How Can I as A Beginner Open a Bank Account Online?

Filed in Online Banking by on November 25, 2020 0 Comments

Can I open a bank account online? Yes. Gone are the days of spending hours in the bank to open an account, and now you can open a new checking or savings account from your computer or phone in minutes. You don’t have to go to the branch or print and sign paper forms. It’s all done digitally, and once your account is opened, you can transfer funds and pay your bills online.

How Can I Open a Bank Account Online?

Follow these steps to open your bank account online.

1: Shop Around To Find the Best Bank

Shop around to find the best bank account. Factor in the card type, minimum balance requirements for savings accounts, whether you can bank online or via an app, and any fees, including ATM withdrawal fees, monthly fees and whether the account waives fees if you make direct deposits.

2: Decide Your Type of Account

If you open a single account, you’re the sole owner and no one else can access your money. But with a joint bank account, you share ownership with someone else, usually a family member, significant other or business partner. They have equal access to the account and can use the money however they wish.

3. Apply For Your Account Online

Click Go to site and a new window will open, sending you to the account provider’s website and a secure online application. You’ll need to provide basic information about yourself such as your name, date of birth, address and social security number. Make sure you have this information on hand before you start the application as the webpage can time out and close if you leave your computer unattended for too long.

On completion of an online application for a bank account, you’ll get an email from the account provider with information about what happens next. This email should come within a minute or two after you submit the application to the bank. It may come with instructions on verifying your identity, or you may need to do that first.

READ ALSO: Eligibility and Requirements to Open a Bank Account Online

4. Verify Your Identity

You will need to provide a government-issued ID before you’re approved for an account. Most banks will let you take a picture of your ID with your phone, though some banks require that you verify your identity in person. If you’re already a customer of the bank, you may be able to skip this step.

5. Make a Deposit

Most accounts will require you to make an opening deposit using a debit card or an account and routing number for an existing bank account. If this is your first bank account and you plan to make an opening deposit in cash, you’ll likely need to sign up for an account at a bank branch.

6. Get your Debit Card

If the account you registered has a debit card, it will be delivered by mail after you receive approval – you will find out how long it will take for delivery in the confirmation email. The debit card and PIN are sent to you separately for security reasons. When you receive your card, you need to sign and activate it so that you can withdraw money. This is a simple process that can be done over the phone or over the Internet.

Your account is ready to go. You’ll be able to make deposits and withdrawals, as well as use any other features associated with your account.

Setting up Internet Banking

This lets you manage your money and make payments to other accounts from your phone, computer or tablet. Download the account provider’s app and follow the on-screen instructions to set up your online banking. Switch your direct debits and automatic payments. If you signed up for a checking account, decide if you want to transfer all of your automatic payments to your new account. If so, you’ll need to sign into your existing accounts with your creditors and change your bank account information.

We hope you find this information useful.

To keep you posted, we’d love you to like us on Facebook or follow us on Twitter.

Tags: , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *