Planning on opening a new account? Great! Accounts are important because they help you organize your money and make it easier to do things like pay bills and keep track of where your cash is going.
But before you get started, there are some things that you’ll need for the process. SoFi experts say, “Organize your money and set savings goals.”
In this post, they’ll walk you through all the documents that are required when opening an account so that you can start your financial life together with confidence and peace of mind. The same documents are required for opening an online bank account too.
You’ll need to show proof of who you are
You’ll need to show proof of who you are. The easiest way to do that is by bringing your driver’s license or state-issued identification card. If you’re not from the United States, bring a passport instead. If neither of those is available, bring something else, like a birth certificate or marriage certificate, that proves your identity.
You’ll need to provide your Social Security number
You’ll need to provide your Social Security number when you open an account. Your Social Security number is a unique number used for identification by the government and other agencies. It’s also the number that employers use to report your earnings, so they can pay taxes on them. If you don’t have a valid Social Security card, you can apply for one in person at any Social Security Administration office (SSA) office. You can also apply for one online or by phone if you live in certain areas where face-to-face service isn’t available.
However, even though it’s not required that you prove your identity beforehand, some companies do ask for proof of identification before providing services or opening an account with them. For example, many banks require customers who want to open checking accounts there to bring in their driver’s licenses (or state ID cards) along with their SSN cards so that they can verify those identities separately from each other.
You’ll need two or more forms of contact information
In addition to the personal information you provided, you’ll need two or more forms of contact information. This can include your phone number, email address and physical address. In some cases (like a business account), your driver’s license number or passport number may be required.
If you’re opening a joint account with somebody else, bring their documents, too
If you’re opening a joint account with somebody else, bring their documents, too. That way, they can sign the application and ensure they’ve got all the information they need. For example, if you’re opening an account for your child or another minor, remember that a parent or guardian needs to be present with an ID and birth certificate/citizenship card (or passport).
You’ll also need some kind of identification for yourself—at least one photo ID is best, if possible. And finally, it’s good practice to bring a copy of your Social Security card just in case there’s any confusion about what number should appear on the account (since each state has its own rules about this).
The process of opening an account can be a daunting one if you need to become more familiar with how banks work. However, it becomes easier once you’ve got your head around what documents are needed and how to get them in place.