How to open USA Bank Accounts
How to open USA Bank Accounts
There are mainly two types of bank accounts in United State of America (USA):
- Checking accounts and
- Savings accounts.
- Checking Accounts : A checking account should be used to write checks and perform routine banking activities. Generally, a checking account does not accrue interest. However, some banks may give you interest if your balance is more than a certain minimum amount, such as $2,500 or $5,000. You can write checks using a checking account.There is typically a monthly fee for a checking account. However, some banks offer checking at no charge if you commit to a certain minimum balance.
- Savings accounts : A savings account should be used to deposit the money you wish to save.
Beside this checking and savings accounts, there are also money market accounts. They combine the features of checking accounts and savings accounts into one. Where as , they may have higher minimum balance requirements.
To open a bank account itself is a very simple process. If, many banks offer several types of checking and savings accounts, and figuring out what best suits your needs may be a time consuming task.
Bank hours of USA:
Bank hours different between different banks and branches of USA. Most of the bank of USA banks are
open from 9:00 AM to 5:00 PM Monday through Friday, except one day they may be open until 6:00 PM or 7:00 PM, and another they may just be open from 9:00 AM to 12:00 PM. Again, there is no standard. You should
check with the respective bank.
How to open USA Bank Accounts
If any employer ordered to his employees to open their salary account to their nominated bank.All the employees must have to open the account the said bank. At the time of salary the employer direct deposit the salary entire amount to their specific employees account. Your salary is automatically deposited in your bank account every salary time. At this, employes can save their time and free from hassle. You don’t have to wait to deposit your salary by your physical existence, not go to the bank and deposit it.
Some banks of USA provide several benefits to the customers whose salary direct deposit their bank accounts, such as a free checking account.
Some banks may offer overdraft protection for a checking account. It may be in various forms. The easiest one way to transfer money from a savings account when your checking account balance is too low to clear a check. Another type of benefit is where there is not enough money in any of your accounts but the bank gives you a “temporary loan” until your salary is deposited or you deposit money into your account. There will most likely be charges and interest on this type of overdraft protection. However, it may help the account holders pay rent, utility bills, etc., if your salary is delayed for some unforeseen reason.
A savings account usually accrues interest, and there is generally a certain minimum balance you must maintain. The interest rate you get may depend upon the minimum balance required and the average balance you maintain in your account otherwise you will not get any interest from your savings account.
Sometimes Some banks allow you to link your checking account with your savings account by a facility called “overdraft protection.” This confirms that if you write a check that exceeds the amount you have in your checking
account, the bank will automatically transfer the appropriate amount of money from your savings account into your checking account. This will ensure that the check that would have otherwise bounced will clear when needed. Some
banks provide these services at no charge, while others may charge a fees, and other banks may not charge any money as long as you maintain a certain minimum balance.
There are some rules and regulations must maintain to get the facility.There is usually a limit to the number of transactions you can perform with a savings account, such as three transactions per month. If you exceed the maximum number of transactions allowed, the bank will charge a fee for each transaction beyond the maximum.
Required documents to open an USA bank Account in USA:
- You will need a social security number
- Your photo identification (such as a passport or U.S. driver’s license) and
- An initial cash deposit, usually a minimum amount between $25 and $100.
Tips to Choose a USA Bank Account:
When you are choosing a bank and the type of bank account, you should also keep following things in mind:
- Number of locations in your area, both for branches and for ATMs, as well as their business hours.
- To find courtesy and customer service reputation.
- Consequence if your balance falls below the required minimum. Some banks will just stop paying interest and charge no other penalty.Most banks, though, will charge a monthly fee ($10 or $15) every month your balance falls below the minimum.
- To find interest rate paid on the savings account. Also, find out whether the interest rate is fixed for a certain duration or whether it is only for the first few months and offered as a promotion.
- Whether there is any fee for a checking account.
- Whether there is any fee for writing checks, or whether there is maximum number of checks you can write per month. If you exceed the monthly maximum quota, how much will the bank charge per check.
- Whether the checkbook is provided at no charge.
- Whether it offers ATM access.
- Under which conditions will an ATM access fee be charged.
- Whether it provides phone banking, online banking, and online bill pay. If so, whether or not there are any charges for them. For phone banking, there may be a maximum number of times you can call the bank before you start incurring fees.
- Whether the cancelled checks are returned. If so, whether they are returned as original checks or whether you will be getting check images printed as part of the monthly bank statement. There may be a monthly fee to receive your original cancelled checks.
- Whether overdraft protection is offered. If so, what kind of charges will apply and under what circumstances.