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How to Start If You’ve Never had an Account with a Bank
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How to Start If You’ve Never Had an Account with a Bank
By Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banker at NerdWallet. He has covered the personal financial sector since, with a particular emphasis on certificates of deposit and other topics related to banking. He has had his work highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California.
Aug 11 Aug 11, 2020
Written by Carolyn Kimball Assigning Editor — Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms around the across the country as a reporter as well as an editor. Her passions include personal finance, sci-fi fiction novels and absurd Broadway musicals.
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Controlling your finances without a bank account is doable. But it can pose challenges — and the COVID-19 pandemic has only made it worse.
Your economic impact payment might’ve come in a few weeks or months later than the other one, in the form of the form of a check or prepaid debit card, because you couldn’t choose the quicker transfer option of direct transfer into an account at a bank. If you’ve visited the store lately you might have been asked to pay with a debit or credit card or in exact cash due to the widespread shortage of coins and worries about the transmission of germs.
A bank account will make life easier when faced with these kinds of situations, as well as other things. To avoid any future problems Consider opening oneor try it again if you’ve been rejected in the past. Here’s a guide to getting started.
Check your needs for money
If you’re among the 14 million people with no banking account within the U.S., you might have a system that is working for you. It could be that you are making use of alternative products like pre-paid debit cards or check cashing services. Financial advisor Brandy Baxter has worked with clients who used check cashing services to meet practical reasons.
«They prefer to go into their homes, then leave with cash in hand» says Baxter the accredited financial counselor and financial coach, who runs the company Living Abundantly in the Dallas-Fort Worth area.
Check cashing stores like Check ‘n Go and ACE Cash Express may operate more hours that banks and offer easy approval procedures for cash in a short time. But they do charge high fees, which could range between 1% and 6 percent, or even more on top of the amount you pay for your check.
Bank accounts can fulfill requirements for money that are not met by checks and prepaid cards services will. For instance, their anti-fraud protections may limit the amount you pay if you’re targeted, and a lot of accounts allow you to lock debit cards remotely in the event of theft.
And once you’ve begun working with a bank, there are other possibilities are open for you to consider: Credit cards as well as small or auto loans and other less expensive options for payday loans may eventually be in your reach.
Checking accounts «don’t just help you save costs, they’re also the first step to using different financial services,» says David Rothstein, principal at Cities for Financial Empowerment Fund, who manages BankOn an online platform in the United States that helps to increase financial inclusion.
Find a bank that fits your needs.
If you find banks intimidating or have had issues getting an account before, community banks and credit unions are generally more flexible than national banks and are usually mission-driven — for example, they are focused on the financial health of their surrounding communities.
«We’re very accommodating in giving someone another chance,» says Pedro Murillo director of the branch in the San Francisco Bay Area for Self-Help Federal Credit Union. «If someone comes in to apply for an loan and doesn’t have pay stubs, what else (can they) bring to us? A letter from (their) boss? We don’t want to give up.»
As with other credit unions Self-Help requires that a member establish a savings account before they can become a member; the minimum to open an account is typically a few bucks. Members can then apply for other services such as a credit building loan.
It is possible to search the internet for the term «CDFI» that stands for the community-based financial institution — to . Many require those who join to be in the same state in which the credit union or bank has branches.
What to learn about applying
To create an account, you’ll generally need to have your Social Security number, one or two identification documents as well as money for your first deposit.
It’s typical to apply for two bank accounts simultaneously one checking and the other an account for savings. The checking account gives access to debit cards, bill payment system and other features, while the savings account allows you to set money aside and, ideally, grow by making interest.
Banks usually screen applicants on ChexSystems, a national reporting agency that maintains records of closed accounts against a person’s will. If you’ve been denied access to your bank account in the past, you might be rejected by other banks until you have settled the ChexSystems account. This could mean the payment of debts to banks or disputing the errors in the records.
Once you’re cleared, consider what banks typically refer to as the BankOn-approved checking account. Most of them do not charge overdraft charges which are charged if you attempt to make a payment that could put your account in negative.
Finding and opening the right bank account takes some effort. Once you’ve been approved, having a secure place to keep your money as well as a greater chance to get low-cost loans can make it worthwhile.
«To have an account in a checking… is the foundation for any empowerment financial effort,» Rothstein says.
The article originated from NerdWallet and was originally printed through The Associated Press.
Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. The work of Spencer Tierney has been featured in USA Today and the Los Angeles Times.
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