When you think of opening a bank account, what comes to mind? A lot of paperwork may be, submitting too many documents, and spending the whole day in the bank. Well, it is important to understand that with the invention of technology, opening a bank is now very simple and does not require one to follow too many procedures to be successful. Explore this article and learn some of the simplest ways which you can use to open a bank account in very few minutes.
Open a Bank Account Online
One of the simplest ways of opening a bank account is doing it online. Nowadays, people do almost everything online, including making big purchases, booking travel, and even applying for a job. With only a few clicks, one can get a bank account online.
Opening a bank account online is free; you can open both checking and savings accounts without making any deposits. However, some banks will ask you to deposit a minimum opening deposit depending on the type of account you are opening.
While opening the account online, the first deposit can be made using a blank cheque or transfer the money to a different account and a debit or credit card to make the first deposit.
Online Account Opening Requirements
Now that you know that online bank opening is the simplest method to get a bank account, it is important to know what is needed to get it online easily. Once you have made a decision on which bank you want to get an account from, it is important to ensure that you fill in your application online, which tends to be different depending on the bank. However, all the banks must ensure that your identity is well verified before proceeding with the account opening. According to the professionals at SoFi, “Some banks, however, may require an actual signature (rather than an e-signature) and will send you welcome documents in the mail that you can sign and send back. Once received, the account will be fully open.”
Creating an online bank account requires one to submit their driver’s license or a government-issued identity card that they can use to verify who they are. You also need to submit the Individual tax identification number and a blank check or debit/credit card to make the first deposit, especially for the banks that ask for a minimum bank balance.
How to Open a Bank Account Online
- Visit your preferred bank’s website
- Choose the type of account you want to open. It can be a current or a savings account
- Fill out the online application paper with all the necessary details that are required
- Give the banks all the necessary details needed to help you get an account.
- Follow and check the approval process, which might take longer depending on the bank’s rules and regulations
- Make the first deposit, depending on the account’s requirements. The deposits can be made using a different account or through cheques.
Understanding the requirements needed to open an online bank account makes it easy for you to choose the best account that you would like to invest in. It is easy to open an online bank account, especially when you have all the requirements.
