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Financial Education

Bank On It

Opening a Bank Account

When you are ready to open a new bank account, consider the following:

  Before opening an account, most banks will review your history of using checking accounts through companies such as TeleCheck or ChexSystems. Some banks will run a full credit report to determine the level of risk.

  Account information is collected from financial institutions. If you have a history of bouncing checks or misusing your accounts, financial institutions may not open an account for you.

  The bank will need your picture identification, usually a drivers license, and your social security number to verify the information.

  After the bank determines if you are eligible to open an account, you deposit money into your new account.

  A "deposit" is money you add to your account. When you add money, you must fill out a deposit slip. A deposit slip may look like the example below:

  Depending on what you deposit -- cash, a payroll check, or a check drawn on an out-of-state bank, you may not have immediate use of the funds.

  The bank must first make sure there are funds at the originating bank to cover your check. You can ask the bank when you can use the money you deposited.

  Your account "balance" is the amount of money you have in your bank account.

  When you make a "withdrawal", you are taking money from your account. You do this by writing a check, giving a teller a withdrawal slip, or by using an ATM.

  A withdrawal slip looks similar to a deposit slip except you are taking money out of your account rather than adding money to your account.

  You need to be sure that you do not withdraw more money than you have in your account. If you do, you will be overdrawn, or "bounce a check", and be charged a fee.