| If you are looking to open your first bank account, | | | | monthly fee, it might have a higher per-transaction |
| or to opening another bank account, then you will | | | | charge. It might not allow you certain functions that |
| want to follow these simple steps. | | | | you need, which might include check-writing. Read all |
| 1. Choose a banking institution. | | | | of the fine print before you sign up for an account. |
| Ask your friends and family where they bank and if | | | | Remember that banks might offer you lower |
| they like it. What services are important to you? Do | | | | introductory rates, which will rise at the end of a set |
| you want 24-telephone banking? Is it important that | | | | period (sometimes three or six months). If you |
| they have lots of ATM machines (automated teller | | | | choose to take advantage of the low introductory |
| machines)? | | | | rates, or of a free introductory period, and you |
| You might also consider opening your account at a | | | | intend to change your plan at the end of this period, |
| credit union. A credit union is a smaller banking | | | | be sure to write a reminder on the calendar. |
| institution that is limited to a certain segment of the | | | | 4. Provide your Information. |
| population (sometimes by region or employment). | | | | You will need to bring identification with you to open |
| Credit unions often offer higher interest rates on | | | | up your bank account. They will probably ask for |
| investments and lower interest rates on loans; they | | | | photo id, such as a drivers license or passport. You |
| can afford to do this because they are non-profit | | | | will also be required to provide your social security |
| organizations who are taxed differently than banks. | | | | number or social insurance number. If you are |
| There are some disadvantages, however, including | | | | planning on opening up a bank account for your child |
| fewer ATM, sometimes shortened store hours, and | | | | who doesnt have this information, call your bank to |
| possibly a difference in services. You might not even | | | | see what options you have. Often, you can open |
| know that you are qualified for membership at a | | | | your childs account with your information. |
| credit union, so consider doing some research. | | | | 5. Read the contract. |
| Consider which location of your bank is closest to | | | | Read the contract for the account before you sign it. |
| you and will be most convenient to have as your | | | | You want to see if there are any extra hidden fees. |
| branch location. | | | | You also want to be sure that you understand the |
| 2. Choose your account type. | | | | commitment you are making to the bank. Opening a |
| The two most common account types are checking | | | | bank account is a big deal and you want to know |
| and savings. Go to your banks webpage to see what | | | | what you are doing. Be sure to ask for clarification on |
| benefits they offer for each account type. They | | | | any points you dont understand. The bank will be |
| probably offer more than one savings account and | | | | pleased to help you. |
| more than one checking account. Do you qualify for | | | | 6. Get your card. |
| any discounts, perhaps the student account, or the | | | | The bank will give you an ATM card. This might be a |
| seniors account? These often have comparable | | | | temporary card that is replaced by one you get in |
| benefits to regular accounts but with lower prices. | | | | the mail, or it might be your permanent card. If you |
| You will also probably get to choose between a | | | | opened a checking account, you might get checks to |
| passbook or statement based account. If you want | | | | use. Again, these might be temporary checks until |
| to have your account updates mailed to you | | | | you get your real checks by mail. |
| regularly, choose to have statements sent to you. | | | | Your banker will show you how to use your card, |
| Find out the benefits of your account: will you be | | | | and might take you through an instruction on how to |
| able to do online banking or telephone banking? Can | | | | use the ATM if you need help with that. You will be |
| you set up automatic bill payments? Ask about extra | | | | able to set your own password for your card. |
| features that can make your banking life easier. | | | | Once youve followed all of these steps, |
| 3. Dont just look at the price. | | | | congratulations! You have a bank account! This is an |
| Sometimes a lower monthly fee is not the best way | | | | important step in being able to handle money well. |
| to judge an account. If your account has a lower | | | | |