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How to Get Started If You’ve Never Had an Account with a Bank

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How to Begin If You’ve Never Had a Bank Account

By Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposits Spencer Tierney is a consumer banker at NerdWallet. He has written about finances for individuals since the year 2013 with a particular emphasis on certificates of deposit and other banking-related topics. His work has been covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.

Aug 11, 2020

Editor: Carolyn Kimball Assigning Editor – Banking Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms around the country as a reporter and editor. Her passions encompass personal finance, Sci-Fi books and ridiculous Broadway musicals.

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Controlling your finances without a bank account is doable. However, it isn’t without challenges – and the COVID-19 pandemic has only made it worse.

The economic impact payment may have been received weeks or even months after the other one with a check or prepaid debit card, since you weren’t able to choose the quicker delivery option of direct deposit into a bank account. And if you’ve gone to the store lately you might be required to pay with a credit or debit card or with exact change due to an overall shortage of coins and worries over germ transmission.

A bank account will make life easier in these scenarios, and others. To avoid any future problems you should consider opening a bank accountor try it again if you’ve been rejected in the past. Here’s how to get going.

Assess your money needs

If you’re one of the 14 million people who don’t have a banking account within the U.S., you might have a system that can work for you. Perhaps that means the use of alternatives such as prepaid debit cards and Check cashing companies. Financial counselor Brandy Baxter has worked with clients who used check cashing services to meet practical reasons.

“They prefer to walk into their homes, then leave with cash,” says Baxter, an accredited financial advisor and financial coach who manages the firm Living Abundantly in the Dallas-Fort Worth area.

Check cashing shops such as Check ‘n’ Go as well as ACE Cash Express may operate extended hours than bank, and offer easy approval procedures to receive cash fast. But this comes with a steep fee, which could range between 1% and 6 percent, or even more, of the check amount.

Bank accounts can meet the needs of money beyond what prepaid cards and check cashing services will. For instance, their fraud protections can limit what you’re charged if you’re targeted, and a lot of accounts allow you to lock debit cards remotely if they are stolen.

And once you’ve begun working with a bank, other doors open for you to consider: Credit cards and small business loans and other less expensive alternative in payday loans may eventually be at hand.

Checking accounts “don’t just help you save expenses; they’re also the stepping stones to use other financial products,” says David Rothstein director of Cities for Financial Empowerment Fund which manages BankOn an online platform in the United States that helps to increase financial inclusion.

Find a bank that fits you

If you find banks to be intimidating or have had issues getting an account previously you can open a bank account, community banks and credit unions are generally more friendly than national banks. They are usually mission-driven — for instance, they focus on the financial health of their surrounding communities.

“We’re very accommodating in giving people 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 request a loan and does not have pay stubs, what else (can they) provide us? Perhaps a letter sent by (their) company? We’re not going to be left out.”

As with other credit unions Self-Help will require a person to establish a savings account before they can join; the minimum required to start an account is typically a few bucks. Members can then apply for additional products including a credit-building loan.

It is possible to search the internet for the term “CDFI” that stands for the community-based financial institution to . Many require those who join to be located in the same state in which the credit union or bank has branches.

What do you need to know about applying

To start a bank account, you’ll generally require the 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 at once that is a checking account and an account for savings. The checking account gives access to debit cards as well as a bill payment system, among other features, while the savings account allows you to set money aside , and in the best case increase its value by making interest.

Banks generally screen potential applicants using ChexSystems which is a nationwide reporting agency that keeps records of closed accounts against a person’s will. If you’ve lost 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 record. This could mean the payment of debts to a bank or disputing errors on the record.

Once you’re cleared, consider what banks typically refer to as the BankOn-approved checking account. Most of them do not charge overdraft fees which are charged if you attempt to pay for something which would place your balance in negative.

Finding and opening the right bank account involves some effort. Once you’ve been approved, having a secure place to keep your money, and a better chance to get low-cost loans could be worth it.

“To have a checking account… is the cornerstone of any financial empowerment initiative,” Rothstein says.

This piece originated from NerdWallet and first published by The Associated Press.

About the author: Spencer Tierney is an expert in the field of deposits and certificates of deposit with NerdWallet. He has had his work highlighted by USA Today and the Los Angeles Times.

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