Opening and funding your account

Please follow and like us:

  • 0
  • Share

Opening a new bank account is quick and painless when you know what to expect and how to prepare. You can even do it from the comfort of your home, perhaps in your pyjamas, but in some cases, you may have to throw on some better threads and step into a branch, according to https://www.nerdwallet.com.

Having the required documents and tying up any loose ends will save you time and money when you go to open a current or savings account. Here is what you need to know for a smooth process.

Hopefully you have chosen a bank account with low fees and good rates. Applying and making your first deposit should not be a problem if you have an account someplace else; you simply arrange a transfer of money from that existing account.

However, if this is your first time banking, contact the new bank to ask about its policies. Some will let you open an account and fund it later, but often they will require you to open the account in person and fund it with cash or a cheque.

Providing the right information

Regardless of how you open an account, the information you will be asked to provide will be much the same. Here is a checklist of the general requirements to open a bank account:

Identification: You will need to provide a valid, government-issued photo ID, such as a driver’s licence or a passport.

Personal details: You will likely need to provide other basic information to verify who you are, if it is not on your identification, such as date of birth, phone number and email address.

Money: Online, transferring funds from an existing account or submitting a money order will do. Cash or cheques are acceptable at most branches.

The other applicants, if you are opening a joint account: Because this account is owned by multiple people, all owners’ information is needed to set it up. Online, this may just mean you need to have their information handy when filling out the application.

A parent, if you are not yet 18: Minors usually must have a parent or legal guardian as a co-owner who can sign legal documents with the bank.

 

Facebook Comments

Please follow and like us:

  • 0
  • Share

Leave a Reply

Your email address will not be published. Required fields are marked *