These days, people do almost everything online, which ranges from applying from jobs, booking travel to making purchases. But, can you apply for bank account online or do you have to visit the bank in person to make it happen? The good news is that setting up a bank account online is very straightforward and will only take you a few clicks and a couple of minutes to get it done. As a matter of fact, when people apply for bank account online, they will discover that it is a lot faster than registering with an app like Uber or an online shopping site. So, what should you expect? How does it work? How do you know you will get approved?
First: Who can apply for bank account online?
As long as you have some credit history and proof of identity, you will have no trouble if you decide to apply for bank account online. If you have a negative or limited credit history and a couple of bounced checks under your name, there is a chance you may have to go to the bank in person. When you fill out an application to apply for bank account online, the bank should be able to verify your credit online. Before you get started with the application, it is best to check your credit score.
Second: Can you apply for bank account online for free?
Yes, you can apply for bank account online for free, both savings and checking. These accounts do not require any deposit from you. Some banks do have a minimum opening deposit i.e. require you to deposit a small sum, but this can also depend on the type of account you have decided to open. In order to add funds for the first time in your account, you can use a debit or credit card, give a blank check or transfer money from a different account.
Third: What do you have to do to apply for bank account online?
Once you have selected the bank, you can apply for bank account online by filling out the online application. If you are not 18, you will need a guardian for co-signing the account. The application process is different for every bank, but you need to have some documents handy. These include a government-issued ID, passport or driver’s license, a debit or credit card or blank check for making the first deposit and your social security number or Individual Taxpayer Identification Number (ITIN). You will also need a mailing address, an email address and phone number.
When you have all these documents and information, you can apply for bank account online by doing the following:
Going to the bank’s website
The first thing you have to do is visit the website of the bank you have selected. You need to stay safe and only enter your information if the website is secure. How can you check that? Look for the symbol of lock before the website’s URL. The website will provide you the link to ‘open an account’ where you have to click to apply for bank account online.
Select the type of account you want
Lots of banks give you the option of comparing different types of accounts when you apply for bank account online. It is up to you to decide what kind of account you wish to open. Do you want an individual account online or you want to open a joint account with someone else? Do you want features, such as the ability of earning interest and overdraft protection? From savings and checking accounts to IRAs and CDs, there is a wide array of accounts that you can open online.
Fill out the application
It is a given that you will have to provide personal information when you apply for bank account online. With online banks, you will also be required to set up your username and password and they will also require you to create security questions for protecting your account.
Allow the bank to collect some information
After you have submitted the application form with all your data, some banks just directly begin the credit check process. However, there are also banks that first instruct you to check their privacy policy and disclosures when you apply for bank account online. There are some situations where you may have to answer some legal questions and check the box that gives the bank permission to access your information like your credit history.
Wait for the approval process
There are times when you apply for bank account online and immediately get approval for it. Some banks may take longer to approve your account. You can always check in later to see the status of your application. There is also the option to call the bank and get answers to your questions. In the situation where you don’t get approval, you will have to visit the branch for finishing the process.
Make the first deposit
After you have received approval, you should first add some money into your new account. There are several ways you can go about this. You can make the deposit over the phone or from another account online. However, if this is the first time you have opened an account, you may have to do this step in person with a check or cash. If you apply for bank account online with a bank that only works online, you don’t have to visit anywhere for making your first deposit.
In today’s modern and advanced times, banking brings you lots of choices. It is up to you to decide where you want to apply for bank account online. You can apply with multiple banks as well, depending on the services you wish to avail. You can get a whole lot done right from the comfort of your home. From applying for an account to paying your bills, online banking has been created for the convenience of the people.
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