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How to Get Started If You’ve Never Known About A Bank Account
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How to Start If You’ve Never had A Bank Account
Written by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has been writing about the personal financial sector since with a particular emphasis on deposit certificates and other banking-related topics. He has had his work covered 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
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 books and ridiculous Broadway musicals.
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Controlling your finances without a bank account is doable. However, it could be a challenge — and the COVID-19 pandemic has made it worse.
Your economic impact check may’ve come in a few weeks or months later than others’ did, in the form of the form of a check or prepaid debit card due to the fact that you didn’t have the quicker payment option of direct payment into a bank account. If you’ve visited the market recently you might be required to pay by credit or debit card, or with exact change due to a nationwide shortage of coins and concerns regarding the spread of germs.
A bank account can be a boon when faced with these kinds of situations, as well as other things. To avoid future issues Consider opening one- or try again if you’ve been rejected in the past. Here’s a step-by-step guide for getting to the point of starting.
Review your financial needs
If you’re among the 14 million people with no banking account within the U.S., you might have a system that can work for you. Perhaps that means making use of alternative products like prepaid debit cards and check cashing services. Financial advisor Brandy Baxter has assisted clients who have used check cashing services to meet practical reasons.
«They prefer to go in, walk out with cash in hand,» says Baxter who is a certified financial advisor and financial coach, who runs the company Living Abundantly in the Dallas-Fort Worth region.
Check cashing establishments such as Check ‘n’ Go and ACE Cash Express may operate extended hours than bank, and offer easy approval procedures to receive cash fast. But they do charge high fees, which can range from 1% to 6%, or more on top of the amount you pay for your check.
Bank accounts can fulfill requirements for money that are not met by pre-paid cards or check cashing services can. For instance, their anti-fraud protections may limit the amount you’re charged if you’re targeted, and a lot of accounts allow you to lock debit cards remotely if they are stolen.
And once you’ve begun an association with a bank, other options are available: Credit cards and small business loans and cheaper alternatives for payday loans may eventually be at hand.
Checking accounts «don’t just aid in saving costs; they’re the foundation for using various financial instruments,» says David Rothstein, principal at Cities for Financial Empowerment Fund which manages BankOn, a national platform which helps to increase financial inclusion.
Choose a lender that fits you
If you are afraid of banks or have had issues getting an account previously, community banks and credit unions are generally more accommodating than national banks and are usually mission-driven — for example, focusing on the financial health of their neighboring communities.
«We’re very lenient at giving people a second chance,» says Pedro Murillo director of the branch in the San Francisco Bay Area for Self-Help Federal Credit Union. «If an employee wants to apply for an loan and does not have pay stubs, what else (can they) provide us? A letter from (their) employer? We don’t want to surrender.»
Similar to other credit unions, Self-Help requires a person to create a savings account in order to be a member. The minimum required to start an account is usually a few bucks. Members are then able to apply for additional products including a credit-building loan.
You can search online for the word «CDFI» which stands for community development 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 do you need to be aware of when applying
To create an account, you’ll usually require to have your Social Security number, one or two identification documents as well as money for your first deposit.
It’s common to apply for two bank accounts at the same time: a checking and an account for savings. The checking account gives access to debit cards and bill payment system as well as other features, while the savings account lets you set funds aside and, in the ideal case, grow by making interest.
Banks generally screen potential applicants using ChexSystems which is a national reporting agency that records the details of accounts closed against a person’s will. If you’ve been denied access to a bank account before, you might be rejected by other banks until you settle your ChexSystems record. This can mean paying off debts to a bank or disputing errors in the records.
After you’ve cleared your account, think about what banks typically refer to as a or a BankOn-approved checking account. A lot of them don’t charge overdraft fees, which kick in if you attempt to pay for something which would place your balance 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 likelihood of getting low-cost loans can make it worthwhile.
«To have an account in a checking… can be the foundation to any money-empowering effort,» Rothstein says.
This post originated from NerdWallet and was first printed by The Associated Press.
About the author: Spencer Tierney is an expert in deposits in certificates at NerdWallet. The work of Spencer Tierney has been featured in USA Today and the Los Angeles Times.
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