Can You Open A Checking Account Online?

You can do almost anything online these days, but can you open a checking account online? Learn how to get started with online banking.

We can handle almost everything online now, from paying bills to taking out loans and sending money – all just a few clicks or taps away. But can you open a checking account online?

Absolutely! Here’s a guide on how to open a checking account from your phone or PC, including the information and documents you’ll need.

What Information Do You Need To Open A Checking Account Online?

You can open a checking account with a credit union online and it should be a painless process if you’re prepared. Before applying, make sure to do your research on what kind of checking account you want to open, have your official documents ready, and log onto a secure network to fill out your application. Once approved, your checking account will function regularly and fall under the same regulations as other bank accounts.

These tips and steps can help you navigate the process of opening one.

Choose Your Credit Union & Account

Everyone has their preferences about who they trust with their money. Consider these factors when choosing a credit union and checking account:

• Insurance – ensure the credit union you choose is insured by the National Credit Union Association (NCUA). That way, you have financial protection. NCUA insurance provides coverage for up to $250,000 per individual for each account type.
• Dividends – earning dividends through bank accounts is one way to beat inflation. While most checking accounts don’t accrue dividends, some credit unions offer cash-back checking accounts to help grow your money.
• Physical access – if in-person member service is essential to you, choose a local credit union with branches in your area.
• Fees and minimum balance – some credit unions charge out-of-network ATM, maintenance, and overdraft fees. They might also have a minimum balance requirement. Familiarize yourself with these to prevent unpleasant surprises.

Gather Information & Documents

After deciding on a credit union, it’s time to prepare the required details and personal documents for opening a checking account. So, what information do you need to open a checking account online?

You can check the credit union’s website for the specifics, but the requirements typically include the following:

• Full name
• Date of birth
• Current address
• Previous address (if you’ve been a resident at your current address for less than two years)
• Phone number
• Email address
• Government-issued ID like a passport or driver license
• Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)

If your new checking account has an initial deposit requirement, you must also provide information on how you’ll be funding it. The credit union might ask you for your debit or credit card information or routing and account numbers from your previously established bank.

Complete The Online Application

Use the gathered data to complete the online application. Ensure you’re using a secure and stable internet connection when doing this. In addition, be prepared to provide scanned copies of your documents, like your government-issued ID. After providing all the necessary information, submit the online form and anticipate a text message or email with instructions on what to do next.

You might have to fill out a signature card, which your credit union will use to verify your signature on future documents. They might mail the signature card to you or ask for your electronic signature. In some cases, they might also request additional documents to verify your identity.

Fund Your New Checking Account

If the verification process goes well and your credit union approves your checking account, it’s time to fund it. It’s crucial to meet the minimum balance or opening deposit requirement if there is one. The most common way to do this is to transfer money from another account, but there are other methods you can try. You can wire money, write a check, or use your debit card. You can also deposit cash if your credit union has local branches.

Receive Your Checks Or Debit Card

If your chosen checking account comes with checks or a debit card, you’ll receive them through mail once the credit union has approved your application. You can refer to the confirmation text or email to check their estimated arrival date. If you signed up for checks and a debit card, they’ll likely arrive separately for security reasons. While you can use your checks immediately, you must activate your debit card online or by phone.

Customize Your Online Banking Experience

Once your account has been opened, create an online banking experience based on what matters most to you and your financial goals. Some credit unions offer services like automated deposits into your savings and bill pay so you can stay on top of your financial goals.

How Long Does It Take to Open A Bank Account Online?

Opening a checking account online can be quick and simple if you’ve done your researched and are prepared. Wondering how long it takes? Just five minutes of your day. This is one of the many benefits of online banking – there’s no need to leave the comfort of your home or wait in line.

Why Can’t I Open A Bank Account Online?

Opening a checking account is a step in the right direction toward achieving your financial goals. However, that doesn’t mean credit unions approve all applications. While a denied application can be discouraging, it’s not the end of the road.

Here are some common reasons why a credit union might deny your checking account application.

Negative Consumer Report

Early Warning Services and ChexSystems are consumer reporting agencies that track issues like overdrafts, unpaid bank fees, fraud, and forced account closures. If your consumer report from these agencies contains negative remarks, a credit union might deny your application. Additionally, being a joint account holder with someone who has issues with their consumer report could also reflect negatively on you.

Consumer Report Errors

Consumer reports aren’t always accurate. They might contain mistakes that can hurt your application for a checking account. For example, yours could contain negative information about someone else’s banking history. It’s crucial to review your consumer report and refute any errors.

Incomplete Application

Credit unions rely on your application to verify your identity and other crucial information. If your application is incomplete or contains errors, this could lead to a denial. Maybe you didn’t submit the correct ID type or missed a required document. For assistance, reach out to the credit union to address any issue.

What If My Application Is Denied?

A denied application isn’t the end of the line. Here’s what you can do next.

Verify Information

If you think you included incorrect information on your application, consider reapplying for a checking account. Ensure you provide the correct details and submit all that’s required the second time around.

Review The Consumer Report

If a credit union denies your application because of negative items on your consumer report, it’s your right to get copies of your files. You can use the information on your consumer report to address issues like overdrafts and unpaid fees. You can also file a dispute with the consumer reporting agencies if you spot mistakes.

Open A Checking Account With A+ Federal Credit Union

A+FCU knows how essential checking accounts are for their members’ day-to-day transactions. It has various checking accounts for different needs, each with overdraft protection and NCUA-insured deposits. Most A+FCU checking accounts have no minimum deposit requirements or monthly fees for a stress-free experience. In addition, you can access their features through secure online banking.

The Cash-Back Checking Account is the most popular pick among members, allowing you to earn unlimited cash back on debit card purchases. For those who want to put their money to work, there’s the A+ Checking Account which pays you monthly dividends. Explore your checking account options at A+FCU and be one step closer to your financial goals.

Membership required. Insured by NCUA. All checking accounts screened through ChexSystems. Conditions and restrictions may apply. Subject to change without notice.