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How to Begin If You’ve Never Known About a Bank Account
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How to Get Started If You’ve Never Had a Bank Account
By Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has covered personal finance since 2013, with a focus on deposits and certificates as well as other topics related to banking. His work has been covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.
Aug 11, 2020
Editor: Carolyn Kimball Assisting Editor — Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms all over the across the country as a reporter as well as an editor. Her passions include personal finance, sci-fi books and ridiculous Broadway musicals.
Many or all of the products we feature are from our partners who pay us. This affects the products we feature as well as the place and way the product appears on a page. But, it doesn’t affect our opinions. Our opinions are our own. Here’s a list of and .
Controlling your finances without a bank account is doable. But it can pose challenges — and the COVID-19 epidemic has only increased the risk.
Your economic impact payment might’ve been received weeks or even months after the other one and was in the form of a check or a prepaid debit card due to the fact that you didn’t have the speedier delivery option of direct transfer into the bank account. If you’ve visited the shop recently you might be required to pay by credit or debit card or in exact change because of the widespread shortage of coins and concerns over germ transmission.
A bank account can make life easier in these scenarios, and others. To avoid future issues, consider opening one -or try it again after being rejected previously. Here’s a step-by-step guide for getting to the point of starting.
Review your financial needs
If you’re one of 14 million Americans with no banking account within the U.S., you might have a solution that works for you. Perhaps that means the use of alternatives such as prepaid debit cards and Check cashing companies. Financial advisor Brandy Baxter has worked with clients who used check cashing services for practical reasons.
«They preferred to walk into the store, and leave with cash,» says Baxter who is a certified financial advisor and financial coach who runs the firm Living Abundantly in the Dallas-Fort Worth region.
Check cashing shops such as Check ‘n’ Go as well as ACE Cash Express may operate for extended hours than bank and offer easy approval procedures to receive cash fast. However, they charge an expensive fee that could range from 1% to 6 percent or more on top of the amount you pay for your check.
Bank accounts can meet the needs of money beyond what pre-paid cards or check cashing services will. For example, their fraud protections may limit the amount you pay if you’re victimized. Many 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 options are available: Credit cards as well as small or auto loans and more affordable alternative in payday loans may eventually be at hand.
Checking accounts «don’t just help you save expenses; they’re also the stepping stones to use other financial products,» says David Rothstein, principal at Cities for Financial Empowerment Fund, who manages BankOn the national platform which encourages financial inclusion.
Choose a lender that fits your needs.
If you find banks to be intimidating or you’ve had difficulty obtaining an account previously the community banks or credit unions are generally more accommodating than national banks and tend to be mission-driven, for instance, they focus on the financial wellbeing of their communities.
«We’re extremely accommodating when it comes to giving someone another chance,» says Pedro Murillo, area branch manager in the San Francisco Bay Area for Self-Help Federal Credit Union. «If an employee wants to request a loan and does not have pay stubs, is there anything they (can they) provide us? A letter from (their) boss? We’re not willing to surrender.»
Similar to other credit unions, Self-Help requires that a member open a savings account to be a member. The minimum to open an account is usually only a few dollars. Members are then able to apply for other services, like a credit builder loan.
You can look up the term «CDFI» which is a reference to community development financial institution — to . A lot of them require members to be located in the same state or region where the credit union or bank has branches.
What should you know about applying
To start a bank account, you’ll generally need your Social Security number, one or two identification documents as well as money for your first deposit.
It is common to open two accounts with a bank at the same time that is a checking account and savings account. The checking account allows access to debit cards as well as a bill payment system, among other services, while the savings account lets you put money aside and, ideally increase its value by making interest.
Banks generally screen potential applicants using ChexSystems, a national reporting agency that keeps records of accounts that were closed at the request of a person. If you have lost access to your bank account previously, you might be rejected by other banks until you have settled the ChexSystems account. This could mean paying off debt to banks or disputing the errors on the record.
Once you’re cleared, consider what banks typically refer to as the BankOn-approved checking account. Many of these don’t charge overdraft fees which are charged if you attempt to pay for something 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 core to any money-empowering initiative,» Rothstein says.
The article originated from NerdWallet and first released through The Associated Press.
Author bio Spencer Tierney is an expert in the field of deposits in certificates at NerdWallet. His work has been featured in USA Today and the Los Angeles Times.
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