A common way to open an account is to visit the bank or credit union of your choice and talk to an account representative. This person will ask your name, mailing address, taxpayer identification number or Social Security number, date of birth, and other information that will allow the bank to identify you. They may ask to see your driver's license or other identification to verify your identity. Finally, you will complete a signature card and sign the contract associated with the account you choose. The signature card enables the bank or credit union to know which signature(s) to expect on transactions. The initial deposit will also be expected.
If you intend to share access to the account with another person, then you will need the applicant's name, Social Security or tax ID number, and date of birth. Others on the account will have to complete signature cards separately.
Other ways to open a bank account are to visit the bank's Web site or to call the bank. In these cases, you may have to print or be sent the signature card and contract for you to sign and return.
There are different types of bank accounts. Checking accounts and savings accounts are very common, and there are many options/restrictions, such as the ability to withdraw money using a debit card, interest paid on balances (if any), fees, the number of checks that may be written, and overseas use. Deposits can be sent directly to the financial institution, delivered by hand via the drive-through window or in the lobby, or deposited into an ATM. Direct deposit and electronic bill paying are other options which will likely be available.
So before selecting an account, examine the features and options of each type of account. Seek this information from various financial institutions to comparison shop for your accounts as you would for other financial decisions.
