Are you an individual looking for how to open a bank account online? We will urge you to get all your documents, and contact information ready and be ready to fund the new account. So many people think it is difficult to open a bank account online. The process of opening a bank account is very fast and simple. It will take only a few minutes to create a bank account online. This will save you the stress and cost of going to the bank to open a bank account or make enquiries on how to open a bank account online and offline. How To
The top online banks are the Federal Deposit Insurance Corporation (FDIC-insured) banks. They offer higher rates than the typical brick-and-mortar banks. These groups also charge low fees and low charges to their customers.
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Steps To Open A Bank Account Online
This is how to open a bank account online. Follow the steps that will be outlined below to achieve your dream of opening a bank account without the stress of going to the bank.
- Choose the Bank you want to open an account with.
- Choose the type of account you want
- Gather your documents and information before you start the account opening process.
- Provide and fill in your personal details on the application form.
- Deposit some money into the newly created account.
Choose The Bank You Want
If you are thinking of how to open a bank account online, you have to think of the exact bank you want the account to be opened. There are different commercial banks, Microfinance banks and others. Make your enquiries and find out the terms, features and the bank that can offer you the banking services you need.
Compare the banks and ensure that your account with the bank will be protected or insured by the Federal Deposit Corporation (FDIC). This group or agency helps to protect your money or deposits in the bank in case of bank failure. You can find out if your bank is FDIC insured by clicking here or checking for the FDIC insurance logo on the bank website. Check the FDIC logo here.
Choose The Type Of Account
After choosing the type of bank, the next step is to choose the type of account you want to open. The first thing to do is to know your primary aim in opening a bank account. There are also different types of the bank account you can operate like current and savings accounts. You can open a checking account if the account is where you make your regular petty expenses from.
Opening a checking account will reduce or eliminate charges from your account. You can think of using a current or fixed deposit account if you want to set some funds aside for future use. Whatever type of account you want to use for your savings, ensure it will be able to earn a high rate of interest.
You can also think of opening a joint or single account. Having a joint account means that you and any other person you will choose becomes co-signatories to the account. Both of you become the owner of the account and determine what happens to the operation of the account. On the other hand, opening a single bank account means you are the sole owner of the account.
Gather Your Personal Document And Information
One of the steps to follow in finding out how to open a bank account online is to gather all your personal documents and information in advance. In case you are opening a single or joint account, here are the documents you need to gather in advance both for yourself and your joint owner for a joint account.
- Social Security Number or any other identification number.
- A valid driver’s license or any other bank account number government-approved identity card.
- Provide your debit card information or any other account number from your already existing account in other banks.
Provide And Fill in Your Personal Information On The Application Form
Providing your personal information is one of the steps how to open a bank account online. You need to provide your personal information or bio-data. Fill in all the required personal information on the application form provided online. Ensure you have a stable internet connection to be able to complete it. The personal information that may be required includes the following
- Your Name
- Your date of birth
- Your contact address
- Your contact information
- Your Debit Card information
- Your social security number
- Bank account information
In as much as you are required to fill in the above-mentioned information online, some situations may arise where you will be required to email or fax some of the documents for verification. Other banks may even request you present the documents in their office for physical sighting of the originals.
Deposit Some Money Into The New Bank Account
You will need to deposit some money into the new bank account you opened online. This is called the initial deposit into the account. You can deposit by making a transfer from an existing account if your bank has an online banking facility. You can as well use a check or money order to fund your account or make a cash deposit if the bank is located within your area or vicinity.
To make your initial deposit using transfer, you have to enter your account details for transfer, then choose the amount depending on what the minimum balance for the initial deposit is. Within a few days, the transfer process will be completed and the bank will start managing your new account.