How to Open a Basic Bank Account in 4 Easy Steps
Most people fully understand the importance of banking. After all, you don’t have to be a rocket scientist to appreciate that banking helps keep track of finances. This doesn’t change the fact that opening a bank account can be confusing. There are so many alternatives to choose from that it’s easy to get lost in all the red tape and bureaucracy.
There’s Nothing to It:
Certified Financial Planner Justin Pritchard explains that “Finding and opening a bank account can seem intimidating, given the sheer number of options out there. Fortunately, most banks and credit unions follow a straightforward process. Getting your account open is just a matter of picking a bank, providing certain details, and funding your account.” Here are a few quick tips on what to do when opening a bank account:
1. Save Up Some Money First:
Even though banks are a convenient resource in life, opening a bank account without money to deposit is counterproductive. Banks charge plenty of fees for their services, so don’t open an account unless you have enough money to reconcile those fees.
2. Browse All Available Options:
There are many different types of banks to choose from. And the right one for you depends on your personal situation. Visit different websites to see what banks have to offer. At the very least, make your selection based on the following criteria:
▪ Interest rates on their accounts.
▪ ATM Fees.
▪ Minimum Balances.
▪ Online Services.
▪ Number of Branches.
▪ Maintenance Fees.
3. Read Customer Reviews:
Banks often have very attractive advertising, but actions speak louder than words when it comes to financial services. Never deposit money into a bank account unless other customers have positive recommendations about the bank. Transacting with an unethical bank can put you in a difficult position.
4. Clear Your Calendar to Open an Account:
Whether it’s online, or in person, actually opening a bank account takes time. Expect to fill out lengthy application forms as you go through the vetting process.
Managing your money through banking is an important part of financial literacy. As soon as you find a suitable bank to work with, don’t forget to explore all of the amenities they provide. Beyond just holding your money, banks can help coordinate a variety of needs such as lending, retirement-planning, record-keeping and so on. If you like what you just read from our blog, you’ll love the various informative courses, workshops and events listed on our websites and social media. Whether you’re interested in personal development, or overall improvement of your business, give us a call at 1 (888) 823-7757 to find out how The RISE Academy can help you break past your daily struggles and start soaring in success.