Instantly Open a Bank Account Online with No Deposit – keep reading
If you’re interested in opening a bank account online, you might be wondering how to get it all set up and started with minimal hassle. Luckily, technology has allowed us to manage most of our finances online. It’s possible to not only check your balance with the Internet but also make payments and do all sorts of valuable things from the comfort of your home. While a few things still require you to visit a bank physically, a plethora of services are available that make financial management a whole lot easier from home.
One of the handiest features of online banking is the ability to start an account online with absolutely no deposit required. This is a fantastic way to create Internet banking, but it doesn’t mean you’re restricted to just using your account over the Internet. Setting up an account online can be done in less than an hour; all you need are personal details.
How to Set up a Bank Account Online
Whether you’re a resident of the United States or planning to relocate, you’ll need a bank account that you can access from various places. Some strict laws prevent people from entering the US and instantly starting up a bank account, so you’ll need a few documents to prove that you’re a resident of the United States.
Your online application will most likely be refused if you’ve recently arrived in the country. This is because of your short or non-existent credit history in the United States. In addition, it becomes challenging to prove your identity if you have no natural history or records in the US, hence why an online application may quickly be declined. In addition, banks will find it hard to categorize you, and it becomes challenging to pick the correct online account for your situation. In short, if you’re new in the United States, you’ll need to open a bank account by walking into a branch instead.
However, if you’re a resident of the United States with some credit history and proof of your identity, then it’s possible to open up a bank account over the Internet. Banking rules and regulations differ depending on the state, so the exact requirements to open a bank account online might change. It’s best to speak with a customer representative over the phone or via email before you apply so you can prepare all of your documents.
In most cases, you’ll need some form of identity (a passport, identity card, or driver’s license), your social security number, documents to prove your address, and immigration documents if you’ve recently moved into the United States. These documents should be easy to procure, but your proof of address might be tricky. Most banks will tell you what kind of documents are accepted. A recent utility bill is usually best, but a bank statement can also work if you’re registered with other banks. If you don’t have any utility bills in your name (for instance, if you’re a student), you can send a copy of your enrollment form and give details on your educational status.
Nationality can also play a role in your ability to open a bank account online. Citizens from English-speaking countries such as the United Kingdom or Canada are more likely to be accepted.
Setting up a No Deposit Account
In the United States, charging maintenance fees to use certain bank accounts has become common. The fees can vary depending on the bank, and it’s undoubtedly a frustrating added cost that doesn’t need to be there, significantly if plenty of banks won’t charge you extra for the privilege of banking with them. It’s not a scam, and it’s not a hoax. While some banks believe that their services are worth charging extra for, others are willing to attract customers by offering free open accounts with plenty of extras to make the deal even more attractive.
Here are some options to pick from to give you an idea of the banks that offer free accounts.
Capital One 360
Capital One offers a fee-free online checking account that can be used anywhere and anytime. There’s no fee to pay for online and mobile checking, which means it’s completely free. There are also no opening fees involved, and you can set it up on the Internet in roughly five minutes, provided you have the relevant documents. No matter your balance, you can start earning interest when you open it. You can use Capital One 360 like most bank accounts. There are mobile deposit options; you can pay your bills over the Internet, and several overdraft options to help you cover emergency expenses.
Independent Bank offers free checking accounts with no service fees or additional requirements. If you’re eligible for a bank account in the United States, you can receive a free debit card from Independent Bank that requires no maintenance fees and won’t be charged for their essential services. You can open an account immediately on the Internet without any hassle, with plenty of additional benefits. One of them is SnapCheck, an app that allows you to take photographs of your checks with the camera of your phone or tablet and deposit them into your bank account.
Bank of Internet USA
True to its name, Bank of Internet USA offers various unique tools to help you manage your Internet banking requirements. Their Essential Checking account has no monthly maintenance fees, no annual fees, and no requirements, assuming you can prove your identity and are eligible for a checking account in the USA. Accounts can be easily opened online, and you’ll also get exclusive cashback purchase rewards. The Essential Checking account also comes with access to their online services like online bill pay, MyDeposit, mobile banking, and Popmoney, a safe and secure way to transfer money. The cashback offers separate Bank of Internet USA from most other banks. Despite being free with no further charges, you get a lot of unique benefits that you won’t see with other banks.
First National Bank
First National offers a free checking account with fantastic benefits at no extra charge. There is no tremendous monthly service fee, minimum balance or deposit required to open the account, and no ATM fees. Statements are free to view both online or through the mail as paper, and you’ll get access to free services like mobile banking and fraud monitoring. First National’s free checking account is a no-thrills and no-surprises option for people who want to get on with their banking. It’s perfect if you’re looking for a quick and straightforward way to open an account online within minutes.
These are the most common options for people looking to start a bank account online with no deposit. In addition, these all come with the same no-fee bonuses that make the banking experience far more enjoyable and less of a hassle. You can set up these accounts in a matter of minutes, and they all offer a wide range of benefits that could be fantastic additions to the already appealing lack of maintenance fees.
Open a Bank Account Online with No Deposit Conclusion
Getting a checking account without an opening deposit or minimum balance requirements can initially seem a little frustrating, but it’s pretty simple. Once you’ve opened your account, learn how to manage your money.