No Deposit Checking Account sounds crazy, but if you have a new job with direct deposit and you need a checking account to get paid it makes sense. Free checking accounts are no as easy to find anymore. So try a few of these checking accounts.
In this weak economy, it can often be very difficult for people to open checking accounts because they usually have to place an initial deposit before they are able to open a checking account at most banks. This deposit can amount to as much as $100, which can be difficult for many people to pay in order to open a checking account. However, there are several banks that will allow you to open an online checking account without having to place a deposit at the same time. An additional benefit with opening a checking account online is that you can open the account at any time of the day or night. This is especially convenient for those people who cannot find the time to visit an offline bank branch during usual banking hours due to work or other commitments.
Open Checking Account No Online Deposit – Some steps to follow:
Your first step to open an online bank account with no deposit is to find a bank that is willing to allow you open an account with no upfront deposit. You have several reputable options, including such banks as ING and Citibank. One option you will not have if you wish to open an online bank account with no deposit is to open an account at a credit union. This is because credit unions are member-owned; as a result, a credit union always require an upfront initial deposit to be made when opening an account.
Before deciding upon opening any online bank account that doesn’t require an upfront deposit, you should carefully evaluate each bank’s policies, interest rates, and rules that relate to checks, deposits, and withdrawals. Utilizing a spreadsheet program like Microsoft Excel or OpenOffice Calc could be a good idea, as this can make it easier to lay out all of the bank fees, interest rates, and customer perks that each bank offers to potential new customers. This will help you to see which online banking options are your best bets to opening a checking account with no initial deposit. You can also check out websites that rate banks in the United States, such as bankrate.com, in order to help you determine which bank or banks you should sign up with.
To help narrow down your choices to one particular bank you want to open an online account with, evaluate all of the perks and options that come with opening an checking account online. See if you get cash back, a debit card, or a free gift when you open an account. Additionally, see if you also have the option to visit a local branch in your area if you need to conduct business that is not as easily handled online or if you just prefer to do a majority of your banking tasks at an offline location.
Most banks that allow online applications will ask for specific information in order for you to open an online account. This information usually includes the following:
- Your Social Security Number
- Your driver’s license number
- Your mailing address
- Your phone number
- Your employment information
- The name and phone number of a family member who does not live with you (to increase their chances that they can get in touch with somebody in the event you have non-sufficient funds in your account when writing checks)
You should double-check your application before submitting it. Any mistakes, including spelling errors or placing information in wrong sections of the form, can slow down the application process and prevent you from gaining access to your online account as quickly as possible. You should also make sure that your email address is correctly spelled; without a correctly spelled email address, the banking institution cannot notify you if and when your online application is accepted.
The time it takes for a bank to approve your online application can vary from a few minutes after you submit it to even a few days afterwards. You should always check your email a few times a day so that you can spot the “Application Approved” email from the bank as soon as possible.
Once you have received your “Application Approved” email and have your new bank account number, you should make sure that you keep the bank account number and all associated information (such as your online access password) in a safe place. While you did not have to provide an initial deposit in order to open the new online account, it would be wise to begin submitting deposits into your new account as quickly as possible so that you can use your account, as well as receive any interest you may be eligible for. In addition, some banks will close down your account after a specified time period (usually 30-60 days after opening the account) if you do not place your first deposit within that specified period of time.
If you do not have much money to spare for an initial deposit, but still want to open an online bank account, you do have some options, as there are banks that will allow you to open an online bank account with no deposit. You should do some research to find out which banks allow you to open an online account with no deposit, then carefully list all of the banks’ fees, interest rates, and customer perks to see which bank provides you with the best online account option. You then need to provide your personal information, including Social Security number and driver’s license number, in order to open that online bank account. After you have been approved (which usually takes between a few minutes to a few days), you should provide a deposit as soon as you can in order to ensure that you can keep your new online bank account. By following the steps above, you can be approved for your own online checking account without providing an initial deposit.
Update: Check out Huntington Bank’s Asterisk Free Checking Account…
Updated: 24 Sept 2012