What to Know When Opening a Checking Account

Required Information

When opening a checking account, consumers must provide information to the bank to identify themselves. Though the documentation required may vary depending on the bank's specific policies, photo identification such as a driver's license and proof of address are standard requests. Non-citizens may have to provide documentation on their legal status in the country. The bank will also require the consumer's Social Security number, birth date and phone number. Banks may also request information on a consumer's place of employment.

Most banks offer checking accounts with monthly service fees and those that are free. Free checking accounts may be attractive, but often offer limited services and may have certain eligibility requirements that consumers must meet, such as minimum account balances. Accounts with a monthly fee may provide additional services to the customers, such as accruing interest on the account balance, free notary service and traveler's checks. To avoid additional fees, consumers should also choose banks that have ATMs that are convenient to their home and work.

Various checking accounts will offer incentives for customers to use certain services that are inexpensive for the bank. For example, banks may offer no-fee checking accounts to customers who use direct deposit or limit the number of checks written per month. Customers who will write a large number of checks each month will want to make certain that the checking account allows frequent check writing without incurring additional fees. Banks allow customers to choose whether or not to have overdraft protection on the account. Overdraft protection allows checks and other withdrawals to pass through the account even if the account does not have sufficient funds to cover the amount of the withdrawal. Banks typically charge hefty fees for this service, but fees often vary depending on the type of account.

Banks typically offer special accounts for a variety of consumers. Most banks offer special accounts for students and senior citizens. These accounts typically do not have a monthly service fee, but provide more benefits than the bank's standard free checking accounts. Other accounts may be available for customers who maintain a high average account balance. These accounts generally offer a higher interest rate and other perks. Consumers with multiple accounts at the same bank, for example a mortgage loan and a checking account, may be eligible for accounts with discounted service fees and lower rates on their loans.