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How to Start If You’ve Never Known About an Account with a Bank
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How to Begin If You’ve Never Had a Bank Account
By Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has written about finances for individuals since the year 2013, with a particular emphasis on deposits and certificates as well as other banking-related topics. His work has been highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his work is Berkeley, California.
Aug 11, 2020
Edited by Carolyn Kimball Assigning Editor — Los Angeles Times, San Jose Mercury News Carolyn has been employed in newsrooms across the country as a reporter and editor. Her passions are personal finances, science-fiction novels and groovy Broadway musicals.
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Controlling your finances without the need for a bank account is feasible. However, it isn’t without challenges — and the COVID-19 pandemic has 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 faster payment option of direct payment into a bank account. And if you’ve gone to the store lately, you may be asked to pay using a credit or debit card or with exact change due to a nationwide shortage of coins and worries regarding the spread of germs.
A bank account can be a boon in these situations, among others. To avoid any future problems you should consider opening a bank accountor try it again when you’ve had a rejection in the past. 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 without a bank account in the U.S., you might have a system that works for you. Maybe that includes the use of alternatives such as pre-paid debit cards or checking cashing service. Financial advisor Brandy Baxter has worked with clients who have used check cashing services to meet practical reasons.
«They prefer 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 or ACE Cash Express may operate for longer hours than banks, and have simple approval processes to receive cash fast. However, they charge a steep fee, which can range between 1% and 6 percent, or even more on top of the amount you pay for your check.
Bank accounts can fulfill money needs beyond what checks and prepaid cards services can. For example, their fraud protections may limit the amount you’ll be charged in the event of being victimized, and many accounts allow you to lock debit cards remotely in the event of theft.
Once you’ve established working with a bank, there are other options are available: Credit cards and small business loans and other less expensive 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 promotes financial inclusion.
Choose a lender that will work for you
If you are afraid of banks or you’ve had difficulty obtaining an account in the past, community banks and credit unions tend to be more friendly than national banks. They are usually mission-driven — for example, focusing on the financial health of their surrounding communities.
«We’re extremely accommodating when it comes to giving someone a second 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 request a loan and doesn’t have pay stubs to show, what else (can they) bring to us? Perhaps a letter sent by (their) company? We don’t want to be left out.»
Similar to other credit unions, Self-Help requires that a member create a savings account in order to become a member; the minimum required to start an account is usually only a few dollars. Members can then apply for other services such as a credit building loan.
You can search online for the word «CDFI» that stands for the community-based financial institutionwhich is a reference to . A lot of them require members to be in the same area or state in which the credit union, or bank has branches.
What do you need to learn about applying
To open an account, you’ll generally need your Social Security number, one or two identification documents as well as money for your first deposit.
It’s typical to apply for two accounts with a bank simultaneously: a checking and an account for savings. The checking account allows access to debit cards and bill payment system as well as other services, while the savings account lets you put money aside and, ideally it will grow through earning interest.
Banks generally screen potential applicants using ChexSystems which is a national reporting agency that keeps records of accounts that were closed against the will of an individual. If you have lost access to your bank account previously and you’re not sure if you’ll be denied by other banks until you pay off your ChexSystems file. This could include paying off debt to the bank or disputing mistakes on the record.
After you’ve cleared your account, think about what banks call it an approved BankOn checking account. A lot of them don’t charge overdraft fees which are charged if you try paying for something that could put your account in negative.
Finding and opening the right bank account takes some effort. However, once you’re approved finding a safe location for your money and a better likelihood of getting affordable loans could be worth it.
«To have an account with a bank… will be the foundation for any empowerment financial effort,» Rothstein says.
The piece is written by NerdWallet and was first published by The Associated Press.
About the author: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been highlighted on USA Today and the Los Angeles Times.
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