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Getting Started: How to Open Your Bank Account

These days, you have more banking options than you’ve ever had before. In the past, you were limited to giant banks with intimidating rules. Now, things are different. You can choose a bank that serves your community. You can pick a smaller, friendlier institution that treats you like a human instead of a credit score. If you’re opening a business or personal account for the first time, here’s how you can get started.

Choose the Right Institution

First, choose the right institution for your needs. Remember that you don’t have to stick with a megabank anymore. Credit unions, community financial institutions, and local banks provide the same benefits as major banks. You can still use a debit card, apply for loans, and more. However, these institutions provide a lot more flexibility and local focus than your average megabank. Of course, there’s one problem with all these options. How do you narrow down your choices? It’s easy. Just let BundleFi help. BundleFi connects businesses to their ideal financial institutions. All you do is tell the BundleFI team what you need from your financial institution. They’ll connect you to your best options.

Gather Your Information

Once you’ve picked the perfect bank or community financial institution, it’s time to gather your documents. Your financial institution will let you know what you need, but you’ll usually need identification documents. For example, you’ll probably need your driver’s license number and social security number. If you’re opening a business account, you’ll also need business documents. For a sole proprietorship, you’ll need your business license. For a partnership, you’ll also need your partnership agreement. Ask one of your financial team members about document requirements for different business types.

Apply Either Online or In Person

Next, you’ll just have to apply for your account. These days, most financial institutions have an easy online application process. You can fill out your application within a few minutes. However, some institutions require in-person applications. Aside from the driving time, you won’t spend much longer on this kind of application than you would for an online application. Once you get approved, you’re on your way to your new financial life.

Make a Deposit

Now it’s time to get started with your account and make your first deposit. Different institutions have different minimum requirements. Megabanks often have large minimums, while smaller institutions can have minimums as low as $5. Once that’s done, you’re ready to start using your account.

It Starts With BundleFi

If you need a business bank account, you can start the whole process with BundleFi. Opening a business bank account can be daunting. With BundleFi, it doesn’t have to be that way. Let us help you make the process as easy as possible. Get in touch with BundleFi to start your business life today.