Opening a Bank Account Doesn't Have To Be Difficult by:Jakob Jelling
If you're a young person who has just begun to earn some money
, it is very important that you know how to open a bank account. Once you do, you'll have taken the first step in a long-term process of financial independence and growth.A bank account is not only essential to cultivating savings, it is also important for day-to-day financial activities. Before you decide what bank or financial institution with which to do business, however, do some research. Talk to your friends and family about where they do their banking. Ask them questions about the service their bank provides, and whether or not they are satisfied with it.
Next, determine exactly what type of account you want. The two most common types of accounts are a checking account, and a savings account. A savings account does just what its name implies - it allows you to deposit money in the bank that will receive a small amount of interest over a period of time. A checking account is intended more for daily, weekly, and monthly transactions, such as the writing of checks and the withdrawal of cash for various minor purposes. For this reason, a checking account does not usually generate interest.
When choosing a bank account it is crucial to know what services are important to you. Do you want low fees, access to an ATM machine, good customer service by phone and Internet banking? Or maybe you simply want to have an account with a bank that is located conveniently close to home? These are all key questions you must ask yourself before choosing a bank.
Once you've chosen a bank, all you have to do is go to the branch and fill out an application form. Most of the time you also have to provide the bank with an initial deposit for the account as well. Then you are given a bank number and an ATM card (if you chose this option). If you have opened a checking account you will also be given a book of checks.
By Jakob Jelling
http://www.cashbazar.com
About the author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate. Applying for a Home Loan by:Jakob Jelling The Art of Writing a Check by:Jakob Jelling Your Ideal Client by:Terri Zwierzynski Choosing Calling cards - Points to be Careful by:Muthukumar.V Business Letter Etiquette by:Neil Payne New web-based HR tool is "Max" from NAS, Hannibal, and InfoLink. by:Scott G Effective Collaboration - Working With Your Ghostwriter by:Bonnie Jo Davis Leveraging Open Source Technology by:Cartika IT Solutions Product Review of Carelton Sheets' No Money Down Course by:Mike Miyaki Three Proven Steps to Improve Your Home Business Advertising Response in Just 10 Days. by:Bob Markovsky Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan by:Nick Graziano The 3rd Plan Missing from your Business by:Patty Gale Book Review - Manners That Sell: Adding The Polish That Builds Profits by:Bonnie Jo Davis