Understand Bank Accounts
If you need to pay money to somebody or need to safely invest your excess cash, you must open a bank account. Whenever you pay your bills or need to withdraw money, you need to open a checking account that serves as your record for money put in or taken out of the account. If you want to save money and earn interest from the bank, you need to open a savings, money market or certificate of deposit account. On the other hand, if you need a credit card or loan, you must apply for it at your bank.
Instructions
Bank Accounts
1. The opening of your checking account serves as the source for all incoming funds, payments to third parties, personal cash withdrawls and record keeping of your account.
Inform the new accounts department of your chosen bank that you would like to open a checking account.
Provide all of the information that the new accounts officer needs to establish your account from the list below that you will need for both personal and business accounts.
Obtain a list of bank fees and charges for review and acceptance.
Apply for overdraft protection for your new account.
Apply for an automated teller machine card (ATM) for the conduct of electronic transactions.
Ensure that the bank offers bill pay services.
Inquire about the holding periods for checks deposited, especially for new accounts.
Obtain temporary checks, account opening receipt and choose the pattern of your new checks and account register.
2. Savings and time deposit accounts provides you with a separate account source for putting money aside for your future needs.
Ask the new accounts officer about the various savings plans that the bank offers.
Obtain the written account conditions and the interest rates currently offered on deposits.
Choose between the opening of a regular savings account that normally pays the least amount of interest and money market or time deposit accounts that pay higher interest rates.
Ask whether checks can be written against the money market account and how many can be issued during a month.
Inquire about the fixed withdrawal terms applicable to the certificate of deposit accounts that pay the highest interest.
Ask whether your account can serve as collateral for overdraft protection or loan transactions.
Provide any additional documentation that the bank may require if you decide to open a savings or time deposit account with this bank.
3. Whenever you need a credit card or loan for the purchase of an automobile or house, your bank often serves as the best source.
Obtain an application for a credit card and submit it to the bank once you have filled it out properly.
Read the fine print of the credit card application form in order to understand the terms and conditions for payments.
Visit with the loan officer of the bank whenever you need a loan for any purpose, but shop around first.
Fill out a loan application if your bank offers the best terms and conditions, but inform the bank if their terms are not the best for their own customers.
Fill out the long application forms that are provided to you for credit approval that contain requests for complete background information about yourself.
