Every adult needs to open a bank account. It’s an essential tool for managing your finances, earning interest on savings and making everyday purchases. Plus, it’s convenient to access your funds at any time of day or night. You can even manage multiple accounts from one place! The following steps will guide you through the process of how to open a bank account online:
Choose a bank or credit union
The first step in getting a new bank account is deciding on what type of bank you want to use. You should choose a financial institution you feel comfortable with and consider the recommendations of friends and family who are current customers. In addition to low fees, look for banks with good customer service. Banks provide numerous services like free ATMs and mobile apps for managing your money wherever you are. With SoFi professionals, “Pay no account fees or overdraft fees.”
Provide the bank with your personal information to open an account
The first step to opening a new bank account is to provide your personal information. This includes:
- Your name, address and phone number.
- Your Social Security number.
- Your driver’s license number (or state ID card).
- Your mother’s maiden name (if you were born before 1989). Some banks may ask for this as an additional security measure; others may use it as part of their identity verification process.
Consider e-statements vs. paper statements
You can sign up for e-statements from your bank’s website or by contacting customer service. Once you’ve signed up, all of the statements you receive will be in PDF format. The advantage of e-statements is that they are more environmentally friendly and easy to track spending in detail. Some banks offer a discount on the monthly fee if you choose e-statements instead of paper statements. If this applies to your bank account, it could save you money every year!
Set up alerts and notifications to avoid overdraft fees
Setting up alerts and notifications can help you avoid overdraft fees. Overdrafts occur when your balance is negative, which means you have more in transactions than what’s in your account. This happens when you write checks or make debit card purchases without having enough money in the account to cover them.
Overdraft fees are charged when customers use their debit cards or write checks that overdraw the account they’re linked to. You’ll be charged an overdraft fee if you try to withdraw more money from an ATM than is available in your checking account or if a check bounces due to insufficient funds.
Consider getting direct deposit for your paycheck
Your employer will automatically deposit your paycheck into your bank account if you get paid via direct deposit. This saves time for both you and the bank because there’s no need to visit an ATM or branch office to deposit physical checks. Plus, with direct deposit, there’s less risk of overdraft fees since fewer transactions occur simultaneously.
In summary, it’s easy to open a new bank account online. You can choose any bank or credit union that offers what you need—such as low fees and convenient access options—and set up your new account in just a few minutes. Then all you have to do is set up alerts and notifications to keep your money safe and sound!