With the Citibank near me, gone are the days when people used to hide money in their mattresses. With the hectic schedules in today’s world, the dangers that surround leaving big sums of money around that is unsecured and the need to have to maximize every penny that comes from your investment for your retirement, having your money in a checking account might just be the best idea.

If you are not familiar with a checking account, at first, the task might just be too intimidating. All the forms which you will be required to fill out and the documentation you will have to bring along might just be confusing. The good thing about it is that it is a financial maturity and something which everyone needs to be comfortable doing.

The following are some of the tips which you should know before you get to the bank and with them, you will sail through the process in a pain-free and smooth manner.

  • Get your documents in order: When opening a checking account, you will need to prove your identity. Financial institutions and banks are charged with the duty of ensuring that your documents are verified. This means that, before you head to the bank, you will need to have two forms of information concerning your identification. The first one is a photo id such as a state issued id or a driving license. The second one is your individual social security number card.

The identification you present has to match with the names which you want to be listed on your checking account. If you recently divorced or married and you want your new name to appear on your checking account, you will need to, first of all, obtain an identification which has your new name, or you should have a marriage certificate or a decree of divorce with you when you get to the bank.

Your individual social security number card needs to reflect your current name. It will be good if you request an up to date identification as soon as there are changes in your name. with that, you will be able to have a current ID which is valid.

  • The type of bank account which you want: Are you looking forward to opening a saving account or a checking account? With a checking account, you will be able to get a secure place where you will deposit your money, providing you with checks as far as your bills are concerned or when you make certain purchases. 

You will be given a Debit card or an ATM card so that you can easily access your cash whenever you need it. Many of the checking accounts do come with monthly fees and only a few of them will pay you interest while your money deposited in the bank. The advantage of having a checking account is that they don’t have minimum balance levels, which means, you don’t have to leave a certain amount in your account in order for it to appear active.

With a saving account, you will be able to deposit your money safely and in return, you will get a monthly interest payment depending on a certain annual rate. The more money you deposit, the more your interest will rise. Most of the savings accounts do have a minimum balance amount that you will need to leave on your account in order to get interest or else, be charged a certain percentage. The disadvantage of many saving accounts is that, while your money is still liquid, it will grow at a very slow pace.

Interest bearing or combination checking accounts might be a good option to consider if you are planning to keep your money in a liquid state and at the same time, earn interest on it. It works just like a normal checking account but with this combo account often have a minimum balance that you will need to keep for you to earn the interest. With ATM cards, checks, withdrawals or automatic deposits, the account will function as a normal checking account

Shop for the best fees:

The idea why you want to put money away in the bank is so that it can earn you some interest and not for it to cost you some other fees. The amount of fees being charged by the bank varies from one bank to the next, even with some being in the same community. While there are those banks which charge a monthly rate which is standard as fees for all transaction that you make in your account, there are those which will charge you per transaction separately. There are those which will charge you for every check which is returned while others will just give you a warning. Before you settle for a bank to open your checking account, ask around in different banks for their fees and compare.


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