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How Do You Open A Checking Account Online?

A checking account is a convenient way to pay bills. As most banks now offer an online presence, it has become a lot easier to open an account online. There are also online banks that offer services for less fees and provide higher interest on savings than the conventional banks. Public records are used to match and confirm the information provided online.

To open a checking account online, the selection of the bank you open a current or checking account with is important. It must be credible and legitimate. Bank websites usually have a page that focuses on information about the bank which includes a brief history; the officers; location of the headquarters; and most importantly, the FDIC insurance coverage. Banks that are members of the FDIC carry its logo on their web sites. Take time to verify a bank's legitimacy to make sure that your money will be safe with them.

Initial Requirements to Open a Checking Account Online - The same personal information required to open a checking account at a regular branch is required when opening one online such as the account holder's compete name, birthday, social security number, complete residential address, email address, and current banking information, among others. Security questions and employment information may also be asked.

Initial Deposit - The opening deposit may be drawn from an existing bank account with another bank or from the same bank. The new account must first be set up and approved before any fund transfer can be made. Initial deposit requirements vary depending on the bank. Once deposit is made, the checking account can be considered as active. Some banks, however, do not require an initial deposit upon opening of a checking account online.

Security - Online banks can guarantee the security of all user-provided sensitive information through the use of advanced software like the Secure Socket Layer (SSL). With this technology, it is next to impossible for hackers to access the data which are transmitted in highly encrypted format. Because of the perceived security provided by the new technology, and the convenience of being able to access a checking account online at any time of the day, a lot of people have been encouraged to bank online.

Checking accounts can be accessed online through a unique user ID and a matching password. Security questions may also be required before access is granted. For added security, a limit on the number of attempts to log in successfully is put in place. The account will temporarily be locked once a certain number of unsuccessful log in attempts is reached. This will help ensure that only the rightful owner of the checking account can access it.

Documentation - To open a checking account online, certain terms and conditions must be agreed and consented to by the user. This will also provide the go-signal to proceed with the processing of the required documents. None-sensitive documents may be sent through snail mail. The account holder is given an option on how to receive the monthly statements. The electronic option is normally selected because it is safer and more convenient. Likewise, this eliminates the possibility of losing the statements in transit if the conventional mail option is selected.

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