You’ll have to agree to abide by certain rules and accept responsibility for certain activities in your accounts. When you open an account at a bank, you form a relationship based on an important subject: your money. Therefore, you should know what you’re getting into. If you open a bank account online, you’ll complete this step by clicking the “I Agree” (or similar) button and moving on to the next step. You’ll likely need to sign a paper contract if you open an account in-person at a branch.
If you’re under 18 years old, you’ll need someone over age 18 to open the account with you. You still might be able to use a debit card and online banking, and you can eventually get your own account.
If you’re opening a joint account of any kind, you’ll need the personal information for all of the account holders and a signature from each of them. If possible, it’s best to get everybody together in one place to complete the application.
Although disclosures have improved over time, there are a lot of important details buried in the fine print when opening a bank account. In particular, you’ll want to know about any fees applicable to your account, and when your funds will be available for withdrawal.
In addition to bank agreements, federal law dictates your rights and responsibilities as an account holder. For example, if somebody takes money out of your account fraudulently, you might be protected against losses. However, you may need to report the withdrawal quickly for full protection.