Education Education is an important medium of acquiring skills and knowledge. Our education begins at home. Thereafter, as we grow we go to schools, colleges and other educational institutes.
We need money to make our living. With the advancement of science and technology, our needs have increased. Besides the basic needs of life such as food, shelter and clothing, we also need other comforts such as mobile phones, air-conditioners, car, etc. A fulfilling career ensures a satisfied life.
Opening a bank account can seem intimidating. Fortunately, most banks and credit unions follow a process similar to the one described below. Getting your account open is really just a matter of providing certain details and funding your account. Once the formalities are done, you can start using your account — and save time and money.
Use the checklist below as a roadmap. You’ll know what steps you need to take, and you’ll get tips to help you complete each step.
You might already know where you want to bank. If not, shop around. Start by finding the best match for your immediate need (a checking account, for example). As you compare institutions, be especially mindful of fees that can eat into your savings.
There are three basic categories of banks:
Banks, including community banks and big banks: These might be well-known brands in your local community (or nationwide), and they offer most of the basic services you need. Local and regional banks tend to have more friendly fee structures, but it may be possible to get fees waived at big banks.
Credit unions: A credit union is a customer-owned financial institution that provides many of the same services and products that banks provide. These organizations often have competitive rates because they aren’t necessarily trying to maximize profits. But that’s not always the case — so review fee schedules carefully.
Learn more about credit unions and how you can join one.
Online banks and credit unions: Some institutions operate entirely online. There’s no branch to visit (or pay for), and you’ll handle most service requests yourself. If you’re comfortable with your computer or mobile device — and most basic banking transactions — an online bank can help you earn higher interest rates on savings and get free checking.
The easiest way to open an account is to visit the institution’s website. Search for the bank on Google, or visit the website listed on the bank's marketing materials (be careful when you type in the web address — impostor sites with similar names may exist).
The advantage of opening accounts online is that you can do it at any time, from anywhere. However, if you're only comfortable opening accounts in person you can simply show up at the branch during business hours. Before you leave the house, be sure to have the following items ready:
- Identification (government-issued ID like a driver’s license, passport, military ID)
- Your Social Security Number or similar
- Your physical and mailing address
- An initial deposit (if required at the time of opening)
Step 3: Pick the Product You Want
Any financial institution will have a variety of account types and services that you can choose from.
Banks often give their products unique names that can be confusing, but they’re basically products at every institution:
