Please see information on Checking Accounts below.


Checking Accounts

A checking account is the most standard type of account that you can find. It offers you the basic functions of money management:

  • Deposit funds

Use your account to place money, deposit whenever you like. You can also receive funds from other entities (such as your salary or private funds)

  • Earn interest

Some checking accounts will allow you to accrue interest but you may need to have a minimum balance of up to $2,000. This may vary according to account so check this prior to applying.

  • Write checks

With your checking account you can write checks up to any amount of what is contained in your account balance. A bounced check could incur a fee so watch out for this! You can avoid such fees with overdraft protection...

  • Overdraft protection (not in all cases)

Many checking accounts will offer overdraft protection. So if you get caught short of cash or bounce a check you can protect yourself. This is often an extra feature so it might incur an additional regular fee.

  • Debit card

Many checking accounts come with a debit card or bank check card your bank will give you the options when you apply.

  • Direct deposit

Receive fast access to your cash with direct deposit. This allows you to receive your paychecks or Social Security checks automatically deposited into your account.

  • Internet Banking

Many checking accounts come with internet banking as standard. This is a useful tool as it allows you to manage your money online, view your account balance, set up transfers and keep an eye out for fraud.

What Do I Need to Open an Account?

To open a checking account you will usually need:

  • Photo identification (passport, driving license)
  • Social Security number
  • An Initial Cash deposit

Take these to a bank branch and they will go over the accounts that suit you.

What is the Minimum Opening Deposit?

The minimum deposit for opening a deposit account depends on the bank usually this is around $100.

Checking accounts are offered at most banks in the US. You can compare types and offers on Which Way To Pay USA!


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