Those that wish to open an online bank account will find that there are many options to choose from. Originally, only lesser known banks were offering this option in an attempt to gain new customers. Today, nearly every major bank now offers this option. Though the process is simple, there are some requirements that must be met in order to open an online bank account.
The most common requirement is a minimum deposit amount. This amount will vary by bank, but tends to be in the $100 range. These funds can be provided by using either a debit card that is linked to another bank account, or by using any major credit card. There may also be age requirements, as minors are not allowed to open their own accounts. Typically, the applicant must be 18 years of age or older, though each bank has the right to raise this minimum age requirement.
Each bank that allows for opening accounts online will advertise this fact on their website. Popular choices include: Wells Fargo, Chase, Citibank, Bank of America, and Citizens. However, there are many more to choose from. The benefits of each of these banks will vary, and those that are looking to open an online bank account are advised to spend some time researching which bank will offer them the highest level of benefits.
Once a selection has been made, simply find the “Apply Now” button or link on the bank website. This will initiate the process. Be prepared to provide basic information such as name, address, and phone number. Other information, such as driver’s license number and social security number may also be required. This information is used to verify the identity of the applicant. Requiring this information is standard whether opening an account online or in person.
In order to be approved, all information must be truthful and verifiable. In most cases, the account is approved within one business day, though some banks do take longer. Opening funds will not be requested until the account application has been approved. These funds must be deposited in order to complete the process. Once this is done, debit cards, checks, and online banking access will be granted (if applicable).
In addition to checking accounts, savings and business accounts can be opened online. The application process for all account types is quite similar, though business accounts may require a tad more information. Typically, there is no cost associated with opening an online bank account. However, depending on the account type and bank, there may be a monthly fee associated with keeping the account open.
The internet now provides plenty of banking options to everyone. It is no longer necessary for one to choose a bank in his or her local area. This option is especially nice for those that live in small towns that do not even have a local bank. The application process is safe and secure, and online accounts are no different than any other account. Visiting a physical bank location is no longer necessary, as transactions can be handled completely using online tools.