Open a Checking Account Online

With all the new technology today, it is now possible to open a checking account online. Before the development of electronics communication technology, and especially before the birth of the Internet as we know it today, there was no way that anyone could open a checking account online. There was not even an “online” environment to talk about. The environment was an immaculate office space enclosed by solid walls of a banking institution.

 A bank client who wished to have a checking account generally had to come personally to the bank, discuss his intention with the staff, and then go through the steps of opening the account.

The guiding principle when you open a checking account online today is the same as that in the classic, manual way of opening the account: Trust. A checking account is a privilege that is granted only to individuals (and corporations) who can be trusted to use it properly, fairly, and lawfully. If placed in the wrong hands, this account can result in financial losses to others and smear the reputation of the host bank.

In the old days, banks would never allow a checking account to be opened by persons they do not know personally. Typically, one could open such account only after having established a good track record as a savings account depositor and/or borrower of the bank. That usually meant a year or more of satisfactory bank-client relationship.

Then electronics communication technology entered the scene and the buzz word “online” became a household and corporate conversation topic. When it was new, online banking was not really sophisticated by today’s standards. It was more of automated queries and fund transfers via telephone dialing.

The real bells and whistles of online banking came when the Internet (the Worldwide Web) was born and rapidly developed into a very powerful technology.  The Internet redefined many, but not all, of the rules of banking. It also changed the checking account service paradigm.

Today you can open a checking account online using an Internet-connected desktop or mobile computer. That’s right! And, unlike in the distant past, you don’t have to go to the bank to do it. To top it all, the bank does not even have to be a brick-and-mortar institution. The Internet has given rise to “Web only”, or virtual banks.

So what do you need to open a checking account online? The most basic requirements are: your ZIP code, social security number, a valid identification document (driver’s license, state ID card, or military ID card). Naturally, you also have to give your email address, home address and telephone number. And it really helps to supply data about your occupation and your employer.

All the information you enter in the online application form is automatically fed to a credit checking software to validate them. If you come out clean, you checking account will be opened.

By the way, before you turn your Web browser on to open a checking account online, be ready with your initial deposit. $100 or less will do.