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How to Get Started If You’ve Never Had A Bank Account
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How to Begin If You’ve Never had A Bank Account
Written by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has written about personal finance since 2013, with a focus on deposit certificates and other banking-related topics. His work has been covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his work is Berkeley, California.
Aug 11 Aug 11, 2020
Edited by Carolyn Kimball Assisting Editor Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms all over the country as a reporter and editor. Her passions encompass personal finance, Sci-Fi novels and groovy Broadway musicals.
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Controlling your finances without the need for a bank account is feasible. But it can pose challenges — and the COVID-19 epidemic has only added more.
Your economic impact check may’ve come in a few weeks or months later than other ones and was in the form of an e-check or prepaid debit card since you weren’t able to choose the faster transfer option of direct payment into a bank account. If you’ve been to the shop recently you might be required to pay by debit or credit card or in exact change due to an overall shortage of coins and concerns about the transmission of germs.
A bank account will make life easier in these scenarios, and others. To avoid problems in the future Consider opening one- or try again when you’ve had a rejection in the past. Here’s a guide to getting to the point of starting.
Check your needs for money
If you’re among the 14 million Americans without a banking account within the U.S., you might have a system that can work for you. Maybe that includes making use of alternative products like credit cards that are prepaid and Check cashing companies. Financial advisor Brandy Baxter has worked with clients who utilized check cashing services to meet practical reasons.
“They prefer to go in, walk out with cash in hand” says Baxter who is a certified financial advisor and financial coach who manages the company Living Abundantly in the Dallas-Fort Worth region.
Check cashing shops like Check ‘n’Go and ACE Cash Express may operate more hours that banks and have simple approval processes for cash in a short time. But this comes with an expensive fee that can vary between 1% and 6%, or more, of the check amount.
Bank accounts are able to meet your money needs beyond what checks and prepaid cards services can. For instance, their anti-fraud security can restrict the amount you’ll be charged in the event of being targeted, and a lot of accounts let you lock debit cards remotely in the event of theft.
Once you’ve established working with a financial institution, you’ll have other doors open for you to consider: Credit cards and small business loans and more affordable alternatives in payday loans may eventually be at hand.
Checking accounts “don’t just aid in saving costs, they’re also the foundation for using different financial services,” says David Rothstein director of Cities for Financial Empowerment Fund which manages BankOn the national platform that encourages financial inclusion.
Find a bank that is right for your needs.
If you find banks to be intimidating or you’ve had difficulty obtaining an account before the community banks or credit unions tend to be more flexible than national banks and tend to be mission-driven, for example, focusing on the financial wellbeing of their communities.
“We’re very accommodating in giving someone a second possibility,” says Pedro Murillo the area branch manager for the San Francisco Bay Area for Self-Help Federal Credit Union. “If someone comes in to apply for a loan but doesn’t have pay stubs, do they have anything else (can they) show us? Perhaps a letter sent by (their) company? We’re not willing to give up.”
As with other credit unions Self-Help requires a person to create a savings account in order to be a member. The minimum required to start an account is typically a few bucks. Then members can apply for other services such as a credit building loan.
You can look up the word “CDFI” which stands for the community-based financial institution to . A lot of them require members to be in the same area or state where the credit union or bank has branches.
What do you need to learn about applying
To open an account, you’ll generally require to have your Social Security number, one or two forms of identification and the money to make your first deposit.
It is common to open two accounts with a bank simultaneously: a checking and savings account. The checking account allows access to a debit card as well as a bill payment system, among other features, while the savings account lets you put money aside and, ideally it will grow through accruing interest.
Banks usually screen applicants on ChexSystems which is a nationwide reporting agency that maintains records of accounts that were closed against the will of an individual. If you’ve been denied access to a bank account previously and you’re not sure if you’ll be denied by other banks until you have settled your ChexSystems file. This could include the payment of debts to a bank or disputing errors on the record.
Once you’re cleared, consider what banks often call the BankOn-approved checking account. Most of them do not charge overdraft fees that kick in when you attempt to pay for something which would place your balance in negative.
The process of opening a bank account takes some effort. Once you’ve been approved, having a safe place for your money and a better likelihood of getting low-cost loans will make it worth the effort.
“To have a checking account… can be the core of any financial empowerment program,” Rothstein says.
The piece is written by NerdWallet and first printed by The Associated Press.
About the author: Spencer Tierney is an expert on deposits in certificates at NerdWallet. The work of Spencer Tierney has been featured on USA Today and the Los Angeles Times.
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