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How To Set Up A Bank Account And Utilize Its Features

Updated on May 30, 2016

Quite a bit of preparations and considerations are required. If you want to have an extra way to pay your expenses and save your money, some simple instructions below will show you how to open your own bank account and put it in practical uses.

  1. 1. Your account.

If you want to open an account, first thing to think about is the general regulations from the law and the bank: If you are under 18 then the bank might require a guardian signature to process your request. Valid and legal identifications are also a must for most if not all of the banks. Usually there is a minimum level of the money is required for an account deposition, which is around 300$ in the US. Regulations are not the same in all banks so pick the one that offers you the most convenient services when making deposits, withdrawals or transfers…Large banks with a wide coverage of branches across the country or even the world will allow you a greater convenience in your money transactions. These types of banks provide consulting service and possess a high degree of financial stability so you won’t have to worry too much about the safety of your account.

Next is to choose the type of your account: checking or saving. Checking account comes with a checkbook and a debit card. It’s quite useful for paying any utility bills and daily expenses you may encounter. The money itself doesn’t go up though. If you want more in the account you have to deposit an extra amount yourself. Saving account is the best option if you want to save up for your future in a secured place. The interest rate while not too impressive will slowly but surely increase your money. The longer the time and the larger the money, the bigger the interest you get. You can withdraw money directly from the bank or its branches or use an ATM card.

Now if you have checked out the basics and a general idea about what to do, time to head to the bank. Opening a bank account face-to-face give you the chance to inquire all information and any lingering questions you may desire. The process will be much faster compared to an online process too. You may also seek additional clarifications on important subjects such as the interest rate, monthly fee, minimum balance, etc.

  1. 2. Using the account

The obvious benefit of a bank account is a secured and safe place to store your money. Still, you may want to have a firm grasp on how to make twoimportant moves: deposit and withdrawal. There are several ways to take out your money. The simplest one would be go directly into the bank with the saving account book plus identification, fill out some forms and receive your money. Next, to use the ATM. While this is rather easy and much quicker than the bank, there are many associated dangers such PIN thief and malfunctions. One of the newest ways is Internet Banking. This service can only transfers and make pay payment to certain expenses though, you can’t get hard cash from it

Now assume that you open a checking account, your checkbook provides you with a safer option compared to cash. Whenever you need to purchase something, write down a number on a paper that must be lower than your account balance and use it to make the payment. That person can bring the check to the bank and will be paid by money from your own checking account.

  1. 3. Special features

Many bank offer higher-than-normal interest rate for new customer so you may want to take advantage of such opportunity. This will considerably increase your money in the long run but there will be several limits and refrains such time and amount of each withdrawal. There is also a certain function called “joint account” or “linked account” which is essentially services, benefits and money from two accounts will be available to the 2 owners of each account.

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