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CFPB Your Money Your Goals Open Checking Savings Tool 2018 11

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21 views3 pages

CFPB Your Money Your Goals Open Checking Savings Tool 2018 11

Uploaded by

vegafutguerrero
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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– –GET TING STARTED

Opening a checking or
savings account
Learn what documents you need and what questions to ask
before you open an account.
Showing up prepared to the bank or credit union when you’re ready to open an account
will help you save time and money.

Most banks and credit unions require two forms of identification to open an account.
Some will take one form of identification (such as your driver’s license or passport) and a
bill with your name and address on it. The other part of being prepared is understanding
the terms and costs of opening an account. Get answers to common questions before
you sign your paperwork.

What to do
•Gather your
•documents documents. Make sure you have the proper identification and
to open an account.

•Bring the
•between required amount of money to open the account. You’ll usually need
$25 and $100 to open a checking or savings account at a bank. Some credit
unions and banks don’t require an opening deposit and some require a deposit as
low as $5 to open an account.

•Get all the


•questions facts. Call the bank or credit union or do research online to answer the
in the checklist. Make sure you know how the account works and what fees
are involved.

A step further
Make the most of your account and keep your costs low by reviewing the “Avoiding
checking account fees” tool.

1
Gather what you need before Opening

a checking or savings account
1. Review the items you need to open the account and check them off as you gather them. Write
down any questions you have.

2. Get answers to all the questions listed to make sure you're aware of the terms, costs, and
limitations of the account.

WHAT I NEED TO OPEN AN ACCOUNT QUESTIONS I HAVE

 picture ID issued by a state, or the U.S. or foreign


A
government (check which foreign IDs your bank or credit
union accepts)

One of these second forms of identification:

••Social Security card


••Birth certificate
••Bill with your name and address on it
 our Social Security number or ITIN; if you don't have one,
Y
you may be able to open only a no-interest account

Money to put into the account

QUESTIONS I WILL A SK THE BANK OR CREDIT UNION RESPONSES

Is there a monthly fee? If so, how much is it and can it


be waived?

Is direct deposit available?

Do I have to pay for checks?

 re there per-check or transaction fees? How much


A
are they?

2
QUESTIONS I WILL A SK THE BANK OR CREDIT UNION RESPONSES

 re there convenient, free ATMs located near where I live,


A
work, or shop?

Is there access to online banking? What’s the cost to use?

Is there access to online bill paying services? What’s the


cost to use?

 hat happens if I try to spend or withdraw more money


W
than I have in my account (overdraft)?

Are there alerts when my balance gets low?

 ill I earn any interest on the money in the account? What


W
is the interest rate?

This tool is included in the Bureau of Consumer Financial Protection’s Your Money, Your Goals: A
financial empowerment toolkit. The Bureau has prepared this material as a resource for the public.
This material is provided for educational and information purposes only. It is not a replacement
for the guidance or advice of an accountant, certified financial advisor, or otherwise qualified
professional. The Bureau is not responsible for the advice or actions of the individuals or entities
from which you received the Bureau educational materials. The Bureau’s educational efforts are
limited to the materials that the Bureau has prepared.

This tool may ask you to provide sensitive information. The Bureau does not collect this information
and is not responsible for how your information may be used if you provide it to others. The Bureau
recommends that you do not include names, account numbers, or other sensitive information and
that users follow their organization’s policies regarding personal information.

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