What You Need to Open a Bank Account

Whether it’s a new checking account or savings account for yourself, your first joint account with your partner or spouse, or a youth account for your son or daughter, our team at Resource One Credit Union is here to help. We offer a full range of accounts, from checking (we prefer to call them spending accounts, now that checks are hardly the biggest draw of a checking account) to savings, youth and business. You can learn all about Resource One spending accounts and other account types by browsing our website, but if your main question is what you need to open your new account, you’re in the right place. Read on for answers.

A Note on Eligibility

You must be at least 18 years old to open a bank account in your name. However, this restriction does not mean that kids or teenagers can’t have bank accounts. On the contrary, it is an excellent idea for a minor to have a bank account, so they can learn financial responsibility and start saving money. At Resource One, our youth accounts are very important to us because we understand that financial habits are often learned and solidified at a young age. Our two types of youth accounts—the Roary’s Den Savings Account, for kids 12 years old and under; and the CU Succeeds Savings Account, intended for teens between the ages of 13 and 17—are there for parents to open jointly with their kids. Opening an account on a joint or co-owned basis is a way to get around the “must be 18” rule.

Essentials for Opening an Account

If you are planning a trip to your bank or credit union to open an account, there are a few essential items you should have on hand. These may include:

  • A driver’s license or photo ID. All banks and credit unions will require you to show at least one form of photo identification to establish an account. Most often, you’ll be all set provided you have your driver’s license. A state ID will do if you do not have a driver’s license.
  • A second form of identification. In some cases, banks will want to see a second form of ID before they process your request to open an account. A Social Security card, passport, or birth certificate will do the trick here.
  • Personal details. Don’t worry too much here, as it’s probably information you can recite off the top of your head. Key personal information necessary for a new account application may include your full name, address, phone number, and Social Security Number. In cases where you are setting up a joint account, you will need all this information for both account holders. 
  • Proof of address. Some banks or credit unions may require you to present a proof of address to open an account. A utility bill that 1) is in your name, 2) is associated with your address, and 3) was sent to your mailing address will be sufficient if you’re required to provide proof of address. (Note: most banks will not be willing to associate an account with a P.O. Box; you need a mailing address tied to a physical residence.)
  • An initial deposit. In most cases, you will need to make an initial deposit to complete the setup process for your new account. Different banks (and even different account types at those banks) will have different minimum opening deposit requirements. Just for example, take our Resource One spending accounts. We have four accounts that fall into this category, and they all have different minimum opening deposit requirements, ranging from $0 to $100.
  • Paperwork. Expect to do a bit of paperwork to open your account, particularly if you are working through the application process online. If you visit a bank or credit union branch in person, a banker should be able to help you prepare the paperwork.
  • An understanding of what you want. Speaking of different account types, it’s important to understand that not all bank accounts are the same. Some are designed with “banking basics” in mind and are relatively no-frills with the features or perks they offer. Others give you more benefits but may come with monthly fees or other stipulations. Looking at Resource One spending accounts again, options vary considerably among the four available account types.

Resource One Credit Union Daily Spending (Checking) Account

We start with the banking basics option, which is our Daily Spending Account. This account has no minimum opening deposit requirement, no monthly maintenance fees, and no daily balance requirements, but also is fairly bare-bones as far as special features or perks are concerned.

Resource One Credit Union Prime Spending (Checking) Account

On the other end of the spectrum is our Prime Spending Account, which provides $1,000 overdraft protection, interest accrual on balances over $2,500, ATM rebates, and other perks, but which also does have requirements for minimum opening deposit ($100) and daily balance ($2,500), as well as a monthly maintenance fee of $7 in some situations.

Open a Bank Account Online at Resource One Credit Union

It’s advisable to do your research before you visit a bank. Reading up on different banks and credit unions and various types of accounts will not only help you determine which type of account is right for you but will also give you a better sense of what you need to bring to open your account. Of course, if you’re not sure and would like some advice from an expert, a banker at your chosen bank or credit union will be there to lend a hand.
Indeed, at Resource One Credit Union, we want to be as welcoming as we can be—whether that means answering your questions or guiding you through the process of applying for an account. Contact us today to learn more or to get started with opening your account.

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