Ready to open a checking account? If you don’t already have one, it’s a good idea to get one started. A checking account is the easiest way to keep track of your money, receive payments, and pay your bills. Getting started is easier than you might think. Here’s what you do to open a checking account.
Choose Your Institution
First, you’ll need to figure out which institution will work best for you. For example, do you want to use a bank or a credit union? When you look at individual institutions, visit their websites to learn more about their checking accounts. For example, do they have overdraft fees? A minimum account balance requirement? If you need to start small and can’t deal with too many complications, then a community bank or credit union will probably make a great choice. If you’re having trouble deciding, then Bundlefi can help.
Submit Your Application
Once you’ve picked your institution, you’ll submit an application for a free checking account. Many institutions will let you apply online. Others will require an in-person application. Either way, start by finding out what materials you’ll need. For example, in-person applications usually require two forms of ID, an opening deposit, and a proof of address. Check the institution’s website to find out what they’ll need for your application. If you can’t find the requirements listed on the website, you can always contact the institution and ask. If you’re applying in person, take your materials with you to the bank or credit union. If you’re applying online, keep them nearby. Now, you’ll just fill out and submit the form.
Make Your First Deposit
Once you’re approved, all that’s left is to make your first deposit. Your deposit should meet at least the minimum amount for your bank or credit union. Before you get started with the application process, make sure that you can meet the minimum amount. Some institutions only require a $25 deposit. Others require much more. Check the minimum balance requirement when you do your research.
Once you have a checking account, go ahead and set up direct deposit with your workplace. This way, you can minimize delays with your payments and have your money exactly when you need it. Now would also be a good time to explore your resources. For example, does your bank have an app that you can use to check your balances? Take all the time that you need to get to know your account and your bank.
Need Some Help?
Still deciding on the right bank or credit union? Not sure where to start? Bundlefi can help you find a free checking account. We also help individuals and small business owners find their best banking institutions, loans, and more. Ready to get started? Contact Bundlefi today.