Basic Banking Info
Opening a bank account is a good first step to managing your money. Bank accounts are important for your financial future. They help you obtain credit--and can save you money!
Why Do I Need a Bank Account?
- Money will be kept safe from theft, damage, loss, and is insured by the FDIC
.
- A bank account is cheaper than using a check casher or other non-banking services.
- You can start to build a relationship with a bank and establish a financial history.
- Checking accounts help you keep track of your money, pay your bills on time, and obtain credit--and it could save you money!
- Savings accounts help you save money safely and earn interest.
How Do I Open a Bank Account?
- Choose a bank that is conveniently located near your home and/or work. If you are an ACCION USA client you can ask your loan consultant for advice.
- Check if there are ATMs easily accessible to where is most important for you.
- Understand the fees a bank may charge and why they charge fees. If you do not agree with the terms of the bank you may want to find a different one. Your loan consultant can also help you understand the fees.
After assessing which bank or credit union best fits your needs go to the institution with proof of name, birthdate, address and identification number. For more information on identification numbers, refer to our fact sheet on ITIN numbers.
With as little as $25 or less you can create a bank account based on your needs.
For more information on our services and banking information, please visit our website at: www.accionusa.org
Below is a brief example of how much money you can save if you use a bank instead of money orders or check cashing:
If you receive a weekly paycheck of $320, pay 4 bills per month, and use a check casher:
| Services |
Fee Amount |
Fees in One Month |
Fees in One Year |
| Cashing Checks |
$4.80 (fee=1.5% of check) |
$21.60 ($4.80x4.5 weeks) |
$259.00 |
| Money Orders |
$1.25 |
$5.00 |
$60.00 |
Total Cost in One Year: $319.20
If you have an account with a credit union or bank:
| Services |
Fee Amount |
Fees in One Month |
Fees in One Year |
| Writing Checks |
$15.00 (book of checks) |
$0 |
$15.00 |
| ATM Withdrawals |
$1.50 |
$3.00 |
$36.00 |
| Monthly Account Fees |
$3.00 |
$3.00 |
$36.00 |
Total Cost in One Year: $87