Thursday, March 22, 2012

Bank Account 101



I posted a video on YouTube that discusses some of the basic advantages of bank account ownership:

   Accountability
   Safety
   Versatility
   Convenience
   Perks
   Relationship
   and Credit

One of the key concerns people have about using banks is the accessibility to their money.  However, what is important to understand is actually the bank account will allow you to have greater access to consumer products and services:
  • online shopping
  • rentals
  • insurance
  • cable
  • cell phone providers

And many others that might not be available if you were to pay with cash or money orders.  And by shopping on line these products and services are often better priced.  Saving the consumer a lot of money.

Another concern is having the ability to open an account.  If you have the right documentation and generally it needs to consist of the following:

1.      Individual’s name.
2.      Date of birth.
3.      (Physical) Address
4.      Social Security Number
5.      Telephone number, at a minimum of residence telephone number or primary contact telephone number is required.
6.      Identification documents


If you reach out to your local bank you’ll be able to see what their ID requirements are.

Also, check to see if there is a minimum balance required to open an account.  It may be a minimum of $100 in some cases even less. 


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