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What do you need to open a bank account? We tell you!

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What do you need to open a bank account? Find out in just a few simple steps! We tell you the essential requirements to successfully open a bank account: from the required documentation to the choosing the right financial institution. Next, we walk you through the process of opening an account. It is easier than you might imagine!

Identification

It doesn’t matter which bank you choose to open an account with, each of them will require that you provide official photo identification that is issued by the government. This is so they can be sure you are who you say you are, since the bank will check that your identification is valid. Thus, most banks require a driver’s license or passport.

Social Security number

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This requirement may vary depending on the bank you go to or the type of account you want to open. Many banks will ask for your social security number in order for you to open an account. In some cases, the banking institution will request an ITIN number and even a valid passport with photo or some other type of government issued identification.

Mailing address

One way in which the bank can ensure that all your current accounts, especially those that you use to apply for a loan or mortgage, are up to date, is by having your most current address. The bank will ask you for a document that guarantees the exact address of the home where you reside. Although some may accept a PO box. One way to confirm your address is by showing a utility or credit card bill.

Choose a bank

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One of the first steps you need to take is to choose a bank where you want to open an account, whether it’s savings or checking, or both. Different banks have different requirements and benefits. To choose a bank, it is recommended to carefully research the types of account they offer, as well as the number of branches, ATMs, interest rates and rewards programs, fees and other relevant data.

Select the type of account

Before opening an account or going to the bank to request information, it is essential to know what your financial goals are. Thus, it will be easier for the bank to guide you towards the right type of account for your needs. Most banks offer five main types of accounts: savings, checking, money market, certificates of deposit, and retirement savings accounts.

Confirm that you meet the requirements

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If you have already decided to open an account, make sure you meet the bank’s requirements. One of the main ones is that you must be over 18 years old or have the authorization of a parent or legal guardian. If you are of legal age and intend to open a joint account, the bank may require documentation from you and the other account holder.

Start the application process

At some banks, the process of opening an account is simple and takes only a few minutes, depending on which supporting documents you need. Generally speaking, the online application process takes just a few minutes. Simply select the type of account, enter and verify your personal information, and wait for the bank to send a confirmation email that the account has been approved.

Make an initial deposit

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Take into account that most banks require a specific initial deposit in order to open a new account. This will vary depending on the type of account, that is, if it is savings or checking. Some banking institutions will ask for a minimum deposit of $25 dollars, while for others the amount required will be at least $100 dollars. The good news is that some banks do not require any deposit to open a bank account.

The post What do you need to open a bank account? We tell you! appeared first on Mundo Hispanico.

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