What You Need to Open Bank Accounts - kind of account .

Need of bank accounts ?

What You Need to Open Bank Accounts - kind of account .
What You Need to Open Bank Accounts - kind of account .

Those looking to open bank accounts might have some trouble if they do not know how to go about doing so.

It is not as simple as just walking in and depositing some cash. You will have to know what kind of an account you want to have.

You will also need to make sure that even qualify to have an account.

If you know all of this, you will still need to have the right kind of paperwork to open your account.

This guide will help you get started with opening your account.

What Kind of Account You Need

The majority of accounts opened ate free checking accounts offered by major chain banks.

These allow you check writing privileges as well as the ability to use a debit card.

You are FDIC insured for protection on your account from fraudulent activity.

Different banks will charge different fees for overdraft and other problems with the account.

Saving accounts are the second most common kind of account.

 You will not have the ability to do anything but deposit and withdraw money from the account.

 Some will allow you to make limited ATM withdrawals per month. Higher interest percentages can be allowed for these accounts.

Business accounts are available for those who have a business ID number.

 Creating these accounts will allow you to get check writing privileges ad well as the other privileges.

These will generally have higher fees attached to them.

Do You Qualify?

The main requirements on most accounts are that you will not have a recent history of problems with a checking account.

If you have had a problem in the past, you will need to attend a class with check systems to show that you have better financial responsibility now.

Some will also require a look at your credit report before opening an account for you.

Gathering the Paperwork

Many accounts will require nothing more than your driver's license and social security card to open the account.

If you are opening a business account, you will need to make sure that you are able to bring in your tax ID number as well as any letters of incorporation to prove that there is a business.

Post a Comment