Bank accounts are essential to our financial lives: you need a bank account to make payments, receive income, or invest your money.
The United States has many types of banks: small community banks to large regional, national, and even international banking institutions. If you are considering opening an account at any bank in the country, below are some steps you should take.
Step 1: Choose an online bank account provider
Although American banks offer many different types of bank accounts, your first consideration should be an online one. That is why the initial stage of opening a bank account in the USA is choosing an online bank.
Many American banks offer online accounts, so you must select one with a good reputation, a friendly getting-started process, convenience banking, and an easy-to-use account interface you can access from anywhere.
When choosing a banking services provider, ensure you:
- Choose a provider with local subsidiaries; this will make it easier to get help locally when you need it the most—such as when you cannot connect with the bank’s international customer service help channels.
- Look for an online bank like SoFi that offers benefits like zero account fees, automated saving, free checking accounts, competitive rates on fees (like overdraft fees), competitive payday loans, and other fringe incentives.
- Ensure the mobile app works well on your phone model and operating system and that you can easily use it for all your core financial services and payments.
Also, consider choosing a bank account with a robust rewards program for payments. Some banks offer cash back on purchases and other incentives like discounts on car insurance or travel.
Step 2: Open an account by contacting your preferred bank
Now that you’ve decided which account to open, it’s time to contact the bank.
The first step in opening an account is contacting the local branch or using their website or online service. You can do this by calling them or filling out a form on their website.
When contacting a bank about account opening, or when opening an American bank account, you will need the following key things:
- Your personal information (name, address, address, identity verification documents, etc.—the information needed often varies from one bank account to the other).
- Your social security number, ITIN, EIN, or an equivalent form of taxation identity based on your nationality and resident country.
An email address where they can reach you if there are any issues with your application.
Depending on the bank you choose, the account opening process will vary. Fortunately, most of the main banks in the US have online-based account opening processes.
Step 3: Complete the paperwork and submit it
After completing the signup form or the paperwork, the next step is to submit it.
If you’re submitting a hard copy, it’s best to mail it in with the application and required documents.
If you’re sending an electronic version via email attachment, include all relevant information on your account application—including all relevant personal information required—and attach these files.
Sometimes, some banks may need you to send your paperwork by hand delivery or overnight courier service (usually available through banks).
In either case, ensure you sign all the documents before submission so the bank can adequately process them easily to verify the documentation attached to your bank account.
Step 4: Set up your account for direct deposits and automated payments
The next step is to set up your account for direct deposits and other payment types like automatic payments. To accomplish this, sign up for a direct deposit and recurring payments, allowing you to get money into your account without waiting.
Direct deposits allow employers or organizations to transfer funds into your checking account. Thanks to their convenience and cost-saving nature, direct deposits are a great way to get paid, especially by global clients and businesses.
Conclusion
There are many things to consider when opening a bank account in the United States, including how much money you want to deposit, what kind of fees you’re willing to pay, and whether you’re eligible for an overdraft protection plan.
If you want help deciding which type of account will work best for your needs or need more information about opening an account with a specific banking institution, contact them directly via phone, social media, email, or their website.
