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How to Open a Bank Account

To most people, the process of opening a bank account can be intimidating and tiresome. However, this doesn’t have to be the case, especially if you are aware of the basic banking requirements and formalities. With advancement in technology, you can simply complete the whole process online.

So how do you open a bank account? The following is a simple step-to-step guide that is used by almost all banks.

1. Ensure You Are Eligible to Open a Bank Account

You need to have a valid identification card. This is to provide proof that you are over eighteen years and a citizen of the country. Some banks, however, can allow minors to have an account provided their parents sign the necessary registration forms. Also bring any document that contains your name and address. This may be your driving license or even a phone bill.

You need to have a social service number or taxpayer identification number that proves you are in government records.

2. Choosing a Bank

You will need to visit your preferred bank or if you have none, you will need to shop around to find one that suits your needs.There are many different banks available and they can be generally categorized into large chain banks and local banks.

Large chain banks are available in almost all cities and towns. Their advantage is that they are financially stable and have a trusted reputation. You will receive the same service no matter the branch.

Local banks are located in certain areas only and they tend to offer more personal one-on-one experience. Local banks tend to charge a smaller fee and invest in local community projects rather than national ones. Credit unions, which are non-profitable institutions, can be considered as local banks.

3. Choosing the Type of Account You Want

Banks have a way of selling their services by giving their products unique names, but the basic available accounts are checking accounts and savings accounts.

Checking accounts are simple accounts used to make day-to-day payments (like paying bills) and direct deposits. The amount in the account is determined by the amount you deposit. The user will get a checkbook and a debit card upon opening this account.

In savings accounts money is saved for long-term use. Money deposited in this accounts earns interests from the bank. You can withdraw money from the bank or at an ATM, but it can never be used to make payments directly.

4. Visit the Preferred Bank and Ask to Open an Account

Once you have identified your preferred bank and account, you need to visit the bank where you will be asked to fill in forms and upon completion, you will receive a confirmation. The advantage of visiting the bank is that you can get clarification of a number of issues including;

• Saving accounts interest rates

• Minimum balance that should be left in the account

• Monthly fee, if any, to maintain the account

• Transaction limit, if any

• If the account is insured under the Deposit Guarantee Scheme

Some banks offer online services, where you can open an account of the comfort of your home. It is, however, important to visit the bank’s website to identify if the bank offers online services.

Upon completion, you will be provided with an account number and a four-digit PIN for your debit card.

5. Make an Initial Deposit

On completion of filling the necessary forms, most banks will require you to make an initial deposit to activate your account. This amount differs from bank to bank and the type of account opened, and therefore it is important to know the terms and conditions.

Once you’ve completed this step you’re all set. Congratulations, you have opened a bank account and can now make deposits and withdrawals as per the banks’ terms and conditions.

Presenting bank definition

Examples of presenting bank in a sentence.

Presenting bank " means a bank presenting an item except a payor bank.

More Definitions of Presenting bank

Dictionary of International Trade

Presenting bank.

In bank collections, the collecting bank that deals directly with the drawee ; usually is the drawee ´s bank of the account.

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Presenting Bank Law and Legal Definition

The bank requesting payment of a collection bill is a presenting bank. A presenting bank can be a collecting bank, its nominated branch, or local correspondent which is better placed to contact the importer. Pursuant to U.C.C. § 4-105, a presenting bank means a bank presenting an item except a payor bank. Payor bank is the drawee of a draft.

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§ 28:4–105. Definitions of types of banks.

In this article, the term:

(1) “Bank” means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company.

(2) “Depositary bank” means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter.

(3) “Payor bank” means a bank that is the drawee of a draft.

(4) “Intermediary bank” means a bank to which an item is transferred in course of collection except the depositary or payor bank.

(5) “Collecting bank” means a bank handling an item for collection except the payor bank.

(6) “Presenting bank” means a bank presenting an item except a payor bank.

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Presenting Bank

Definition (1):

Presenting Bank is the collecting bank making the presentation (of the collection) to the drawee .

Definition (2):

According to financial-dictionary.thefreedictionary.com, “A bank that gives a demand for payment to another bank.” For instance, the presenting bank can submit a check to another bank for receiving payment. This bank does this if another bank draws the financial instrument.

Definition (3):

A presenting bank is a bank that requests a collection bill’s payment. It can be a collecting bank, its corresponding branch, or a local correspondent whichever is better located for contacting the importer.

In other words, it is a financial institution presenting a negotiable instrument for a payment to another financial institution (or the advising financial institution).

The clearing process starts with a cheque’s deposit in a bank. The bank delivers this cheque and other cheques to the branch\ bank where they are drawn. When the banker is sure about this instrument’s genuineness and funds are available, this cheque is passed for payment.

The unpaid cheques are returned to the presenting bank through the return clearing. The fund’s realization takes place after return clearing is completed and by an unpaid cheque’s absence.

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The Definition

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presenting bank

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Any bank seeking payment of a bill of exchange, cheque, draft, or other financial instrument by submitting it to the drawee's bank.

From: presenting bank in A Dictionary of Finance and Banking »

Subjects: Social sciences — Economics

Presenting bank

31 CFR § 355.2

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What is PRESENTING BANK

A financial institution that presents a negotiable financial instrument to the advising financial institution for a payment.

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COMMENTS

Why Are Banks Important?
Most individuals and businesses today have some type of banking account. Having a trusted financial service provider is important as it is a safe place to hold and withdraw earned income.
What Is a Business Bank Account?
In the U.S., there are an estimated 33.2 million small businesses. Whether you’re a current business owner or are considering starting a company, having a business bank account is a wise move.
How to Open a Bank Account
To most people, the process of opening a bank account can be intimidating and tiresome. However, this doesn’t have to be the case, especially if you are aware of the basic banking requirements and formalities. With advancement in technology...
Presenting bank Definition: 169 Samples
Presenting bank means a bank that presents a money order to and receives credit for the money order from a Federal Reserve Bank. Sample 1Sample 2Sample 3.
What is Presenting bank? Definition and meaning
Definition of Presenting bank: In bank collections, the collecting bank that deals directly with the drawee; usually is the drawee´s bank of the account.
Presenting Bank
A bank that gives a demand for payment to another bank. For example, the presenting bank may submit a check to another bank and receive payment. The presenting
Presenting Bank Law and Legal Definition
The bank requesting payment of a collection bill is a presenting bank. A presenting bank can be a collecting bank, its nominated branch
§ 28:4–105. Definitions of types of banks.
(6) “Presenting bank” means a bank presenting an item except a payor bank. (Dec. 30, 1963, 77 Stat. 697, Pub. L. 88-243, § 1; Mar. 23
Presenting Bank
Presenting Bank Definition and Meaning: Presenting Bank is the collecting bank making presentation (of the collection) to the drawee.
Presenting bank
Any bank seeking payment of a bill of exchange, cheque, draft, or other financial instrument by submitting it to the drawee's bank. From: presenting bank in
Definition: Presenting bank from 31 CFR § 355.2
Presenting bank means a depository institution that sends a fiscal agency check directly to a Reserve Bank for payment or collection.
Glossary of Global Trade Terms
See Issuing Bank. Paying Bank: The bank that makes payment to the beneficiary after presentation of documents stipulated in the LC.
What is PRESENTING BANK? Definition of ...
Definition of PRESENTING BANK: A financial institution that presents a negotiable financial instrument to the advising financial institution for a payment.
Presenting Bank
... Presenting Bank. FindLaw Legal Dictionary. The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition