Before opening any type of bank account, most people are keen to find out how much money will be needed to complete the process. While the amount required to officially open a US bank account will vary according to the type of account that is being opened, the average amount required is between $25 and $100. Below are some of the criteria that will need to be met before any US-based bank will be willing to open a bank account for you.
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Documentation Required
Many consumers aren’t aware of all of the documentation that they will need to present when applying for any type of US bank account. While the process of opening and verifying a bank account may seem tedious and unnecessary in the beginning, the measures have been put in place to help prevent money laundering and any other type of financial fraud.
In most cases, you will be required to provide one to two forms of photo identification, as well as some physical form of proof of address before an account can be opened. Acceptable forms of identification can include your government-issued photo ids such as a passport or driver’s license, your state ID card from the Department of Motor Vehicles, a student ID card or military ID card.
If you are going to be co-signing on the account in questions, the other person will need to be present and provide their identification details at the time of application as well. Anyone who is under the age of 18 years will need to have a parent or guardian co-sign as well. In many cases, you will also be required to provide an Employee Identification Number (EIN).
The Next Steps
Once all of your paperwork has been processed and approved, you will then be required to provide your opening deposit amount. If you do not have physical cash available, it is sometimes possible to provide this within a day or two over the phone by transferring funds from another bank account. In most cases, some form of opening deposit will be required, unless the bank in question is running a promotion that does not require it.
Ongoing Bank Charges
After your bank account has been opened, it is important to remember that there may be ongoing fees or charges associated with using it. For example, some bank accounts will charge a set monthly fee for having an account with them but will waive this amount if more than a certain amount of money is kept in the account. In some cases, student accounts will have lower fees than regular accounts.
Before opening a bank account, it is essential to read online reviews. This will help you determine beforehand whether a particular bank has received any complaints or not regarding customer service and other issues. It is also strongly recommended that you choose a bank that has a branch close to where you live or work, as this enables easy access in the event of queries.