How to Open a Checking Account | Chase (2024)

A checking account is typically used for everyday transactions and purchases. With a checking account, you can deposit and withdraw money (either through the bank or an ATM), write checks, pay bills, and make purchases with a debit card.

There are different types of checking accounts to consider when deciding which is right for you, so it’s important to understand the benefits of each. When you’re ready, opening a checking account can be relatively easy if you’re prepared with the right information and documentation.

What do I need to open a checking account?

There are a few documents you will need to open a checking account whether it is online or in-person. Banks and other financial institutions may have different requirements for opening a bank account. If you are a U.S. citizen or non-U.S. citizen residing in the U.S., here’s a list of a few documents you may need to open your account. However, check with your financial institution to determine what documents you will need.

  • Identification.This could be a valid:
    • U.S. government issued photo ID, driver's license or state ID
    • Social security cardor individual taxpayer identification card
    • Passport with photo
    • Birth certificate (minors only)
  • Proof of address.It must show your name and address of your residence. This could be current and valid:
    • Utility bill,bank statement or credit card statement with name and address
    • Employer pay stub or pay check with name and address
    • Mortgage or lease documents
  • Opening deposit.You may need to provide the deposit at the time of application if the bank has a minimum opening deposit requirement. If so, you can typically do so with:
    • Debit card
    • ACH transfer
    • Cash
  • Application.To open a checking account you will likely need to complete an application for approval either in-person or online.

What to consider before opening a checking account

Before you apply for a checking account, it’s important to know the potential upsides and downsides of different types of accounts. This may help you decide which account is right for you. Here are some factors to consider:

  • Checking account perks.Premium checking accounts may offer perks you'd typically have to pay for, such as checks, official checks, money orders, waived out-of-network ATM fees or a no fee safe deposit box, if offered by your bank. Rewards checking accounts allow you to earn points or cash back through purchases with your debit card.
  • Service and ATM fees.Depending on the account, you may have to pay monthly service or maintenance fees. There may be options to waive the monthly service or maintenance fee if you meet certain requirements. Other fees such as out-of-network ATM fees or overdraft fees and other miscellaneous fees may apply.
  • Fund access.The benefit to checking accounts is that you can access your funds through a debit card or checks.However, because some checking accounts have minimum balance requirements to waive the monthly service fee, consider how important it is for you to have access to all your funds on demand.
  • In-person vs. online.Some checking accounts through traditional banks give you access to brick-and-mortar locations you can visit for assistance, account management and transactions. Others, like online or checkless accounts, are online only. Weigh whether it’s important to have access to a real person vs. conducting all of your needs online or over the phone.

You should also consider the differenttypes of checking accounts.Whether it be student checking, college checking, or a traditional checking account, each plays an important role when it comes to managing your finances.

Checking account features to look out for

In addition to checking account requirements, there are a few steps to take to open your account and get it all set up.Because there are several types of checking accounts available depending on your financial goals, it’s important to do research and compare your options before choosing one.

First, think about which services, perks, and checking account features are important to you—and which aren’t. Also consider potential downsides like monthly service fees, withdrawal fees, and minimum deposit requirements.

Where to get a checking account

Another consideration is having an account through a traditional bank, a credit union, or an online bank. Think about whether having an in-person place to go is a requirement for you, or if you are comfortable managing your account completely online.

How to Open a Checking Account | Chase (2024)

FAQs

How will you open a bank account answer? ›

How To Open A Bank Account In India Online?
  • Step 1 - Choose a bank in which you want to open your account. ...
  • Step 2 - Visit the bank branch or its website. ...
  • Step 3 - Choose a suitable banking product. ...
  • Step 4 - Provide relevant information and documents. ...
  • Step 5 - Agree to the terms and conditions of the bank.

What is required when opening a checking account answer? ›

Your Social Security number. A valid, government-issued photo ID like a driver's license, passport or state or military ID. A minimum opening deposit of $25 to activate your account (once you've been approved).

How do you open a checking account step by step? ›

Gather your important information (ID, proof of address etc.). Fill out an application online or in person. Pay your opening deposit (if required). Start using your checking account.

