The Process of Opening a Bank Account

Banks offer a range of products to help customers manage their money securely. With the right bank account, you can greatly simplify the way you receive and distribute payments. Banks have varying procedures for new customers seeking to open an account, but there are several commonplace requirements of new account holders.

Product Selection

Bank accounts cater to a wide demographic of consumers. Choosing a bank account that works best for your lifestyle is the first step in the process of obtaining a bank account. For example, checking accounts for young adults may come with no monthly maintenance fees, but have limited features such restrictions on teller transactions. Talk to your bank representative to discuss the details of products if any of the information appears unclear.

Choose an Application

There are multiple ways to submit an application for a new bank account. You can apply in person at a bank branch, online and by mail. Online applications usually require customers to print and mail a signature page along with supplementary documents. When you apply in person, your bank teller or customer service representative is generally available to explain how your account works and answer any questions you have on the process. Applying in person at a bank is the fastest method of obtaining a new bank account.

Supplementary Documents

To open a bank account, two forms of government-issued identification are required. You can make copies of this documentation to send in with your application, if applying by mail, or bring them in to your local branch office. Business accounts require registration paperwork. For example, an LLC owner should have a filing receipt from the Secretary of State. Sole proprietorships with a fictitious business name must show a “DBA,” or Doing Business As, registration with a city or county before an account can be opened in the company name.

Initial Deposit

New account holders finalize the process of opening a new account with an initial deposit payment. Required deposits range depending on the type of account you select. For example, if you open a high-performance or interest-bearing account, your opening deposit may be in the thousands. On the contrary, opening an account targeted to young adults may mean that you are not required to make a deposit at all. Review the disclosure statement that came with your application to learn minimum deposit requirements.