A checking account is a bank account you can use to save money, pay bills, and deposit checks. Some banks charge fees for checking accounts, but others offer free ones. Choosing a free one is the best option, as you will not have to pay fees for it. If you would like to open a free checking account, you might wonder if you qualify for one. Here are several things to know if you want to know how to qualify for a free account.
Be 18+ Years Old
The first thing to know is that most banks have rules relating to age. You must be at least 18 years old if you want to open any type of account yourself. If you are not 18 years old yet but want a free account, you might be able to open one if you have a co-owner on the account with you. You can contact a bank to learn more about their age requirements.
Show Your Driver's License
Secondly, you will need to prove your identity in several ways. The first way is by giving them a copy of your driver's license or telling them your driver's license number. Banks need to verify that you are who you claim to be, and this is one of the easiest ways to prove your identity.
Proof of Social Security Number
The bank also needs your social security number. They may use this to run a check on you to see if you have any outstanding balances with other banks right now. They also use this number to identify you for tax purposes.
Make an Initial Deposit
The next requirement is making your initial deposit, and this varies from bank to bank. Some banks might only require $20 to open an account, while others might require $5,000 for a free account.
Find a Bank that Offers Free Accounts
The next step is to find a bank that offers free accounts. Many banks offer these, but they might have rules you must follow to avoid having fees with the account. You will need to ask about these rules. If you open an account there, you must learn and follow the rules to avoid fees.
Qualifying for a free checking account is not hard to do. If you are interested in opening an account, you might want to start by comparing your options. When you find the right bank, contact them to learn more about opening a free checking account.
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