Opening my First Bank Account
Opening the first bank account takes planning and determination considering the intrigues. One cannot open a bank account without developing a financial plan. Since I was only 16, I figured out that the bank account would be essential for personal budgeting and financial planning. A few dollars are therefore important for the process since each bank account opening requires a deposit of some few dollars. However, after analyzing my spending habits, I realized I could save some dollars in my bank account for better financial future. The process is one of the most memorable occasions in my life, and that is why the given paper will be based on the analysis of how I opened my first Bank account and the importance of doing so. The paper will delve into the intrigues of account opening based on individual experience.
The Complications of Opening a First Bank Account
Opening a first bank account is quite complicated, although most banks often have similar procedures for first-time openers. Getting the account requires the provision of personal details and some. Hence, I started by reviewing my personal needs to help determine which account will fit my financial plans while at school. In most cases, the accounts depend on the frequency that one might need to access the money. I also considered the bank’s availabilities and accessibility of the ATMs. After the review and analysis of banking factors against my personal needs, I decided to visit one branch of Bank of America Corporation, which was within the proximity of my needs and expectations.
Choosing the Right Account
At the branch, I was taken through review of the two types of accounts, which is checking account and savings account, so that I could evaluate them against my saving plans. According to the bank attendant, a checking account is one that can be opened either jointly or individually with the availability of necessary personal information, a minimum opening deposit amount, social security number and driving license. The checking account can also be managed at the ATMs and online making and it easier to access the finances. Similarly, the savings account has a choice of either individual or joint savings with available necessary personal information and minimum deposit amount (Ruberton, Gladstone & Lyubomirsky, 2016). Since I was 16, the savings account seemed to fit my needs because it does not require a driving license or any security details. Moreover, the savings account allows the growth of the deposited amount depending on the interest rate, giving an opportunity to save for personal future financial goals.
Account Activation and Benefits
Once I chose the savings type of account, I gave out my personal information for purposes of protection and according to the bank’s regulation. I was then given some terms and conditions that I reviewed and agreed to before I opened the account. Then I had to activate the account by depositing the required minimum deposit which was reflected in the account after a few business hours (Bosch, 2012). Then I started using the account immediately it was activated and that is when my financial management life began! Later on, I began building credit for purposes of purchases even at school. The card enables one to get low-interest rates and cash backs which improve one’s saving plans. Furthermore, active monitoring of the account was another advantage that I had with the bank account that I opened. I felt much involved in the process after the banker shared the information about online banking that gives one 24-hour access to all account activities. It was an interesting feeling to be part of the system, even though I was just an account owner. After that, I realized how easy it could be to manage all my budgets, make my purchases and at the same time save while at college!
References
Bosch, J. J., Rathi, P., Howcroft, K. M., & West, R. M. (2012). U.S. Patent No. 8,224,723. Washington, DC: U.S. Patent and Trademark Office.
Ruberton, P. M., Gladstone, J., & Lyubomirsky, S. (2016). How your bank balance buys happiness: The importance of “cash on hand” to life satisfaction. Emotion, 16(5), 575.
