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Need a Bank Account?
Posted on April 9, 2009 by MANIFEST ME! in Banking/Money/Finance, GeneralSo you need to open up a bank account?
There are a few things that you need to know.
What age do you have to be in order to open up a bank account? 18, in most cases, that’s if you want to be the only one on the account. You do have the option to open up an account with your parent/guardian.
(Personal Experience: I open up my first account when I was 13. It was a Savings account and my fathers help me to open it up. They allowed me to withdraw funds with his signature. But, it was my account
and he respected that. I wanted to save money to go on a trip. It was pretty neat!)
What do you need to open up a banking account?You typically need two forms of I.D. such as a state issued I.D. or Drivers License and your Social Security Card.
(Personal Experience: When I was a teenager my father always made sure we were current on a state issued identification card. So, if you don’t have an I.D. go to your local DPS office and get one for a small fee.)
What type of bank account should you open?It depends on it will be used for. There are several account options available to you but the two most common accounts are a checking and savings. In these two account categories fall many option. So, check with the bank of your choice to see what type of Checking and Savings accounts are available and what is needed to open & maintain your account. You need to know the requirements, fees, etc to keep you account in good standing.
Is there an opening deposit? The opening deposit depends on the banking institution of your choice. Some banks run specials to wheel you in while other banks may not. So be sure to check to see if the banking institution of your choice is running any specials with the opening deposit. Check for free gifts too!
Do banks check your credit?It is not usual for a banking institution to perform a credit check when opening an account. What is normal is for a institution to check CheckSystems or TeleCheck or some other type of check system when opening account. If you have had an bank account or a check to go bad it may be reported to a check system program which then you can be denied of a bank account.
What if I am denied an account?If your personal information is in Check System and you have been denied a bank account then some banking institutions have alternatives. Some having checking accounts where they do not check any check system service and will not issue a check but they will issue a debit card. In some cases the banking system can vote on whether or not to extend and account to you even though your personal information is in check system and the cause is justifiable. It all depends on the banking institution in which you chose. Be sure to check to see what options are available to you.
Banking Alternatives:
There are times when you have been denied a banking account and you really need to have an account badly. You may have job that required direct deposit or need to build your credit. In this case you do have banking alternatives.
I recommend personally, Account Now VISA or MASTERCARD Debit. I have a banking account and have had one for many years. But, when I learned of the benefits that this debit card offers, I thought I would get one just because of the benefits.
#1 It is free with direct deposit. There is a 9.95 activation fee but it is free when you sign up for direct deposit.
#2 You can manage it online and it has free bill pay. Bill pay is awesome! Being able to access my card at any time is a plus!
#3 No hidden fees! This is like it was to good to be true, but truly there are not any hidden fees. I compared this card to other prepaid debits and found out that you are way better off getting an Account Now Debit Card. Many charge for calling customer service, you don’t get charge for making a customer service phone call with this card!
#4 Free credit builder.This is one of the main reasons why I wanted the Account Now card. It will help build your credit. If you use the free bill payers, when you pay your bills frequently and it reports it that you are paying your bills ontime. Which builds your credit and it is not even a credit card. This is an AWESOME thing!
#5 Money when you need it. Here is another reason why I got a card! Forget about having to need one of those costly payday loans. If you have any type of direct deposit on your Account Now card, you are able to get a low interest loan and you are autmactially approved when you have direct deposit. I am serious, you get money when you need it within seconds. The money is avaliable to you and the interest is unbeatable!
Oh and NO overdraft fees & No CheckSystems!
I wanted to see for myself how this card works. I have seen it advertise and I had no need for it. But, I could use it to do the things that I do periodically like borrow money, for one. Then to have a free credit builder with no strings attached is another great reason.
Account Now is a great alternative when you need an account. You get all the benefits of a regular banking account! They have excellent customer service. I use it for something personal just to take advantages of the many benefits that this card has to offer.
TaWana S.
This is not a paid post!
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