Opening Your First Bank Account – What You Need to Know  

Opening a new bank account can be a confusing and intimidating process, especially if this is the first time you are doing it. Banking rules have changed in recent years, and that means additional requirements for both residents and non-residents. If you want the process of opening your new account to go as smoothly as possible, you need to do your homework and find out exactly what you will need to bring with you.
 
One of the first things to research is what kind of account is best for you. If you plan to make payments out of the account, a checking account will probably be the best bet. If you need to store extra cash and save it for a rainy day, a savings account will probably work better.
 
No matter what kind of account is right for you, it is important to look at things like fees and monthly charges. There are plenty of free checking and savings accounts out there, so it should not be hard to find a fee-free option. Simply choosing a fee-free checking or savings account could save you more than $100 a year – money you can keep in your own pocket and use to secure your financial future.
 
Once you have decided which type of account is right for you and found a low cost financial institution, it is time to actually open the account. It is important to bring the identification and other documentation you will need with you when you open the account. If you forget anything you may need to return to the bank later to finish opening your account.
 
If you a resident of the United States, you will need to supply your Social Security number to the bank for identification purposes. If you are a non-resident, you will need to provide suitable identification to the bank officer who opens your account.
 
Banks can accept a number of different identification documents from non-residents who wish to open a new account. If you have a passport, bring it along to verify your identity. The bank officer will make a copy of the passport to keep with your file and return the original document to you.
 
If you do not have a valid passport, you can use an alternate form of identification, like an alien identification card or other government issued identification document. If you are a non-resident opening a U.S. bank account, it is best to bring along the identification and documentation you have. That way the bank officer can go through it and sort out exactly what you need.
 
Both residents and non-residents will also need to supply some basic information, including their current mailing address, their date of birth and their employment status. This information will help the bank identify you and allow them to tailor their services to your needs. If you need professional help, contact Inc.Plan(USA) for a free 30 minute consultation.
 
The above information may make it seem like opening a bank account is an overly complicated procedure, but it is not as bad as it seems. As long as you gather your documents and know what you need, the entire process of opening the account should take less than an hour. Once your account is open, you can start enjoying the safety and security of the U.S. banking system no matter what your current residence status.