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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