Monday, 5 August 2019

Banks are always working to make it easier for you to manage your money.

Today, that includes giving you the ability to open many accounts — including Money Market Accounts and Certificates of Deposit (CDs) — online.

Here are some tips and suggestions for opening and funding a digital bank account:

Gather your paperwork

In most cases, you'll need your Social Security Number as well as valid driver's license or other government-issued identification. If you're opening a joint account — an account with two owners — you'll need to have this information for both applicants.

Create an online account and fill out the application

Before you begin, make sure you are using a secured network. You should avoid public WiFi for any kind of financial transaction or application.

In most cases, you'll be asked to create an online profile using your email address, username, and a password before you start the process.

Most applications will require basic information, such as your name, address, phone number, email address, and Social Security Number. Make sure you fill out the applications carefully. Misspellings or incorrect information could slow the process or cause your application to be denied.

Your driver's license or other government issued ID will be needed for proof of identification. Some banks might ask you to fax a copy of your ID, while others will accept a digital photo.

Depending on what kind of account you're opening, you might be asked about employment, income, or other financial information. A list of required information should be available before and while you're opening the account.

You will also be asked to confirm you have read and agree to the account disclosure agreement. This is typically done by checking a box.

Fund your digital account

For new deposit accounts, you'll need to make your initial deposit. Make sure you know what the minimum opening deposit is for your new account so you can deposit the right amount. There are several ways to fund your digital account:

Transfer funds from an existing bank account. If you're transferring the funds from a checking account at another bank, you'll need either your debit card information or the routing and account numbers, which can be found on a check or on the bank's website. Transferring funds typically takes a few days.

If you're transferring funds from a savings or investment account, you'll need the bank's routing number and your account number. Transferring funds from one institution to another will take a few days, and your account may not be active until the transfer is completed.

If you bank at BBVA and are opening another BBVA account, you can easily transfer the funds from your BBVA account during the application process. This transfer will take less time than transferring funds from another bank.

Mail in a money order. If you don't have an existing account to transfer money from, most banks give you the option of mailing in a money order. This will take several days to process after the money order is received.

Stop by a branch. In some cases, you can apply for your account online and then fund the account with cash at a physial branch of the bank.

Choose the right bank

Opening and funding a digital account can be quite easy. But it's important to choose a bank with robust digital tools, which will make the process even easier. BBVA Mobile App has been repeatedly recognized by the financial technology industry for its ease of use and intuitive design.

It also helps to carefully review the account-opening information before you start the process so you'll be prepared with the right information and documents when opening your account.

Are you switching banks?

Most people cringe at the idea of switching banks, but BBVA makes it easy with our online Consumer Switch Kit, which gives you the forms and step-by-step instruction you need to make switching banks a breeze.

 

The content provided is for informational purposes only. Neither BBVA USA, nor any of its affiliates, is providing legal, tax, or investment advice. You should consult your legal, tax, or financial advisor about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA USA or any of its affiliates.

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