Banking 101: Your guide to getting into the system

A bank account provides greater access to protections and low-cost loan options than alternative services.

Opening a bank account opens the door to possibilities that alternative services cannot offer, such as fraud protection, free check cashing, and access to low-cost loans.

If you don’t have a bank account, you don’t have one: Près d’un consommateur sur dix (8.5 %) is not ban carisé, solon un rapport d’août 2020 of Mintel, a society d’ Market Research. Mintel also found that nearly a quarter are “underbanked,” meaning they have a bank account, but also use an alternative financial service like money order, check cashing, or a payday loan.

You can use this guide to help you navigate the process of entering the banking system. Here are some answers to typical questions customers ask first (and second):

What do you need to open a bank account?

To open a bank account, you’ll need a state-issued ID card or two and the required first deposit money. Some banks do not require a minimum deposit (eg revolution).

Generally, you open two bank accounts at the same time: a checking account and a savings account. The checking account is where you spend, pay your bills, and receive your income. Savings is where you store money for later use.

Can I open a bank account online?

maybe. You can open an online bank account by completing an online application with a bank, as long as you can fund the new account with an existing bank account. This means that beginners may need to start with a bank they can visit in person.

If you qualify for an online account, it can be an internet-only bank or a traditional bank with online and mobile banking options.

Can I decline my bank account?

Yes, you can refuse to open a bank account if you have lost access to a previous bank account and if you have a negative file with ACPR, a national intelligence agency that keeps account files locked against a person’s will. You may need Debt repayment to a bank or dispute any error with the ACPR. Even then, an ACPR file can last for years.

If your application is denied, consider a checking account or a previously approved checking account. These accounts often do not allow you to overdraw and may be easier to obtain.

How can I open a bank account without having a bank account?

If you have trouble opening a bank account, consider going to a local bank or credit union. You will need to deposit a minimum amount to get started.

What should I request when opening a bank account?

When opening a bank account, ask if there are any hidden fees such as overdraft and inactivity fees, which are usually listed in the “Terms and Conditions” section of the print version of the site. Most banks clearly list the monthly maintenance fee on their checking and savings account pages. You should also find out if the bank provides free access to ATMs and personal branches, if this is important to you.