How Do I Open a Checking Account?

Are you moving to a new state where your bank has no branches? Do you want to switch banks? Do you simply want to open a new checking account? If so, you will need to know how to open such an account so you come to the bank prepared. The following steps should be followed for opening an account in just your name and a joint account for you and your spouse.

Application Materials:

No matter what type of checking account you wish to open you will need various materials to do so. Almost any credit union bank near me will require some form of identification, an opening deposit, and proof of address. Your identification will need to be valid and have your picture on it (driver’s license or passport). The proof of address typically includes a tax bill, utility bill, or deed to the property.

Apply:

It’s best to complete the application for a new checking account while you are at the bank. If you have any questions about the application you will be able to get them answered immediately by the customer service representative.

Sign Signature Card:

You will now have to sign a signature card. This puts your signature on file with the bank for things like your debit card, credit card, safety deposit box and other items. This card will also be used for the bank to verify it is you when writing a check or signing a checking withdrawal slip.

Make Deposit:

When you open a free checking account you will need to make an opening deposit. This deposit can be as low as $25 in some situations. In other situations you might have to deposit at least $100 into your new account.

Create Direct Deposit:

If your company offers direct deposit, it’s a good idea to set that up while you are still at the bank so your paychecks go right into the new account.

Uses for a Home Equity Loan

Home equity loans are an important part of the financial world. They help families and individuals take the equity they’ve built up in their home and use it for something else. It is very much like a traditional loan, where there will be interest charged and you will need to make monthly payments. Here are some uses for a home equity loan from the Ardent Credit Union, which is a premier federal credit union in Pennsylvania .

Home Improvements

Have you always wanted to update your kitchen or master bathroom? Now is the time with a home equity loan. You can use the equity you’ve built in your home and turn it around to make improvements, which will only increase the value of the home.

College

If you have a high school aged teen preparing to go off to college, you might consider taking out a home equity loan to pay for some of the tuition. You might be able to obtain better interest rates this way than applying for education loans. You can also use the loan to pay for room and board, food, books, or anything else necessary.

Buy a Car

If you don’t want to go the route of financing for a new vehicle purchase you can use a Credit Union home equity loan to pay for the car. Combine the loan with the money you get from trading in your previous vehicle and you might not have to pay a dime out of pocket.

Pay Credit Cards

If you’ve found yourself in some credit card debt, you can use the equity in your home to pay down the debt. Even though you would be using a loan to pay down another type of ‘loan,’ it’s better to have lower credit card balances than high ones.

If you need money for a home improvement project or to buy a car, consider a home equity loan.

Open Checking Account With Credit Union For Benefits Of ‘Members- First’ Mentality

Checking accounts are among the most “liquid” of relationships you can have with a bank. Your employer can make payments to your account via direct deposit; you can write checks that will be cashed by the receiving party and withdraws will occur upon deposit and you can use a debit card at ATMs anywhere to take out money or get cash back at many retailers. These are just some of the reasons why it’s so important to open a checking account, but the above examples should prove that it’s pretty hard to exist without one. That’s because by attempting to get through life without a checking account, you’re essentially dooming yourself to an existence of carrying cash everywhere you go and paying for everything in paper money. It’s inconvenient to say the least; that’s why those looking to open a checking account in the near future should also consider credit unions in PA as the bank to do business with.

While a credit union might not be the financial institution that comes to mind first, there’s a reason why these places have gained so much popularity over the past years. We’ll start with the ground rules: You’ll be able to avoid a monthly services fee and the hassle of a minimum balance. Best of all, the pesky ATM fees that add up over the weeks and months will be refunded up to $25 per monthly cycle. That’s no small perk given the high price of ATM fees these days Further, when you’re paying a dollar or two every time you use an out-of-network ATM to withdraw cash, the refund up to $25 means you’ll be able to use every ATM you come across worry-free.

When you open a checking account, you’ll also get a Visa Rewards check card, as well as Visa Scorecard Rewards points. Importantly, free online banking and bill pay will become options now open to you. Given the aforementioned liquidity when it comes to how often money flows in and out of this account, it’s essential to keep tabs on your balance. Otherwise, you’ll run the risk of insufficient funds and possible overdraft fees depending on which bank youdo business with.  You’ll also have the added benefit of SecurLOCK services that allows account holders to turn their bank cards on and off in case of an emergency, receive instant transaction notifications and set transaction spending limits as you see fit. Other benefits of opening a checking accountwith one of the best credit unions in PA is that you can earn 1 percent annual percentage yield (APY) on balances under $25,000 and .25 percent APY on totals above that threshold.

Credit unions are an openly member’s-first operation and the profit made at the end of the year is always re-invested in the operation. With this in mind, wouldn’t you prefer opening a checking account with an operation like this rather than a traditional bank that’s indebted to shareholders?