Set up a Checking Account

Setting up a checking account sounds like a straight forward, easy process. And for many, it is. For others, there are things that stand in the way of a checking account. For still others, simply understanding the process of a checking account may be too much. Most banks are willing to sit down and talk with someone interested in starting a checking account with them. They are the first line of information regarding any type of account.

Once one has decided on the financial institution they would like, the first step is to find out the criteria that must be met in order to open an account with that institution. Some require a minimum balance be maintained and deposited when the account is open, others charge a monthly fee for maintaining an account and still others -- although very few others today -- have what is known as totally free checking.

After the type of account has been decided upon, the bank will require several things from the person or people opening the account. Most obvious being a form of picture identification and a social security number. While most banks do not prefer a credit check for opening a checking account, they do run the social security number through a system known as Chex. Chex System is a collection of all financial institution's reports of those people who have recently had the misfortune of having a negative balance at another financial institution resulting in their account being closed. A person who's name is listed on the Chex System will be listed there for a period of five years.

As long as the Chex System does not report that the person or people opening the account have recently had a problem, the process begins. Picture identification, home address, telephone number, birth date and other related information is collected for the bank's file and to create the checks that will be associated with the checking account. Other options such as a debit card or ATM card, online banking, telephone banking and any other services that the bank may offer are set up. Checks must be printed at an outside processing center and therefore are usually mailed to the address on the check.