The steps to open a bank account online

The steps to open a bank account online

As more and more services are moved out of the usual brick-and-mortar business and into the digital environment, you’ve learned to adapt. For example, you once had to physically go to a local bank to establish a new account. Nowadays, you can hop online and enjoy setting up a new personal or business bank account online with ease.

Decide on Your Desired Account Type

You can choose to set up many different types of bank accounts. These include savings, checking, and the money market. It’s best first to determine what kind of account you want to establish. For example, a checking account is perfect for depositing checks, taking advantage of direct deposits, and paying bills.

A savings account is ideal for storing your excess money where you won’t be consistently putting money in and out. A money market account is a blend of checking and savings with more stringent rules.

Pick the Bank You Want to Use

According to the experts at SoFi Invest, “If you’re opening an account at an online bank, opening an account online may be your only option.” You should check all the features and program limitations when opening a mobile bank account.

You want to ensure that whatever bank you choose to go with has the necessary features that you’re looking for. These can include free checks, mobile depositing, and so forth.

Gather Up Your Documents

To open a bank account, you’ll need to have physical proof of your identity. This includes your social security card, valid driver’s license, and so forth. Additionally, if you’re setting up an account for your business, you’ll need to have your EIN number, business license, and more. So it’s best to get these documents gathered up before starting an application.

Fill Out An Application

When you establish your new bank account online, you’ll need to fill out an application. Most banks will link this application to their website’s homepage. Be sure that you read over the entire application and fill in all the necessary information. The application will ask for your documentation, name, date of birth, address, contact number, and so forth.

It’s important to note that all banks need to have your signature on file to compare it to the checks you write from the account. For example, some online lenders may allow you to upload a copy of your signature as part of your application. Other lenders may physically mail you a signature card that you’ll need to sign and send back to the bank.

Fund Your New Online Bank Account

Lastly, you’ll want to fund your online account. You can typically make an initial deposit when you set up your account. Normally, you’ll need to include the routing and account number for another bank account from which you’ll be transferring money. Otherwise, if your bank has a local ATM that will accept deposits, you can physically deposit cash into your new account.

Setting up a new online bank account is pretty simple to do. By following the information that we went over above, you’ll have your account set up in no time and be ready to use it for all of your banking needs.