Opening a bank account for the first time in the US is a bit of an ordeal because of the tough banking laws designed to prevent money laundering. Banking laws differ in states. If the application to open an online bank account is rejected in a normal course, one should know that there could be many reasons such as the absence of a credible credit history or that one may not fit into the categories the banks have set. Besides, it is better to open an online bank account for the first time in a branch as it is easier to deal with the difficulties as they arise, and it helps to develop a relationship with the bank staff as that will be helpful in future in case of any problems or difficulties.
As the rules to open an online bank account varies from state to state, it is better to get in contact with a customer care representative and gather all the details about the documentation and other information to be provided for one to successfully open an online bank account. Generally, passport, identity card, or driving license; the applicant’s social security number; documents to prove one’s physical address; and immigration documents are essential. Passport and immigration papers fairly provide a lot of details regarding the applicant’s age and country of origin. Security number needs to be applied for and obtained. Unless some difficulty arises, the Social Security number should come through in two weeks as a matter of routine. Proof of address is more difficult as different banks accept different documents as proof. The set of documents should contain a recent utility bill, lease agreement, and a recent bank statement. In case of students, the enrolment form should be enough as it has the address and details of the school. The applicant’s nationality will also make a significant difference in the ease of the process to open an online bank account. Once the application is accepted, one has to deposit some amount of money. The difficulties in doing this depend on the amount and means of depositing. If it is done by wire transfer, one would have to prove the money is not related to criminal activity or terrorism. The documents to prove the origin of the money is one’s tax returns, statement of accounts in case of investments, or other incomes and pay slips.
One can also open a bank account from abroad. Many international banks have a presence in the US, especially the big multinational banks. If one holds an account in any one of them, they can help you to set up one in the US. Those that do not have a presence in the US may have a correspondent banking relationship with one or another US bank. Such banks can also help one to open an online bank account. The actual procedure varies from country to country. The best thing is to contact the customer service representatives at the local branch that will be able to give all the information about the procedure and the documents required. Many banks offer one the choice of an international account. This makes easier to open an online bank account. The flip side is that the laws are stringent and besides one has to deposit of large amount and maintain a high balance. The whole affair will be quite an expensive proposition.
When one transfers money across countries, it becomes quite expensive. The extensive use of IT technology has now come out with low-cost solutions. One such is the online platform called ‘TransferWise’s new Borderless Accounts. One can send, receive, and manage any amount of money across any country without exorbitant exchange rates.
There are many banks which allow one to open an online bank account. One such bank is Ally Bank Online Banking System. Ally Bank is entirely an online bank. They have a customer care service 24/7. The opening procedure is fairly simple. You can go to the website and decide the type of account that one wants. The types of accounts are online savings, CDs, money market accounts, interest checking accounts, and IRA accounts. After selecting the type of accounts that suits the applicant, click on “open account.” The applicant will be asked to fill in information as a new customer and then follow the instructions to create one’s account and password. Using the password, one can start to operate the account. In case one faces any difficulty, help is available just a call away. This bank has a large number of AllPoint no-fee ATMs.
There are quite a few banks that are FDIC-approved establishments. Applicants have to exercise diligence. Most online banks compound the interest on a daily basis. Since the operating expenses are less, more surpluses are generated and shared with the customers. Hence, it would be beneficial to open an online bank account.
