Do I Need A Bank Account?
For most working adults, the answer to that question is yes. Having a bank account can be very useful as you go through life, and it can help you many ways, especially as you begin to build your credit history.
Opening a bank account is relatively easy for most people. You will need some documents when you go to open your account. At a minimum you must provide proof of your age, address, and legal status. This is true whether you open a bank account in person, on the phone, or on the Internet. Legal documents can be a valid driver’s license, birth certificate, or state ID card. You will also need a social security number in most cases.
You should have these papers with you when you go to the bank to open the account. Most banks can service you within thirty minutes or so. If you are planning to open a joint account, both parties should be present, and both parties will need the same papers. In other words, you both must provide the documents that you need.
Before you go to the bank, you should decide what kind of account you want or need. The most popular account and the most useful is a checking account. This type of account allows you to deposit money and write checks. Some banks offer interest-bearing checking accounts, which allow you to earn money on your deposit.
Some banks will require a minimum deposit in order to open the account, others will not. Some banks may charge a small fee to help cover the cost of your checking account, but other banks offer free checking. Whenever possible, choose the free checking option.
If you want to save money, a savings account may be the way to go. These accounts allow you to deposit money and the money will earn some interest. The longer it stays in the account the more interest it will earn. You are allowed to withdraw this money if you need it, but it is always better to let it stay in place if possible.
For those who have access to one, a credit union is another option. Credit unions act a lot like banks and they have many of the same services that a bank has.
If you wish, you can open an account with an online bank. If you decide to do this, make sure that you check the bank out carefully before you send any money to them. You want to visit the online area and read their policies carefully. Of course, in order to get the most out of an online bank you will need an internet connection and computer.
Many local banks also offer online banking and that is something many consumers find useful. This allows you to do your banking without having to go to the bank in person. Online banking allows you to make deposits and withdrawals and it allows you to keep up with your account on a daily basis. It is simply a matter of logging into your account to view your current status. Many people find online banking extremely useful.