What are 3 questions you should ask when opening a bank account? ›

9 questions to ask before opening a bank account
  • What are the bank's fees? ...
  • Where are the bank's ATMs? ...
  • Is there a minimum balance required? ...
  • What's the accounts' interest rate? ...
  • Does the bank have good customer service? ...
  • Does the bank have online banking and a mobile app?

What are 3 things you do to open a bank account? ›

To open a bank account, you'll need to first choose a bank and provide it with some necessary information, including your identification and proof of address. You'll usually need to be 18 to meet the bank's eligibility requirements. Finally, you might need to fund the account or have a minimum balance to avoid fees.

Why banking best answers? ›

Sample Answer:

The banking industry is lucrative and plays an important role in our economy. It offers challenging roles and opportunities to develop skills and knowledge. The dynamic nature of the industry and its relevance in the economic scenario is why I want to pursue a career in the banking sector.

What is a good reason to open a checking account? ›

Opening a bank account can be one of the most important steps you take toward reaching your financial goals. Why? Because putting your money in an FDIC-insured bank account can offer you financial safety, easy access to your funds, savings from check-cashing fees, and overall financial peace of mind.

What do banks look at to open a checking account? ›

The minimum information that banks are required to get from account applicants are name, address, date of birth and an ID number.

What are 3 factors you should consider when opening a checking account? ›

  • Insurance. You should verify that the bank or credit union where you open an account provides insurance from either the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). ...
  • Minimum balance requirements. ...
  • Fees. ...
  • ATM network. ...
  • Interest and rewards. ...
  • Mobile app features.

What is the easiest way to open a bank account? ›

To open a bank account you usually have to fill in an application form. Often, you can do this in a branch or online, and sometimes you can also do this over the phone. You will also have to provide proof of your identity including your full name, date of birth and address.

What are the basics of a checking account? ›

A standard checking account is a basic checking account you can use to pay bills, write checks and make purchases using a debit card. This type of account may have minimum balance requirements, meaning you need to maintain a certain balance daily or monthly to avoid paying a maintenance fee.

How to open a bank account for dummies? ›

The process of opening an bank account
  1. Money. Most banks have a minimum amount of money required to open an account. ...
  2. Identification. You'll need ID with your current mailing address on it, such as a driver's license or passport. ...
  3. Social Security number. Banks are required by law to have this information on file.
Mar 26, 2016

What are the 7 steps to open a bank account? ›

7 steps to take to open a savings account
  1. Choose how to apply. ...
  2. Gather your identification. ...
  3. Provide contact details. ...
  4. Select a single or joint account. ...
  5. Accept the terms and conditions. ...
  6. Submit your application. ...
  7. Fund your new account.
Nov 20, 2023

What is the most you should have in your checking account? ›

Most experts suggest keeping one to two months' worth of expenses in your checking account at all times. For example, say you have $5,000 in bills every month. That means you'd want to consistently keep $5,000 to $10,000 in your checking account.

What two pieces of information are required when opening a bank account? ›

At a minimum, when opening a new account, a bank must obtain the following information as part of its program:
  • Name.
  • Date of birth (for an individual)
  • Address.
  • Identification number.

How do you open a bank account? ›

To open a bank account you usually have to fill in an application form. Often, you can do this in a branch or online, and sometimes you can also do this over the phone. You will also have to provide proof of your identity including your full name, date of birth and address.

What are the 4 steps to opening up a bank account? ›

The top credit unions are insured by the National Credit Union Administration (NCUA).
  1. Choose the account. Consider the type of account. ...
  2. Gather personal documents and information. Here's the documentation you'll need to open a bank account online. ...
  3. Fill out the application. ...
  4. Fund your new account.
Jun 24, 2024

How a bank account can be opened? ›

i. A duly attested copy of either Driving License, Service Card, Nikkah Nama, Birth Certificate, Educational Degree/ Certificate, Pension Book, Insurance Certificate. ii. A passport sized photograph duly attested by Gazetted officer/Chairman/Administrator/bank officer.

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