More and more banking takes place over the Internet including opening an account. To open a bank account online, such as a Capital One 360 savings or checking account, takes only four easy steps with a little preparation.
1. Choose the Financial Institution
Deciding between different banks and different account promotions involves asking a series of questions.
* Is there a monthly fee?
* Is there a minimum balance?
* What is the interest rate?
* Is the account FDIC insured?
* Does the account have a monthly transaction limit? If so, what fees apply after the limit?
* What is the fee for using an out of network ATM?
* Are there any promotions or bonuses for opening an account?
2. Enter Personal Information and Verify Identity
To open a bank account online, the consumer must verify his or her personal identity with the following documentation:
* Social Security number.
* Home address and phone number.
* Driver’s license or state-issued identification number.
* E-mail address.
* Bank routing number from current bank account.
* Account number from current bank.
3. Choose, Customize and Link Accounts
The next steps involve choosing between accounts, such as checking, savings or CDs and customizing the settings. Most banks, including Capital One 360, have a Customize Your Accounts page accessible through the settings options. This allows the account holder to:
* Personalize the account description or set a nickname.
* Choose the order in which the accounts appear on the overview page.
* Establish account visibility.
* Set up recurring payments and choose paperless statements.
* Prior to selecting paperless statements, download and print existing statements.
In addition, the account holder must link at least one existing bank account to the new account, both to verify the identity of the consumer and to transfer initial funds into the new account.
4. Read Disclosures and Fund the Account
The last step is crucial although a bit painstaking. The disclosure statements will delineate all the potential charges and fees to the account, disclose the privacy settings and expectations, and what rights the bank retains. Once the account holder has accepted the agreement, the initial funds can be transferred into the new account for use.