Guide

Complete Guide to First Time Checking Account s • Benzinga

Complete Guide to First Time Checking Account s • Benzinga
Written by Publishing Team

If you are new to money management and need a checking account, you may not know where to start. Open a current account It may seem confusing or confusing, especially if you’re sitting at a bank branch and talking to someone who wants to open the account and move forward – without explanation. This is especially true if you enter a bank and try to open an account and a credit check or background check is required.

Use these tips to learn more about checking accounts, and check out the platforms we recommend that make the process smooth and simple.

Why get a checking account?

The need for a checking account (or some kind of bank account) is woven into the fabric of our society. Yes, there is a lot that you can do with only cash, but there are a lot of things that you cannot do without a checking account.

employment It is often linked to a checking account because companies use direct deposits to save money. Even if you get a job and your employer is willing to mail or issue paper checks, accepting a paper check is a problem that can be avoided with a bank account.

tax refund They are often deposited directly into your checking account in modern times. During the pandemic, the government has used ACH transfers to deposit stimulus money into taxpayer accounts. Without a bank account, you are waiting for a check that may not come.

Checking accounts are safer Because your bank or financial platform is most likely insured by the FDIC or NCUA.

Other ways to pay: With a checking account, you can use a debit card, write checks, and even send ACH payments online using your bank routing number and account verification number.

Carrying cash is a nuisance: Yes, it might be wise to have a few dollars in your pocket, but storing and carrying any large amount of cash is annoying, unwise and dangerous.

Current account benefits

a A bank account offers you many benefits, Including:

  • protection: As mentioned earlier, banks are safe. At least, you know your money is going to a safe place. In addition, you will have access to thousands upon thousands of ATMs that allow you to withdraw cash or even deposit money. It is much safer to use an ATM than cash a check at a random store where everyone is watching you as you walk by with a large stack of cash. ATMs usually feature security cameras and adequate lighting.
  • Credit card: Debit card is essential in modern society. Instead of using (and possibly overusing) credit cards.
  • Direct Deposits: Direct deposits allow you to get paid as soon as your funds are available. If you work with a financial platform like MoneyLion, you can get paid a few days in advance.
  • Customized Service: Banks and financial platforms may also offer credit cards, cash advances, building credit loans, mortgages, car loans, etc. When you already have a checking account with this company, you get a preferential service that can include all these financial instruments.

How to open a checking account

When you’re ready to open a checking account, the process is much easier than you think.

  • Complete the application: Complete the online application so that the bank or financial platform has all your information.
  • Verify your identity: Make sure you can provide a valid form of photo ID. If you cannot prove your identity, the bank will not be able to provide you with an account.
  • Fund the account: Find out how much the institution requires you to deposit into the account so that you can fund it immediately. for you First time account verification ready to use Once you have made the deposit.

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