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How to Get Started If You’ve Never Known About a Bank Account
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How to Get Started If You’ve Never had an Account with a Bank
Written by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banker at NerdWallet. He has covered the personal financial sector since, with a particular emphasis on deposits and certificates as well as other topics related to banking. The work he has written for him was featured 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, 2020
Editor: Carolyn Kimball Assisting Editor — Banking Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms all over the country as a reporter and editor. Her passions are personal finances, science-fiction fiction novels and groovy Broadway musicals.
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Controlling your finances without a bank account is doable. However, it isn’t without challenges — and the COVID-19 epidemic has only made it worse.
The economic impact payment may have come in a few weeks or months later than the other one with the form of a check or prepaid debit card due to the fact that you didn’t have the speedier payment option of direct payment into an account at a bank. If you’ve been to the shop recently you might be asked to pay with a credit or debit card, or with exact cash due to a nationwide shortage of cash and fears regarding the spread of germs.
A bank account will make life easier in these situations, among others. To avoid problems in the future, consider opening one -or revisiting after being rejected previously. Here’s a step-by-step guide for getting to the point of starting.
Assess your money needs
If you’re among the 14 million Americans who don’t have a financial institution in the U.S., you might have a solution that is working for you. Maybe that includes the use of alternatives such as prepaid debit cards and checking cashing service. Financial counselor Brandy Baxter has worked with clients who have used check cashing services to meet practical reasons.
«They prefer to walk into their homes, then leave with cash in hand,» says Baxter the accredited financial advisor and financial coach, who runs the firm Living Abundantly in the Dallas-Fort Worth region.
Check cashing establishments like Check ‘n’Go and ACE Cash Express may operate longer hours than banks and offer easy approval procedures for cash in a short time. However, they charge high fees, which can range between 1% and 6%, or more than the amount of your check.
Bank accounts are able to meet your the needs of money beyond what prepaid cards and check cashing services will. For example, their fraud protections may limit the amount you pay if you’re victimized. Many accounts let you lock debit cards remotely when stolen.
And once you’ve begun working with a financial institution, you’ll have other possibilities are open: Credit cards and small business loans and more affordable alternatives in payday loans may eventually be within reach.
Checking accounts «don’t just aid in saving expenses; they’re also the foundation for using other financial products,» says David Rothstein, principal at Cities for Financial Empowerment Fund, who manages BankOn an online platform in the United States that encourages financial inclusion.
Choose a lender that will work for you
If you are afraid of banks or had trouble obtaining an account before the community banks or credit unions tend to be more friendly than national banks. They tend to be mission-driven, for example, focusing on the financial health of their neighboring communities.
«We’re very accommodating in 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 comes in to apply for an loan but doesn’t have pay stubs, do they have anything else (can they) bring to us? Perhaps a letter sent by (their) employer? We don’t want to surrender.»
As with other credit unions Self-Help will require a person to establish a savings account before they can become a member; the minimum required to start an account is typically only a few dollars. Members are then able to apply for other products such as a credit building loan.
You can look up the term «CDFI» that stands for the community-based financial institution — to . Many require those who join to be part of the same state in which the credit union or bank has branches.
What should you learn about applying
To start a bank account, you’ll generally require to have your Social Security number, one or two forms of identification and the money to make your first deposit.
It is common to open two bank accounts at the same time that is a checking account and an account for savings. The checking account allows access to a debit card as well as a bill payment system, among other services, while the savings account lets you put funds aside and, in the ideal case it will grow through making interest.
Banks usually screen applicants on ChexSystems which is a national reporting agency that records the details of accounts that were closed against a person’s will. If you’ve lost access to a bank account in the past and you’re not sure if you’ll be denied by different banks until you settle the ChexSystems account. This could mean paying off debts to the bank or disputing mistakes on the record.
When you’ve been cleared, you can think of what banks call it an approved BankOn checking account. Many of these don’t charge fees for overdrafts, which kick in if you attempt to pay for something that could put your account in negative.
Opening the correct bank account involves some effort. But once you’re approved, having a secure place to keep your money, and a better chances of getting low-cost loans will make it worth the effort.
«To have a checking account… is the core for any empowerment financial effort,» Rothstein says.
This article is written by NerdWallet and was first printed in The Associated Press.
Author bio Spencer Tierney is an expert in certificates of deposit at NerdWallet. His work has been highlighted on USA Today and the Los Angeles Times.
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