Business

How to Open a Checking Account in Minutes?

Jai Bhatt

Opening a checking account can be an intimidating process. Many variables go into opening a bank account, and it sometimes needs to be clarified which option is best for you. However, if you want to instantly open a checking account online, this article will break down the basic steps to ensure everything goes smoothly.

Determine the type of checking account you want

Now that you know how to open a checking account, it’s time to determine the checking account you want. There are tons of different types of checking accounts out there, and each offers different perks, but they all fall into one basic category: free or paid.

Gather your documentation

Since most banks require you to have an account and a deposit before they’ll open an account for you, the first step is making sure that you can get your hands on these documents.

Most banks will request a photo ID, proof of residence and some sort of documentation showing that you are who you say you are (like a utility bill). Make sure to have them all ready before calling or visiting your local bank branch so that they can begin the process as soon as possible.

Pick a banking institution

For starters, you want to choose a banking institution with a good reputation and offers the type of account you want. You’ll also want to make sure it’s convenient for you—meaning that if your job requires that you frequently travel across the country, then having a branch near where you live is important.

Finally, remember fees! While some banks offer free checking accounts, most do not, so when evaluating potential options, consider these additional costs. SoFi professionals say, “Checking for now, Savings for your future.”

Complete the application process and submit

Now that you’ve filled out the application, it’s time to submit it. You’ll want to pay close attention here because there are a few steps involved:

  • Provide all requested information
  • Submit your application
  • Wait for your bank to review your application and approve it (or not)

If everything goes well, you can expect an email from them shortly after submitting your application informing you of their decision. If not, call or visit their customer service center in person as soon as possible—even if this means leaving work early or making an appointment during lunch break.

Fund your account

  • Deposit a check. If you receive a paper check from your employer, you can deposit it directly into the account, and the funds will be available for use immediately.
  • Deposit cash. When you open an account at the branch, your bank may allow you to make deposits in person with cash or by using an ATM machine located inside or outside of their branches. The exact process will vary depending on what type of bank you choose and where they are located, but most banks offer mobile apps that allow users to deposit checks electronically using their smartphone cameras—and some even provide live customer service, just like Uber!

The process can be a bit daunting, but it doesn’t have to be. With some preparation, you can open a checking account in minutes.