If you are looking for information on how to open a bank account online with no deposit, then this is the right article for you. In the current economy, many people are having difficulties opening bank accounts because of the initial deposit.
The deposit can be hundreds or even thousands of dollars.
Anyway, some banks will allow you to open an account without placing a deposit. Therefore, you shouldn’t worry too much about opening an online bank account. Use the following steps to learn how to open a bank account online with no deposit:
1. Look for banks that are willing to let you open an bank account online without an upfront deposit. There are many reputable options including Citibank and ING.
2. You should then evaluate the interest rates, bank policies and rules relating to withdrawals, deposits and checks that each of the options offer. You can use spreadsheet programs like OpenOffice Calc or Microsoft Excel to lay out the customer perks, interest rates and bank fees that each of the banks have for new customers.
This is useful in helping you choose the online banking options that has the best rates and offers apart from the no- initial- deposit advantage.
3. Review the perks that come with using any given online banking option. See if they will give you a debit card, free gifts and cash back when you join their programs. Also, check whether they have local branches where you live and work. This is important because it gives you the choice of speaking directly to the bank face to face in those cases where you are having difficulties that cannot be handled easily online.
- Phone number
- Mailing address
- Employment information
- Driver’s license number
- Social Security Number
- The name and contacts of a relative who lives away from you (this will increase the bank’s chances of contacting someone in case you lack sufficient funds in your bank account whenever a check is written)
6. Choose the online banking option you prefer and fill out the application forms.
7. Double check the application and correct any errors before submitting it. Mistakes such as spelling errors and placing info in the wrong sections slow down application processes and will make it hard for you to access the account.
8. Wait for the application process to go through. Within a couple of days or so, the bank will email or call you to inform you whether you were successful. If successful, start using the account as you wish.
Warnings and Tips
Finally, keep in mind that in as much as it is easy to open a bank account online with no deposit, you should add funds into the account. This tip on how to open a bank account online with no deposit will ensure that your account is not canceled.