So, you've just gotten a job. You've worked for two weeks, it's Friday, and you're collecting your first pay check. Now what? Sure, you could go and cash the check at a variety of places, or you could make one of your first steps toward independence: SET UP A BANK ACCOUNT!
What would this do for you? Well, it would begin helping you to establish credit. It also will allow you to budget and save your money. Setting up a bank account also allows you to deal in more than just cash.
Before you set up an account, here are a couple of questions for you:
1. Have you ever had an account before? If so, with whom?
2. Do your parent(s) have an account at a specific bank? Which one?
3. What banks are located close to you?
4. Are you interested in a checking or a savings account? Both?
Now, you will need to investigate which bank is right for you. Some banks will require a minimum balance for you to keep the account open without getting charged a monthly service fee. You probably won't want to have that. Many banks do offer incentives for young people to begin banking with them. This is usually in the form of a student account, and usually it is a free checking account.
The best advice is to talk with your parents about their account. Visit with the bank, and talk with a representative about the types of accounts they offer. You can also check the bank's website, although sometimes the language can be confusing. Once you decide to place your money in a particular bank, your representative will walk you through the process. You will need to be able to provide personal information, like your birthday and address. You will also need to know your social security number, or bring in your social security card. Many banks will also require some sort of photo ID, like a driver's license, id card, or government issued card. Be prepared to be able to prove your identity.
Once you have set up your account, you will be able to write checks, use an ATM, use your card for point of sale purchases, and watch your money grow in an interest bearing account (if you start a savings account). Banks have many other features as well. You'll learn more as you begin the process for yourself.
Happy hunting!
0 comments:
Post a Comment