You bet there are different ways to open a bank account online in the digital age. Some good banks are FDIC- insured, offer better rates, and provide some of the best rates compared to physical banks. So if you are thinking of how to open a banking account online, here are some steps to follow.
Select The Type of Account You Want
There are numerous accounts in the banking industry and before you look into opening one, you need to ensure you have done your research on the exact type of bank account you want. For example, do you want a checking account? A savings account or any other account? Then you need to check whether your online bank of choice offers any of these accounts.
If you need a card to pay with, you might also want to know whether they provide any of those. Another thing you need to check out is whether the FDIC ensures the bank of your choice. This means that if the bank fails, you can recover your funds.
Have Your Documents in Order
Opening a bank online does not mean official documents will not be required when you find the right place to open a bank account online. Instead, gather your identification details like your social security number, passport photo, driver’s license and maybe a routing number to a debit card. The bank’s requirements will be on the website and you can have them all in one place before you go to the next step of the process.
Fill Out the Required Forms
Every bank has a different amount of information they need and even though they are mostly the same, some might need some extra more. That said, the online bank you have selected will have a form they will require you to fill up. The most common information required of you is your full name, contact information, and address. While some banks will have you fill it out online, some can fax it or mail it to you and you can mail it back once you fill it out.
Wait For the Bank to Process The Information
Once the bank receives your information, they open up your bank account for you. Most of them are instant after the submission, but some might take a day or two. When it is ready to use, they will notify you through a call, a text or an email.
Wire Some Money into The Account
Your bank account is now ready to use. You are free to deposit the amount of money you need to operate. You can put it in some bit by bit.
Having an online bank account is very convenient and flexible for the user. You never have to step into a banking hall or queue again. You can deposit or withdraw your money from anywhere in the world as long as you have access to the internet. You can also invest anywhere in the world with the SoFi app.