Opening/Operating a simple current account should not be too complicated. Here are seven essential steps that should cover it.
Step 1: Choose an Institution,(A bank)
You may have already done this. If not, shop around; ask friends and family on what type of account you want? A savings account/current accounts? Would you like to have a “Cash” card? See which bank has the features you want and plan to open a bank account with them.
Step 2: Go to the Bank’s Office
The easiest way to get this done is to go to it’s nearest office and pick up it’s application forms and any other requirements it may have. Some banks may now ask you to use their website. The advantage of opening a bank account online is that you can do it at any hour, anywhere. However, if you only want to open an account in person, you can just show up just show up at the branch during business hours.
Step 3: Pick the Product you want
Any financial institution will have a variety of account types and services that you can fix and match; savings, current, term deposit, etc. They will all have fancy names that you may need to learn. Pick the one that has the mix that is right for you. On a website, you may have to drill down to the product that is right for you; you might click on “Open Bank Account”, and then click “Checking”, and finally “Free Checking”. If you open Bank accounts in person, you can just chat with a banker who will help you open the best account for your needs.
Step 4: Provide your Information
In order to open an account, you must provide some information to the bank. The bank officials do not open bank accounts without certain details about you. This is to protect them against risk and comply with variety of regulations. You will need to provide simple details like your name and birthday, as well as identification numbers ( This could be your national ID card number or your driver’s license). If you are doing this online, you will just type the information into a textbook. If you open a bank account in person, you can hand your ID card over to the banker who will probably make photocopies .
Step 5: Agree to Terms
You will have to agree to abide by certain rules and accept responsibility for certain actions. When you open bank accounts, you form a relationship base on a very touchy subject (your money). Therefore you should know what you are getting into. If you open bank accounts online, you complete this step by clicking on I agree” (or similar) button, and performing the next step.
Step 6: Print, Sign, and Mall (if applicable)
If you open bank accounts in person, this step does not apply. If you are opening an account online, you will probably have to print, sign and mail a document to the bank before the account is opened. Some banks may use electronic disclosure and consent that is legally binding, but many still would not open bank accounts unless you complete this step. Until they receive the documents your account is not active.
Step 7: Congratulate Yourself?
Congratulations, you are the proud owner of a new bank account. Now, you may have to wait a few days to a few weeks for the bank to process your paperwork. Then, they will mail you anything you need to operate the account such as cheque books and a debit, (ATM/Cash) cards.