1. Open a Bank account

How To Open a Bank Account

If you want to open a bank account, there’s no shortage of options out there. For many people, opening a bank account is relatively easy. Most banks and credit unions follow a straightforward process similar to the one described below. Generally, opening an account is a matter of choosing a bank, providing certain details, and funding your account. Once the formalities are done, you can start using your account—potentially saving you time and money.

Of course, not everyone wants to have a bank account, or feels they could qualify for one. Around 7.1 million households in the U.S. are “unbanked,” meaning that no one in the household has a checking or savings account at a bank or credit union, according to a 2019 FDIC study. The number one reason respondents gave for being unbanked? They didn’t have enough money to meet the minimum balance requirements. That’s a real concern, though often solutions such as check-cashing services that people without bank accounts rely on are also costly.

If you are able to qualify for a bank account and feel you want one, here’s a quick and easy guide to opening an account.

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