Ways & How

How to set up a bank account

How to set up a bank account

By the time you reach the legal age of 18, you will feel the need to be responsible for yourself. This includes being able to provide for your needs and contribute to the needs of your family. This should prompt you to look for a job, which will help you achieve your goal of breaking free from the shadows of your parents. Although, it is not expected that you become ungrateful to them for all of the hard work and sacrifices that they have invested on you. A great way to show that you are thankful to your parents and to prove to them that you can stand on your own two feet is by knowing how to set up a bank account. The savings and pay you receive from your job will now have a safe place and you can account use it for your future. Here are the steps on setting up your own bank:

  1. Choose the most convenient and trustworthy bank. There are a variety of banks you can choose from. Research and go through the banks that are nearest and most convenient to you and learn about their services. Also, choose a bank that offers Internet banking so that it will be easier to transact business even from your home.

  2. Visit the branch of the bank of your choice. After deciding which bank to open an account with, it is advisable that you visit the branch of the bank that is nearest you to in order to process the account opening. This will also be a way for you to ask and inquire on the procedure and requirements before you can actually open your account.

  3. Prepare all of the necessary requirements. More often than not, there will be a need for you to fill up the bank identification form in two sets. The form involves questions that are based on your personal and employment identification, such as your home and present address, contact information, social security number, current employment and your signatures. The bank also requires you to present two government-issued identification cards as proof of your identity. All the IDs you present must be up-to-date and unexpired when you present them to the bank. Some of the identification cards you can present to the bank include your driver’s license, passport, social security number card and senior citizens card. You also have to prepare photocopies of your documents and IDs to ensure fast processing as the bank may ask for them.

  4. Approach the ‘new accounts’ clerk on your next visit. The person in charge of the ‘new accounts’ section is responsible for receiving all of the documents you have brought and will guide you through the process of opening your account. He or she should also ask you to fill out another set of documents and signature specimen cards.

  5. Pay, when necessary. There are certain bank accounts where you will be required to pay for a certain amount or deposit money, which becomes your maintaining balance. Keep this amount in your account so that you will not incur penalties.

    After paying for the necessary payments, you should be prompted by the clerk that you have successfully opened your very own bank account. You should be given either a passbook or an Automated Teller Machine or ATM card, which you will use in any future transaction.

How to set up a bank account is a very easy-to-answer query, which can be answered through Internet research or through visiting the branch of the bank nearest you. You will be able to understand and follow these easy-to-do steps when you pay them a visit.


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