What Do I Need to Open a Checking Account?

What do you need to open a checking account? It can vary a little from bank to bank but there are typically some fundamental necessities needed to open a checking account.

First Bank has five levels of checking accounts, each with varying conditions and capabilities. But let’s start with the basics that hold true for any checking account:

What You Need to Open a Checking Account

Identification. You will be required to show a picture ID in order to open a checking account such as a driver’s license, passport or military ID card.
Personal information. Basic information such as name, address, telephone number, date of birth and social security number.
Deposit. You’ll need a small minimum amount of money to make the initial deposit into the account.
Clean record. Before opening a new checking account, a most banks will run a consumer report of your previous banking relationships to make sure you don’t have a record of charged-off accounts or fraudulent activity. A bank will sometimes allow you to still open a new account provided you repay the charged off account.

Types of Checking Accounts

Let’s take a look at First Bank’s five personal checking account options.

Everywhere Checking. This is our most fundamental checking account.
Everywhere Plus. This option allows you to earn interest on your balance.
Everywhere Premium. Earn interest plus enjoy some additional perks such as an unlimited number of out-of-network ATM transactions with no First Bank fee.
Campus Checking. Students under the age of 25 get the benefit of a checking account free of a minimum balance requirement and monthly maintenance fees.
Senior Checking. Customers age 55 and older can be fee-free with direct deposit and get free checks.

Contact First Bank Today

Visit your local First Bank and one of our friendly associates will help you with what you need to open a checking account. Or use our Compare Accounts feature to see which checking account is right for you.

———

Sources:

Investopedia: http://www.investopedia.com/terms/m/minimum-balance.asp

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Construction tools and piping on top of blueprints

New Construction vs. Existing Home: Points to Ponder if you’re weighing the pros and cons of buying a new versus an existing home, you won’t make a decision based on aggregate data. You’ll be comparing specific options. Here are some factors to consider. 3 min read

Equifax Breach: FAQs and Resources A collection of helpful tips and FAQs in the wake of the Equifax breach. 3 min read

Simplifying the Home Buying Process The home buying process can be daunting, especially for first-timers. When should I start looking? How much do I need for a downpayment? Fear not! We've got you covered. 1 min read

HSA Rules and Regulations You Should Know If you have a high-deductible health insurance plan, a Health Savings Account (HSA) can help you save for future medical expenses. Health Savings Accounts were established by the federal government as part of the Medicare Prescription Drug, Improvement, and Modernization Act. Like any federal program, HSAs have rules you must follow in order to qualify, make contributions to your account, and withdraw your funds. HSA Rules and Regulations Rules for Qualifying According to federal guidelines, in order to qualify for an HSA, you: Must be covered under a high deductible health plan (HDHP) on the first day of the month Have no other health coverage (some exceptions apply) Are not enrolled in Medicare Cannot be claimed as a dependent on someone else’s prior year tax return Rules for Making Contributions Each year the IRS determines the amount that you, your employer, or anyone else can contribute to your HSA. Determine current contribution limits on the IRS website. Rules for Using Your Savings You can use the money in your HSA account for qualified medical expenses determined by the IRS. Typically, HSAs are used for treatments, prevention and diagnosis of conditions and diseases. HSAs at First Bank* A First Bank Health Savings Account provides you a tax-free distribution from your account any time you need to pay for medical expenses.** First Bank HSAs also come with online banking and bill pay to help you manage your account, and you can access your funds from anywhere with our HSA-specific debit card and checks. Other benefits include: Tax deduction for contributions even if deductions are not itemized Contributions made by employer may be excluded from gross income Contributions accumulate until used Tax free earnings HSA may be transferred or rolled over to another HSA Complete IRS reporting available FDIC insured To learn more about HSA rules and sign up for an account today, visit a First Bank branch near you. *Member FDIC. **Qualified medical expenses, as explained in IRS Pub. 502, include amounts paid for doctors’ fees, prescription medicines, and necessary hospital services not paid for by insurance. Qualified medical expenses may be incurred by you, your spouse, or your dependents. To be eligible for a HSA account, you must you must be 3 min read

What Do I Need to Open a Checking Account?

Ready to talk to an expert?

What You Need to Open a Checking Account

Types of Checking Accounts

Contact First Bank Today

Ready to talk to an expert?

You may be interested in...