Documents You Need To Open Up A Bank Account

open bank account

These days opening up a bank account is a fairly easy process. Also, you can open a bank account online relatively easily as well. The whole process from start to finish usually takes about an hour, and you can even start depositing money into the account straight away.

open bank account

However, in order to open an account, you will first need to provide a few documents.

There are two types of bank accounts  that you need to be aware of. These are personal and business accounts. The personal account is the one most people will sign up for since it will be used by them directly for their own use to pay bills, withdraw money etc.

A business account is used by small and large companies which will be used for paying employee wages as well as for paying bills.

In order to open up a normal personal bank account, the person will normally need the following documents:

  • Driver’s Licence and/or Passport
  • Social Security Number
  • Proof of address (in the form of a bill or something similar)

This is also the same if you were to sign up for an account online. The major difference would be that you would have to photocopy the documents and email/fax them directly to the bank. Opening up the account online might take that bit longer than physically walking into the bank.

If you needed to open a business account then the above documents would be needed as well as your business details like VAT number etc.

There are many different accounts in both the personal and business section, but the requirements for these documents are the same across all providers. The benefits of having these accounts open far outweigh the hassles of getting them set up in the first place. Normally, an individual will have a checking account, along with a savings account AND a business account in some situations.

If you are not sure of which type of account you would need to open for your own situation, then the best thing to do is to go into the bank in question directly and ask them about your options. They will be in a better position to give you the complete run down on what you should or shouldn’t open.

There are many options for you to consider, so do a little bit of research and enjoy the benefits!

 

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