With so many banks having an online platform that allows customers to access their accounts (via tablets) and also encourages new customers to sign-up, opening a new account has never been easier. It is important to note from the onset that opening an account online doesn’t in any way or form imply that the bank is an online entity, as a matter of fact, the banking sector is one area which has been able to seamlessly adopt the online market space while still retain their brick and mortar outlets. In this regard, you are able to sign-up for an online account in virtually all the major banks in the US and you will be able to enjoy all the available services that someone who registers in person will enjoy. Here are some vital tips on how to open a new bank account online easily and fast.
The first thing you need to do is to choose the institution that you want to engage. Do an online search; ask friends and relatives before you decide on the best bank to deal with. It is important to note that the type of account that you want will also play a major role in helping you decide on the bank of choice. Whether you want a free checking account or a savings account or whether you should use a credit union will tilt your decision to a bank of choice. Have a look and find an institution that has the features you want and offers competitive rates. Check out what you can accomplish online from the bank. Be on the lookout for any fees being charged for online bill payments as well as other features such as mobile check deposits.
Once you have decided on an institution (check out Bankrate.com for suggestions), you should make a point of visiting their website. Search for the bank on Google; be very careful when typing the web address since there are usually very many impostor sites for banks with similar names. One of the key advantages of opening an account online is that you can do it anywhere and anytime.
On the financial institutions site, there is bound to be a variety of account types and services which you can mix and match. These usually include savings accounts, checking accounts as well as loans. If you want to keep a relatively low balance on your account, and then make sure you get an account with a small or zero minimum balance. Checking accounts are ideal for keeping money that you will be spending soon , savings accounts are ideal for money you don’t need right away and you want to earn some interest. Money market accounts on the other hand are ideal for large balances and give you limited access to the funds.
In order to open an account, you will be required to provide some sensitive information to the bank. In this regard, be ready to provide some simple details such as your date of birth, your name as well as identification numbers or your social security number if you are in the US. You should also be prepared a valid government ID such as a passport or drivers license. For an online application, you will be required to type in this information into a text box. In certain instances you may be required to send copies of these documents to the bank.
Once this has been done, you will be expected to agree to the terms of the institution. You must agree to abide by certain rules and regulations as well as also accept responsibility for certain actions. Make sure you read through the terms and responsibilities and acquaint yourself with the rules and regulations before you click on the “I agree” button and moving to the next step. Even though banks are improving with disclosure, there is still some significant amount of information that’s still buried in the fine print details and one should no effort when reading through the details. Make sure you are well informed on the fees being charged to your account and also understand when and how your funds can be made available.
Once you have provided all the required information and read through, then you shall be required to print, sign and then mail a document to the bank before the account is opened. It is important to mention though that even though a large number of banks use electronic disclosure and consent that’s considered legally binding; they may still demand that you mail the completed and signed documents before the account is activated. However, other banks may accept copies of these signed documents and activate your account.