How To Create A Chase Bank Account Online

How to Open a New Bank Account

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Whether you have just inherited money, are starting up a new business, have received a job promotion, have recently had a child or any other major life change, you may want to consider opening one or multiple bank accounts. Before doing so though, there are a few things to consider. You need to make sure you know what type of account you are looking for. Once you understand the differences between them, compare what various banks have to offer. While it may seem like work, it is just a matter of setting aside a bit of time and effort and you will have your account open in no time.

Checking Vs. Savings

Once you have decided that you want to open a bank account, it is time to consider if you want it to be a checking or a savings account. Basically, you will want a checking account if you will be using it for everyday transactions such as purchasing gas or groceries, paying regular bills or withdrawing from the ATM regularly. Users can write checks or process electronic check payments directly from their account. This is often the type many people choose for a business bank account. The drawback of this type of account is the low-interest rate, so any of the money sitting in the checking account won't accumulate at quickly. This is where savings accounts are ideal.

Savings accounts should be opened if you have a large sum of money that you won't need to access for a while and can essentially just sit in the account. These type of accounts have a higher interest rate and accrue over time. It is important though that the money can remain in that account for an extended period of time as there will be withdrawal limits and you will have much less access to the funds.

Business Vs. Personal Account

For those that are starting their own small business, having a business bank account is vital. While it may be easier in some ways to use your own personal account, it can quickly become financially confusing to differentiate between what money is the company's and what is yours. It is also much more professional to have the payments be made to a business account rather than a personal account and may also make the customer feel more secure. A business checking account may require a bit more paperwork than a personal account. The owner will need to submit additional information such as the business registration paperwork and proof of employer identification number. The business owner may also be required to maintain a certain balance in the account and pay heftier maintenance fines than a personal account owner would if they drop below the required balance.

Immigrant Application

The United States has implemented tough laws for non-US citizens who are looking to create a new bank account as they are attempting to prevent any type of money laundering. If you are an immigrant looking to open a bank account but have lived in the states for awhile, the process may be a bit easier, but for those that have recently moved, since you most likely have little or no credit history, you will need to go to one of the branches and apply in person. Before making an appointment though, call one of their customer representatives and make sure you have the required documentation ready before heading to the bank as this often varies from state to state. This usually includes your passport, identity card or drivers license, social security number, immigration documents and proof of physical address.

Fees

There is still a bit more to research before opening the account. Now it is the matter of taking the time to compare personal and savings bank accounts. For savings accounts, it will mainly depend on which bank offers the best interest rate. But for both types of accounts, there are plenty of fees that are worth comparing. It is possible to find banks accounts that have no monthly fee, especially for those that are new customers to the bank. There are monthly maintenance fees which can be avoided by keeping the minimum balance in the account. Most banks though charge for sending you paper statements and withdrawing from ATM's that aren't affiliated with your bank. Early closure fees can also be charged if you want to shut down the account before 90 days are up as well as international transfer fees for those that want to send or receive money from abroad. Not only are there fees but the exchange rate is usually quite poor.

Applying

Need groceries? Order them online. Need clothes? Order them online. Need a new bank account? Order it online. Who needs to go anywhere to do anything when everything can be done at the tip of your fingers. Often all you need to open your bank account online is your Social Security Number, Date of Birth, some form of ID, contact information and your E-signature. There are few instances though where you may be required to go to one of the branches. This is often the case for anyone who is under 18, is not a U.S. citizen, has a thin cred, meaning not much credit history, has a checking account history where they have overdrawn their account in the past or is opening an entity account for a business, trust or other organization.