The Process of Opening a Checking Account

L ike any other banking process, opening a checking account is a three-step process that you must complete before your account is up and running. You can open the account at a local bank or from a credit union. Follow these steps to get your checking account, and start enjoying the services. Step 1 You need to find the right bank or financial institution. With many banks in the market, it is possible to land in an institution that can charge higher for its services or impose rules that may be inconvenient for you to follow. Therefore, just as you would visit several stores to get a better deal on a commodity, so it happens with banking processes. To narrow your search, look for a bank or a credit union that offers the following benefits: • It should offer reasonable rates for monthly maintenance or service fee. This should be under five dollars. • It should offer free use of ATMs that are within its network and other ATM outlets where you need them. • It should offer no monthly fees for using debit cards • It should charge no overdraft fees • It should maintain low minimum balance and initial deposit requirements In addition to the mentioned tips, you need to ask for and review disclosures about any fees charged. This is because some banks can charge higher fees for: • Not following their terms and conditions • Replacing a lost debit card • Withdrawing money from ATMs outside their network • Users overdrawing their accounts After exhausting the first step, you move to step two, where you fill the application form. This step is usually easy, as the firm requires just basic information such as your names, contact, number, residence, and date of birth. The third and final step is making your first deposit to your account, after which your account can be up and running. This step completes the process of opening your checking account.