What Do You Need to Open a Bank Account - How to Open a Bank Account

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What do you need to open a bank account may be the question you are asking today. Today, godcentvc.com is here to guide you on the step by step on everything you need to open a bank account in the United States of America.

OPEN A BANK ACCOUNT – REQUIREMENTS

To open a bank account in the US, you’ll definitely need an ID issued by the government and some other basic information. To get started, another thing is that you will be required to a deposit of $25 or so to get started.

It doesn’t actually matter whether your application for a bank account is in person or online, you’ll need an ID issued by government and other personal details, like your Social Security number. You might also be asked to fund your account with an initial deposit.

OPENING A BANK ACCOUNT – MAJOR QUESTIONS

Here are the major questions you may have to answer when you want to open a bank account:

Which bank should be my choice?
What type of account do I want to open?
What do I expect during the process?
What do I need to open a bank account?
Where can I open a bank account?
When best do I open a bank account?

Which bank should be my choice?

There are a lot of banks you can consider to open your account with in the US. The major banks in the US include:

There are a list of other banks you can consider. You can click HERE to read more about Wells Fargo.

What type of bank account do I want to open?

You can consider to open any of the following bank accounts: savings, checking, money market, certificate of deposit (CD), individual retirement arrangement (IRA) and brokerage.

Savings Account

For this type of account, you don’t need constant access to this money and can afford to leave it in a secure account where it will be able to earn nominal interest.

Checking Account

This is the type of account that you want unlimited access to your money and you’re not concerned with earning interest. Simply means that you want to be able to withdraw your money anytime, any day without limitation of any sort.

Money Market Account

This is the type of account where you want a balance between a checking and savings account and only need limited access to this money monthly.

Certificate of Deposit (CD) Account

In this type of account, you only want a secure way to invest your money for a set period of time. It’s periodic and time bound.

Individual Retirement Arrangement (IRA) Account

Here, all you want is just a tax-deductible or tax-deferred way to invest your money for the purpose of retirement.

Brokerage Account

Here, your major interest is to invest your money but don’t want to be penalized for taking your money out before the age of 59½.

What Do I Expect During the Process?

Some people think that opening a bank account is a difficult task that takes all the time in the world, but it’s actually easy, seamless and easy. Just expect to meet experts who are well trained and are ready to assist you in whichever account type you want to open. The process is simple and easy. It takes between 10 minutes – 2hours to complete.

What do I need to open a bank account?

This is a list of the things you need to open a bank account ;

A valid, photo ID issued by government such as a driver’s license or a passport. Nondrivers can get a state ID card at the Department of Motor Vehicles office.
Other basic information, such as your birthdate, Social Security number or Taxpayer Identification Number, or phone number.
An initial deposit is required by some banks, too.

Depending on your circumstances, you might need a few other items, too:

Identification details for other applicants, if you’re opening a joint account: Because the account will be owned by multiple people, the bank will want all owners’ identification and personal information.
A co-owner if you’re not yet 18. Ask a parent or legal guardian to sign legal documents with the bank.

Where can I open a bank account?

You can open a bank account online or at a branch, if the bank offers brick-and-mortar locations. The information you’ll be asked to provide will be much the same whether you’re opening a checking account, a savings account or both.

When best do I open a bank account?

You may be asking when best to open an account. The truth is that opening an account is best at your discretion but make sure you do it within the conventional working hours. Which ever bank you desire to partner with, check through their website to be sure when they are open.

Summary

Whatever type of bank you need to open is solely your choice. Be sure you read through the terms and conditions of each account type before going ahead with the commitment. Good Luck!

What Do You Need to Open a Bank Account – How to Open a Bank Account