Getting your first checking account

Here’s what you need to know to pick the best account for you. Plus, we’ll look at common account features and services you may want to consider.

A checking account is so much more than a place to park your money. Checking accounts can also generate rewards for meeting certain criteria, such as:

• Potential cash back on purchases
• High-interest earning on deposits
• Nationwide ATM fee refunds

Often these services are included at no extra charge:

• Fraud protection
• Easy account access with mobile and online banking
• Online bill payments
• Mobile check deposits
• Debit cards
• Electronic bank statements

Follow this 4-step guide to opening your first checking account.

Step 1: List your needs

Most banks offer multiple checking account options. Answer these questions to help determine your checking account needs and preferences:

• How much money do you expect to keep in your checking account each month?
• Is it more important to interact with a live person at your bank or be able to manage your account 24/7 with digital banking tools? Local community banks like The Bank of Missouri typically offer both.
• How do you plan to move money in and out of your account? Will most of your deposits be made by check or automatic deposit? Do you want to pay bills online, transfer money between other accounts, or make withdrawals at the ATM?

Step 2: Explore your options

Now, it’s time to explore banks and their accounts. Visit websites and look at their account details. If they check the box for the account features you want, now it’s time to decide if they are the right bank for you.

You may be wondering, should I choose a national bank or local bank? While national banks offer locations across the country, they may not have a location near you. A community bank may bring closer access. Know that going local doesn’t necessarily mean reduced ATM access as you travel. For example, Bank of Missouri customers have fee-free access to more than 55,000 ATMs worldwide through the Allpoint Network.

You may also want to look at the other products and services the bank offers. As your needs grow, would you like to be able to apply for a home loan or auto loan from your bank?

Consider how you will access your account and customer support. A quick check of a bank’s contact page may give you an idea. When is customer support available? Is 24/7 self-service available? Can I chat on the website? Can I reach a real person when I want to? Where does the bank have branches?

Step 3: Prepare to open the account

Once you’ve chosen a bank and account, now it’s time to open your account. Many banks have online account opening. With a local bank, you also have the option to open an account in person. Either way, there are some items you’ll want to have handy and some things to think about.

To open a checking account, you’ll need documents to prove your identity. Common requirements include a government-issued ID (a driver’s license or state-issued ID, or a U.S. passport with your signature), a social security card, and proof of your current address (a lease agreement, mortgage statement, phone bill, or something similar).

Will anyone else be involved in your account? A joint account owner will often need to follow the same account opening process as you. If you choose to add a beneficiary to your account, that person may have fewer steps but will also need to provide some documentation.

Be prepared to add funds (money) to your new account. Review your chosen account to see how much is required to open the account. This is often called the “minimum opening deposit.”

Step 4: Read the fine print and choose optional services

Now that you’ve chosen a bank, an account, how to open it and gathered the necessary documents, you’re getting close the finish line. Be sure to explore the details of your account. You can read the Terms and Conditions of the account before you sign your name. Ask your banker any questions. That’s what we’re here for! Be sure to understand any potential fees that could be associated with your account.

Be sure to select the optional features you’d like for your account. While you can add things like online banking and electronic statements later, it will save you a step to select those items as you open the account. Plus, you can enjoy using them right away.

Then, you can sign your name and congratulate yourself on opening your first account!

As you’re choosing a checking account, know that The Bank of Missouri offers accounts with varying rewards. Receive cash back, digital credits, or earn a higher than average interest rate on balances when qualifications are met. You’ll also enjoy many extras such as online banking, a mobile app and mobile check deposit to name a few. Visit the checking accounts page to learn more.