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