5 Simple Steps to Opening a Checking Account Online
Opening a checking account is now easier than ever before. You don’t even have to go to the bank itself to do it anymore. This opens up your available options and makes everything far more convenient. Unfortunately, it can also be a source of confusion. If you’re only used to opening a checking account at the actual bank itself, how do you open one online?
If you’re trying to set up a new bank account online but you’re not sure which bank to go with and how to set up your account, we’ve got you covered. In the following sections we’ll explain what you need to open a checking account online, then we will break down 5 simple steps to get it done.
Can You Open a Checking Account Online?
We all know you can conduct online banking through banking apps and websites. Still, if you need to open a bank account, can that same site or app work for it?
Fortunately, you can open a checking account online with most banks these days. You just need to make sure you have the right
What Do I Need to Open a Checking Account Online?
So, what exactly is it that you need to open an online checking account?
Below we’ve outlined all of the major requirements for opening a checking account online:
- You must be at least 18 or older: You must be 18 years old or older in order to open a checking account without a legal guardian co-signing with you. This is something you have to watch out for because some banks require a legal guardian to sign on anyway even if you are 18. Make sure you’re the right age for your bank’s regulations.
- You’ll need a smart device and/or computer: You will need a smart device and/or a computer to create and maintain your checking account. If you’re going to do all of your banking online it’s most highly recommended that you get the app, so you can conveniently take care of anything you need from anywhere.
- You should also have personal info ready: To set up a checking account online, you’ll need to fill out an application that asks for some personal information. You’ll need the basics like your name and age, your mothers maiden name, and both your email and mailing addresses. You’ll also need more specific info like your social security number.
5 Simple Steps to Opening a Checking Account Online
Onto the main event; how do you open a checking account online? It’s important that you don’t just pick the first thing that you come across because it could literally cost you money in the long run due to fees or difficult access. Further, some banks may be better than others
Below we’ve put together 5 simple steps that will help you pick the best bank for your needs and open up your checking account online:
Decide on Which Bank to Use
Before you do anything else, you must first pick what bank best serves your needs. That’s why it’s best to survey several banking options before you land on one. In the long term it will ensure you receive the best deal possible and don’t needlessly spend money on extra fees.
Some things to keep in mind when you’re trying to decide on which bank to use, include:
- Account type: What type of bank account would you like to have? Will it be a personal account just for you or a joint account for you and your partner? Are you trying to set up a business account? These questions are important to ask because banks will vary as to how good they are for different types of accounts.
- ATM availability: With ATM fees, you’re essentially paying to get your own money. If that happens every once in a while when you’re out of town it may not be a big deal, but if there are no ATMs for your bank in your local area, the money can add up fast. Check out a bank with ATMs in your area, or one like USAA that reimburses you for ATM fees.
- Account fees: Account fees can vary by bank. Many banks require you to use direct deposit or pay a small fee once a month to keep your account open.
- Credit unions: Another aspect of your prospective bank you should look for, is the local credit unions. With a good credit union, you’re likely to get a much better deal on things like banking and borrowing fees. Additionally, you may be able to have a higher savings rate to build up your money overtime.
- Additional features: Check to see how many features they provide. You can look at how much of your money will be insured by the FDIC, as well as other features like overdraft protection. Weigh the bonus features and try to decide which is best for you.
Along with each of these factors, you should also keep in mind what the terms and conditions of the bank are. You may find that when you read the fine print, a bank that seemed really good doesn’t fit.
Ensure the App for the Bank is Reliable
Because you’re trying to do everything online, it’s really important that the bank not only be good, but that it’s app or website is also reliable. There are some banks out there–particularly small local ones–that consistently have problems with their app crashing or giving off errors.
Now, you might be wondering, “how do you know if a bank’s app is good if you can’t really use it until your account is set up?” Well, the answer doesn’t lie in you using it yourself but in checking out what other people who’ve used it have to say.
What we mean is you should take a look at the app’s reviews before you decide that a bank is right for you. If there is any consistent problem with it, it will undoubtedly appear in multiple reviews. It’s best to do this in the app store you plan on downloading it for, in case there are problems that are specific to a smart devices OS (operating system).
Things to look for when you’re trying to pick a good app include:
- Compatible with your smart mobile device: Ensure that the bank you’re using is compatible with your mobile device, so you can get the convenience of doing banking anywhere.
- Easy depositing system: Some apps are better for depositing than others. Make sure you check for complaints about a faulty depositing system when you’re trying to pick the right bank.
- Automated payments: Another common source of issues is the automated payments. With the ability to set up automated payments on the app you won’t ever have to worry about missing them. If there are a large number of complaints in the reviews stating that the app stopped automated payments without notification, it’s time to look elsewhere.
Apply for an Account on the Bank App or Website and Verify ID
Applying for an account is a pretty straightforward process, however there are some things you should know ahead of time to allow the process to go smoothly.
The first thing is that you typically have to do it one the bank’s site itself rather than just the app. Fortunately, most apps will have an icon you can click to go to the main site in your smart devices browser. Of course, you can always go straight to the site and just use your login information to get there as well.
Next, you should have your personal information ready to go so you can punch it in. Fill out the application with it and then submit the whole thing.
Finally, once everything is turned in you should receive an email from the bank itself. Depending on the bank, they may provide you with a few additional steps you’ll need to take. One of those is always verifying your identification by faxing or taking a picture of your ID and sending it in. The specific bank you have may vary on what kinds of ID’s they accept.
Make Your Opening Deposit
When you first open your bank account, the bank will require you to make an initial deposit to actually activate it. This can usually be done by simply taking a picture of a check in the deposit mode on their app.
That said, it’s important to note that some banks only allow you to verify your identity by physically coming in with your drivers license or equivalent ID. Usually you can find out what your bank needs by looking at the FAQ section. You can also call them if you want to take the most direct approach.
It’s always good to double check because if you already have done banking with a certain bank in the past, they may waive the need to physically stop by.
Activate Your Card and Ensure Everything is Working Appropriately
Of course, you should also be receiving your debit card shortly after you’ve made that deposit. You can activate it in a variety of ways. Still whether you choose to do it over the phone, through the app or on the website, it is generally a process that only takes a few minutes to complete.
Once your card is activated, the app is installed and you’ve got money in your account it’s time to double check that everything is working the way it should. Try using the functions on the app that are relevant for you, and go out and make your first purchase with the card.
If you do happen to run into any problems, you can contact customer support, or go to your bank’s site and check the “Frequently Asked Questions” section.
If everything seems to be in working order, you should be ready to go! Now all that’s left is to start building up your account.
So Really, How Do You Open a Checking Account Online?
If you’re over the age of 18, opening a checking account online is an easy, convenient and effective way of doing it. Still, before you decide which bank you want to open your checking account with, you should make sure that they have little to no fees, a good mobile app and terms and conditions that are compatible with your values.
Once you find the right bank it’s as simple as going to their website and filling out an application. You’ll need your legal name, mothers maiden name, social security number and a valid form of ID accepted at the bank you’re applying to. After everything is said and done you can deposit some money in your account, activate your card and get busy with your finances!
