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Ano 6 \u2013 N\u00ba 210 \/ sexta-feira, 24 de agosto de 2018 \u2013 Jornal Pensar a ...How to Begin If You’ve Never had a Bank Account

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How to Begin If You’ve Never Had a Bank Account

Written by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banker at NerdWallet. He has written about the personal financial sector since with a particular emphasis on deposits and certificates as well as other banking-related topics. He has had his work covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California.

Aug 11 Aug 11, 2020

Written by Carolyn Kimball Assigning Editor — Banking Los Angeles Times, San Jose Mercury News Carolyn has been employed in newsrooms across the across the country as a reporter as well as an editor. Her passions encompass personal finance, Sci-Fi novels and groovy Broadway musicals.

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The management of your money without a bank account is doable. But it can pose challenges — and the COVID-19 pandemic has increased the risk.

Your economic impact check may’ve been received weeks or even months after other ones with an e-check or prepaid debit card, since you weren’t able to choose the faster payment option of direct payment into an account at a bank. If you’ve been to the market recently, you may have been asked to pay by debit or credit card or with exact cash due to the widespread shortage of coins and concerns about the transmission of germs.

A bank account can make life easier in these scenarios, and other situations. To avoid future issues Consider opening oneor revisiting after being rejected in the past. Here’s how to get going.

Check your needs for money

If you’re one of the 14 million Americans without a bank account in the U.S., you might have a system that is working for you. Perhaps that means using alternative products such as prepaid debit cards and checking cashing service. Financial advisor Brandy Baxter has worked with clients who used check cashing services to meet practical reasons.

«They prefer to go in, walk out with cash in hand,» says Baxter the accredited financial advisor and financial coach who runs the company Living Abundantly in the Dallas-Fort Worth region.

Check cashing stores such as Check ‘n’ Go or ACE Cash Express may operate for extended hours than bank, and offer easy approval procedures to receive cash fast. But they do charge an expensive fee that can vary between 1% and 6%, or more on top of the amount you pay for your check.

Bank accounts can fulfill the needs of money beyond what prepaid cards and check cashing services will. For instance, their anti-fraud protections can limit what you’ll be charged in the event of being victimized, and many accounts let you lock debit cards remotely when stolen.

Once you’ve established working with a financial institution, you’ll have other doors open such as credit cards and small business loans and other less expensive alternatives in payday loans may eventually be at hand.

Checking accounts «don’t just aid in saving costs, they’re also the foundation for using various financial instruments,» says David Rothstein, principal at Cities for Financial Empowerment Fund, who manages BankOn an online platform in the United States which promotes financial inclusion.

Look for a financial institution that will work for you

If you find banks to be intimidating or you’ve had difficulty obtaining an account in the past, community banks and credit unions are generally more flexible than national banks and are usually mission-driven — for instance, they focus on the financial health of their surrounding communities.

«We’re very lenient at giving someone a second opportunity,» says Pedro Murillo the area branch manager for the San Francisco Bay Area for Self-Help Federal Credit Union. «If an employee wants to apply for an loan but doesn’t have pay stubs, what else (can they) provide us? Perhaps a letter sent by (their) company? We’re not willing to surrender.»

Like other credit unions, Self-Help requires that a member open a savings account to become a member; the minimum required to start an account is typically just a few dollars. Then members can apply for other products including a credit-building loan.

You can search online for the word «CDFI» — which is a reference to community development financial institution — to . Some require that those who join to be in the same state in which the credit union or bank has branches.

What to be aware of when applying

To open an account, you’ll typically need to have your Social Security number, one or two forms of identification and the money to make your first deposit.

It’s common to apply for two accounts with a bank at the same time that is a checking account and a savings account. The checking account gives access to debit cards and bill payment system as well as other services. The savings account lets you put funds aside and, in the ideal case increase its value by accruing interest.

Banks generally screen potential applicants using ChexSystems which is a national reporting agency that records the details of closed accounts against a person’s will. If you’ve lost access to your bank account previously, you might be rejected by other banks until you settle the ChexSystems account. This could mean paying off debts to a bank or disputing errors on the record.

When you’ve been cleared, you can think of what banks call it a or a BankOn-approved checking account. Most of them do not charge fees for overdrafts that kick in when you try paying for something that could put your account in the negative.

Opening the correct bank account requires some effort. Once you’ve been approved, having a secure place to keep your money and a better chance to get affordable loans can make it worthwhile.

«To have an account in a checking… is the core of any financial empowerment program,» Rothstein says.

This post originated from NerdWallet and was first released by The Associated Press.

Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. The work of Spencer Tierney has been featured on USA Today and the Los Angeles Times.

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