You can stay in touch with your family and friends through social media. You can use a task manager or online calendar for planning your day. This is not all the internet has to offer to you. It is also possible for you to manage your money. How? You can simply apply for checking account online.
Why Apply for Checking Account Online
There are numerous perks you can enjoy with an online checking online. There is no more dealing with the ‘open’ and ‘closed’ sign and no more waiting in line so you can talk to the teller. You can deposit a check, check your account balance, authorize a payment and transfer funds from almost anywhere, as long as you have your smartphone handy.
How to Apply for Checking Account Online
Outlined below are the steps you need to follow when you want to apply for checking account online. As long as you follow these steps, it will be incredibly easy to open an account.
Step 1: Research your options before you apply for checking account online
- This first step will take up your time, but it is certainly worth it. Before you apply for checking account online, it is a good idea for you to get acquainted with the features you are being offered. After all, you don’t want to disappointed once the account is up and running. There are several features you should check when considering the checking account options.
- Interest rewards: As online banks don’t have to run branch locations, the savings in costs can be passed onto customers in the form of fewer fees, high interest rates or rewards, such as cash back.
- Potential fees: Like with traditional checking accounts, there will be some fee when you apply for checking account online. Different types of fee are applicable. For instance, some banks charge fee when your account balance drops from a certain level. Opt for a bank that gives you flexibility and doesn’t charge very high fees. Check the fee for overdrafts, wire transfers, ATM withdrawals and insufficient funds.
- Insurance: When you apply for checking account online, make sure that the bank provides you with insurance when you deposit funds. Always sign up with institutions that offer protection.
- Easy-to-use app: The reason most people decide to apply for checking account online is because they want the flexibility of managing their funds from their phones. Therefore, they want a bank that offers an easy-to-use and versatile app that can be used for depositing funds, setting up new payments and reviewing monthly automated payments with just a couple of taps.
- Bill pay options: If writing checks is something you do regularly, it is better to apply for checking account online with a bank that doesn’t charge you for it. There are online checking accounts that do come with free bill payment options, which means they don’t charge you for the service.
- Easily available ATMs: As there are no branches of online banks where you can withdraw cash, you want to apply for checking account online with a bank that has easily available ATMs so you can withdraw your money without any hassle.
- Customer service: When you need assistance or there are questions you want answered, you want someone to be available to help you out. As stated earlier, online banks don’t have a branch you can walk into. Hence, sign up for a checking account with a bank that connects you to a banker over online chat, phone or email.
Step 2: Make your profile
Once you have decided where you will apply for checking account online, you will probably have to create an account profile. This is not very different from opening any other kind of online account. In order to improve the security of your online checking account, it is recommended that you select a long password that is a combination of symbols, letters and numbers. This password shouldn’t use any personal information and should not be used elsewhere.
Step 3: Provide your personal information
Most banks have a simple application form for you to fill out when you apply for checking account online. You will be required to provide some personal information, such as full name, mother’s maiden name, date of birth, your social security number, a mailing address, an email address and your phone number.
Step 4: Select an account type
The first thing you need to do when you apply for checking account online is to see if you have any options at your disposal. Some banks do offer variety in checking accounts and you should check them out and compare to identify the one that fits your needs. Furthermore, you will also have to disclose if it is only going to be your account or is a joint account. Some additional information may have to be provided in the case of the latter, such as the personal information of the joint account holder.
Step 5: Add funds to your account
The last step that you have to take when you apply for checking account online is to fund your account. Here, you need to decide exactly how you wish to add funds. There may also be a minimum deposit requirement that you will have to meet. Generally, adding funds to the online checking account is not difficult because you can simply transfer funds from one account to another.
How Long Does it Take to Apply for Checking Account Online?
Once you become aware of the above mentioned steps, you will be able to apply for checking account online easily. However, it will take a couple of days for your checking account to be functional. If you have ordered checks or debit card, it will arrive shortly. You will also have to create a personal identification number (PIN) that can be used with the debit card. In the meanwhile, you will be able to use your online checking account for paying bills online and transferring funds.
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