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How to Get Started If You’ve Never had A Bank Account

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How to Start If You’ve Never Had a Bank Account

by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has written about personal finance since 2013 with a particular emphasis on deposit certificates and other topics related to banking. The work he has written for him was covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.

Aug 11 Aug 11, 2020

Edited by Carolyn Kimball Assigning Editor — Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms around the nation as a reporter and editor. Her passions are personal finances, science-fiction fiction novels and absurd Broadway musicals.

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Managing your money without the need for a bank account is feasible. However, it could be a challenge — and the COVID-19 epidemic has only made it worse.

The economic impact payment may have been received weeks or even months after other ones, in the form of an e-check or prepaid debit card, because you couldn’t choose the faster payment option of direct deposit into a bank account. If you’ve been to the shop recently, you may be asked to pay by credit or debit card, or with exact change due to an overall shortage of coins and worries over germ transmission.

A bank account can make life easier in these scenarios, and other situations. To avoid any future problems Consider opening one- or try again if you’ve been rejected previously. Here’s a step-by-step guide for getting going.

Assess your money needs

If you’re one of the 14 million people who don’t have a banking account within the U.S., you might have a method that can work for you. Perhaps that means making use of alternative products like pre-paid debit cards or checking cashing service. Financial counselor Brandy Baxter has assisted clients who used check cashing services for practical reasons.

«They prefer to go in, walk out with cash in hand» says Baxter the accredited financial counselor and financial coach, who runs the company Living Abundantly in the Dallas-Fort Worth region.

Check cashing establishments like Check ‘n Go and ACE Cash Express may operate for extended hours than bank and have simple approval processes to get cash quickly. But this comes with a steep fee, which can range between 1% and 6 percent or more on top of the amount you pay for your check.

Bank accounts can meet money needs beyond what pre-paid cards or check cashing services are able to. For instance, their anti-fraud protections can limit what you’re charged if you’re targeted, and a lot of accounts allow you to lock your debit cards remotely if they are stolen.

After you’ve formed an association with a financial institution, you’ll have other options are available such as credit cards, auto or small business loans and cheaper options to payday loans may eventually be within reach.

Checking accounts «don’t just help you save costs; they’re the first step to using different financial services,» says David Rothstein director of Cities for Financial Empowerment Fund who oversees BankOn, a national platform that promotes financial inclusion.

Find a bank that will work for your needs.

If you find banks to be intimidating or have had issues getting an account previously the community banks or credit unions are generally more accommodating than national banks and are often mission-driven — for example, focusing on the financial health of their neighboring communities.

«We’re very lenient at giving people a second chance,» says Pedro Murillo director of the branch in the San Francisco Bay Area for Self-Help Federal Credit Union. «If someone comes in to apply for a loan and doesn’t have pay stubs, do they have anything else (can they) provide us? An email from (their) boss? We don’t want to give up.»

As with other credit unions Self-Help requires a person to create a savings account in order to be a member. The minimum amount required to open an account is typically just a few dollars. Members are then able to apply for additional products, like a credit builder loan.

You can search online for the term «CDFI» which is a reference to community development financial institution -which is a reference to . Many require those who join to be in the same state or region in which the credit union or bank has branches.

What should you learn about applying

To create an account, you’ll typically require to have your Social Security number, one or two forms of identification and the money to make your first deposit.

It is common to open two accounts with a bank at the same time that is a checking account and a savings account. The checking account gives access to a debit card as well as a bill payment system, among other services. The savings account allows you to set funds aside and, in the ideal case increase its value by accruing interest.

Banks typically screen applicants based on ChexSystems which is a nationwide reporting agency that maintains records of accounts closed at the request of a person. If you’ve lost access to a bank account before it is possible that you will be refused by different banks until you pay off the ChexSystems account. This can mean paying off debt to the bank or disputing mistakes on the record.

When you’ve been cleared, you can think of what banks often call the BankOn-approved checking account. Most of them do not charge fees for overdrafts, which kick in if you attempt to pay for something that could put your account in the negative.

Opening the correct bank account takes some effort. However, once you’re approved finding a safe location for your money as well as a greater likelihood of getting affordable loans will make it worth the effort.

«To have a checking account… will be the cornerstone of any financial empowerment effort,» Rothstein says.

The piece originated from NerdWallet and was originally released through The Associated Press.

The author’s bio: Spencer Tierney is an expert in the field of deposits and certificates of deposit with NerdWallet. His work has been featured by USA Today and the Los Angeles Times.

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