that moment where you want to get your finances in order and want to open an account, there are some things you should have. So, how long does it take to open a bank account? Scroll down to check it out.

What Type of Account do you want?

Bank accounts are different for different needs and when you are looking to open up a new one, decide whether you want a checking or a savings account.

For a checking account, you get to use it to pay bills, transact and make other purchases. It requires no monthly fees and little or no overdraft fees, and you can access your ATM across many branches.

For a savings account, you get to build an emergency fund or save money for goals you have in mind. Whatever it is, from education to a vacation or a house, a savings account will help you get there. While these accounts have no monthly fees, the interest rates are pretty high.

When opening up a bank account, there are mandatory documents that you need to have. These include;

A Government Issued Identity Document

Many bank accounts require proof of identity. This will require you to bring your driver’s license or a passport, whichever you get a hold of first. Some banks will require a specific document, but they will ask beforehand.

An Amount of Money to Deposit

Once your bank account is opened, you will need a certain amount of money to deposit. It is called an initial deposit and differs from one bank to another, so you can consult and find that out as you open the bank account. Carry it in cash form just in case they require it.

Social Security Number

Your bank account gets linked to your tax payments. So, you will be required to carry your social security number, or in some cases, you might require your Taxpayer Identification Number for the same. However, the bank will tell you which one is applicable.

Personal Information

Whether it is a form or not, you need to fill in all your necessary personal information, such as your date of birth, address, next of kin and other details. You will need to talk to your bank agent, and they will tell you what you need to bring along.

Once you open up your bank account, you will need some discipline to maintain it. If it is a savings account, you will need to get onto a routine that allows you to save up and build it up. A checking account will require you to deposit money into it so that you can transact a lot more. Ensure your card does not get declined at the queue in the store.

Opening a bank account is one of the best decisions you could make financially. However, as SoFi states, “It may take a bit longer to physically apply at a brick and mortar because you may need to wait in a line to see a teller, and you may need to fill in the application by hand.” Shop around for interest rates and reasonable terms and conditions and find yourself a good bank of your choice. You can perform all these tasks online and open a bank account by following simple steps. 

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