5 Jul 2017

Requirements That You Would Typically Need To Open a Bank Account!

After graduation, the first thing that most people would do is to get their first “real-world” bank account. Although they may have had a savings account when they were younger, their parents were the ones who opened the account. And they were too young to even know what was going on, not paying attention to the kind of accounts can have and the benefits that they will get. But the moment they become full-fledged adults, it is the perfect time to open a bank account. Although it differs for each bank, here are some of the requirements that you would typically need to open a bank account.

open a bank account

3. Valid Identification

This cannot be stressed enough, having at least two kinds of identification is needed to open a bank account. Now, you may be wondering what kind of identification would they accept. As long as they are validated by authorities, they are considered valid. Most would think about presenting their driver’s license, voter’s ID, and even school ID if the applicant is still a student. It would be less of a hassle if you had two or three different kinds of identification to make the process faster.

2. Utility Bills (Proof of Address)

It actually depends on the specific bank what kind of utility bills will they require. But typically, any type of utility bill will suffice so long as they have your name and your address on it. Some would use electricity bills, internet bills, and the like because they have the address of the owner of the receipt. Just to be safe, bring two kinds in case one will not be accepted.

1. Initial Deposit

It is important to take note that most banks would require an initial deposit to open an account. Customers would have to do some research beforehand about the types of accounts that the specific bank offers. Depending on the type of account, the initial deposit price would vary. Aside from the initial deposit, there would also be a minimum amount of balance that should be maintained. If one withdraws too much and the balance is lower than the minimum required, there may be penalties.

Having these requirements at hand and prepared before you go to the bank will speed up the process. This will cause less stress on your part. Some banks may take a while because of the many customers while others will get to you right away. Whatever the bank that you choose, do some research before visiting so that you are prepared.