How to Set up Your First Checking Account

Simple Steps and Questions to Ask

Checking accounts are a great way to store and manage your money. They are vitally important in today’s society. But it can be overwhelming to set one up. Choosing the right bank, asking the right questions, there are so many fine details to setting up a checking account that you need to understand make sure you are getting the best possible deal.

Before you set up your checking account, you should take stock of your financial situation. How much money do you have? This will help you to determine what type of account you should get and what bank is right for you. Next, you need to choose a bank. Do research, The bigger bank chains offer convenience and amenities smaller banks cannot, and they also have solid reputations. Another important factor when choosing a bank is location. There need to be bank and ATM locations easily available within your area so you can take out money.

Go to the bank and talk to a representative about the services offered and types of checking accounts. When you set up a checking account, there are a few different types. With a checking account, you will be able to deposit and withdraw money from your account, and you will get a checkbook with your name on the checks that will draw money from your checking account to pay your bills. You may get an ATM card to withdraw money or a debit card that you can use like a credit card version of a check. Some checking accounts can earn interest or be linked to your savings account, if you have one.

Checking accounts can have fees and service charges, so it’s important to be aware of your bank’s policies when dealing with your account so you don’t get charged for overdraft (writing a check for more money than you have in your account) or minimum balance.

When you open your account, you will need to fill out some paperwork. You will need to verify your identity (a driver’s license, passport or birth certificate will do) and proof of address (phone bill or other certified mail).

Once you’re set up, order your checks and debit card. Once they arrive, you can start using your account.