Opening Your First Bank Account with Casey State Bank

As the final year of high school approaches, it’s a time when many start thinking of college, renting their first apartment, or getting their first job. It’s also when you might need to open a bank account to manage your money. Maybe your parents started one for you when you were little, and now you’d like to choose one of your own.

Decide on an Account Type 

To get started, you need to decide which account type you’d like to open. The two main account types are savings and checking accounts. 

The main differences between the two are that checking accounts allow you quick access to your funds on an ongoing basis. In contrast, savings accounts are interest-bearing, limiting the number of withdrawals, and are designed to help you reach a particular financial goal. Consider what features you intend to use, including debit cards, online banking, and mobile apps. Evaluating interest rates and minimum balance requirements is also important. 

Gather All Necessary Documents

When opening an account for the first time, the bank will need several pieces of information from you. First, you must present valid proof of identity, such as a passport, driver’s license, or student ID card. Next, you must provide proof of address, such as a utility bill, lease agreement, or something similar.  If you are under the age of 18, you will need to have a parent or guardian on the account with you.  Lastly, you will have to provide proof of your social security number. 

Establish Your Account

An appointment can be scheduled at the bank.  The application form will be filled out while you’re in the office, which will require the necessary documents discussed above. Once the application meets approval, deposit the minimum required amount outlined in the terms and conditions to open the account. Activate your debit card, if applicable, so that you have access to your funds. Then, if decided, work with your bank to set up online banking and/or mobile app access. 

Understand All Fees and Charges

After you have opened your account, you may be subject to various fees or charges, and it’s crucial for you to understand them. These may include monthly maintenance fees, ATM fees and access, and overdraft fees. 

Learn about Account Management

Once you have officially opened your bank account and it is ready for use, ensuring you understand proper account management is vital. Track your spending and monitor your balance regularly, setting a budget if needed. Ensure you know how to make deposits and withdrawals from the account properly. Research budgeting tools that may be available to make it easier to manage your finances effectively. 

Explore Additional Banking Services

Additional banking services are available at Casey State Bank. Some of these services that students may want to look into include automatic transfers and bill payments, aid with financial goals and savings plans, and access to financial educational resources. 

Stay Secure 

Lastly, make sure that your bank account remains protected at all times. Safeguard your account information, and don’t give your passwords or PINs to anyone else. Keep close track of your debit card if you have one. Avoid sharing sensitive details with others. If suspicious activity does arise or you lose track of your bank card, report these immediately to the bank so that they can walk you through the process of handling the situation. 

Open An Account at Casey State Bank

When you’re ready to embark upon the next stage of your life’s journey, come see Casey State Bank. We love helping members of our community with their financial journey. Reach out to us today to get started!