To get a bank account in your personal name is a big step forward. When I got my first account, I knew I had arrived. Along with a bank account comes the feeling of being rich. At least, after one has acquired a bank account of one’s own, one can become more independent. This is your own money.
For many, it does not even matter whether they have access to it or not. However, before one opens a bank account, one must take certain precautions and steps to ensure he is approaching the right bank. The services and benefits offered must suit their needs; else they will end up locking up their finances and will be unable to enjoy the benefits of having one’s own money. Research and checks are always required. For everything you get. Certainly for something as important as a bank account.
It is not really that one bank is bad and another good. It is more that one bank might be good for you. You can go always along with the choice of a friend or who already has a functioning bank account. You need to take some time, and understand that opening a bank account is a big step. It will involve a lot of paper work. There will be paperwork and some checks before the account is finally opened.
Here are some pointers on how you could go about opening a bank account:
1. Who to bank with? What type of account to get? – When choosing a bank you could go along with the general market standards. Alternatively, you could take the advice of people who you value. You should be looking at identifying a bank that you would like to be associated with. Having done this, you would need to decide what kind of an account you would like to open. The basic choices are between a general savings account and a current account. If you have an idea of how much money you will transact in the bank account and whether it will primarily be about deposits or withdrawals, then you should know what account to get.
2. Make a visit – Make a visit to the bank, and approach the front desk to learn about whom you should approach to open an account. Once you do this, meet the person in charge to learn more about the different kinds of accounts that the bank offers. Opening an account can be all about documentation. Make sure you know what it will take.
3. The steps to actually getting the account going – Once you have gathered all the necessary documents, such as photographs, address proof (your telephone bill or social security card) and identity proof (driver’s license or passport) , you can walk into the branch of the bank closest to your residence or into some other bank that suits your convenience.
You will then have to fill out the various forms that are mentioned by the executive, giving accurate information pertaining to your age, address, employment or educational details, and your social security number so that you comply with the regulations. At your mailing address, you will get some preliminary documents. From that point on, you are free to operate your bank account.
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