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How to Get Started If You've Never Had a Bank Account
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How to Start If You've Never Known About an Account with a Bank
by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer writer for banking at NerdWallet. He has covered the personal financial sector since, with a focus on certificates of deposit, as well as other banking issues. His work has been highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California.
The article was published on August 11, 2020 at 6:46AM PDT
Written by Carolyn Kimball Assigning Editor - Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms around the nation as a reporter and editor. Her interests encompass personal finance, Sci-Fi novels and groovy Broadway musicals.
The majority or all of the products we feature come from our partners who pay us. This influences which products we feature as well as the place and way the product is displayed on a page. However, this does not affect our assessments. Our views are our own. Here is a list of and .
Managing your money without the need for a bank account is doable. However, it could be a challenge - and the COVID-19 epidemic has only added more.
The economic impact payment may have been received weeks or even months after the other one, in the form of a check or prepaid debit cards, because you couldn't choose the quicker delivery option of direct transfer into a bank account. If you've visited the shop recently you may have been required to pay by credit or debit card or in exact change due to a nationwide shortage of coins and worries regarding the spread of germs.
The opening of a bank account can make life simpler in these scenarios and many other situations. 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 started.
Check your needs for money
If you're one of 14 million Americans with no bank account in the U.S. You may have a system that is working for you. It could be that you are the use of alternatives such as pre-paid debit cards or Check cashing companies. Financial advisor Brandy Baxter has worked with clients who used check cashing services to meet practical reasons.
"They prefer to walk in and leave with cash in hand," says Baxter the accredited financial advisor and financial coach, who runs the firm Living Abundantly in the Dallas-Fort Worth region.
Check cashing establishments like Check 'n Go or ACE Cash Express may operate for longer hours than banks and have simple approval processes to get cash quickly. But they do charge high fees, which could be anywhere between 1% and 6 percent, or even more, of the check amount.
Bank accounts are able to meet your requirements for money that are not met by pre-paid cards or check cashing services are able to. For example, their fraud security can restrict the amount you're charged if you're victimized. Many accounts allow you to lock your debit cards remotely when stolen.
>> Tips on spotting fraud and scams How to spot scams and frauds:
After you've formed an association with a financial institution, you'll have other options are available such as credit cards as well as small or auto loans and other less expensive alternative to payday loans might be within reach.
Checking accounts "don't only aid in saving costs, they're also the first step to using various financial instruments," 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.
Look for a financial institution that fits you
If you find banks to be intimidating or have had issues getting an account in the past you can open a bank account, community banks and credit unions tend to be more friendly than national banks. They tend to be mission-driven, for instance, they are focused on the financial health of their surrounding communities.
"We're extremely accommodating when it comes to giving people a second chance to try again," says Pedro Murillo, area branch manager in the San Francisco Bay Area for Self-Help Federal Credit Union. "If someone comes in to apply for an loan and does not have pay stubs, do they have anything else (can they) provide us? Perhaps a letter sent by (their) employer? We're not willing to surrender."
Like other credit unions, Self-Help requires that a member create a savings account in order to become a member; the minimum to open an account is typically just a few dollars. Members can then apply for other services, like a credit builder loan.
You can search online for the term "CDFI" which is a reference to Community Development Financial Institution -which is a reference to . Some require that those who join to be located in the same state in which the credit union or bank has branches.
What should you be aware of when applying
To create an account, you'll generally need the Social Security number, one or two identification documents and money for the first deposit.
It's typical to apply for two accounts with a bank at once: a checking and a savings account. The checking account allows access to debit cards as well as a bill payment system, among other services, while the savings account allows you to put money aside , and in the best case it will grow through earning interest.
Banks usually screen applicants on ChexSystems, a national reporting agency that records the details of accounts closed against the will of an individual. If you have lost access to a bank account in the past it is possible that you will be denied by other banks until you settle your ChexSystems file. This could mean the payment of debts to a bank or disputing errors on the record.
Once you're cleared, consider what banks call it a or a BankOn-approved checking account. Most of these do not charge fees for overdrafts, which occur if you attempt paying for something that will result in your balance going into the negative.
The process of opening a bank account involves some effort. Once you've been approved, finding a safe location for your money, and a better chance to get affordable loans will make it worth the effort.
"To have a checking account... is the foundation for any empowerment financial initiative," Rothstein says.
The article originated from NerdWallet and was first published through The Associated Press.
The author's bio: Spencer Tierney is a writer, and NerdWallet's expert for certificates of deposit. He has had his work featured by USA Today and the Los Angeles Times.
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