Tips on Opening Bank Account
Having a bank account is very necessary for everyone. Here are some of the tips for opening Bank account:
1) What type of Bank account one wants to have – usually it is savings a/c for personal use and current a/c for business use. There are off-course other types of accounts like a Term Deposit A/c if one has extra cash on which one wants to earn some extra interest or even a Loan a/c which is opened by bank when one takes a loan from it.
2) Having decided on what type of account one wants to have, the most crucial decision is the Bank with whom one wants to have the account. The usual criteria for this are:
a) Accessibility to the bank branch – near ones office or home
b) Staff – whether they are friendly or officious
c) Is the bank branch has too many clients and therefore full of crowd?
d) What is the minimum deposit for opening of the account
3) Services offered by the Bank is perhaps a very important criteria.
a) Whether the bank provides Debit Card and Credit Card.
b) Whether it provides internet banking facility
c) Whether it provides for multi-city clearance of cheques
d) Whether the bank branch has facility relating to foreign exchange clearing (often useful for those who have receipt/payment in foreign currency) – particularly what is the lead time of clearance.
4) Deciding on the Bank itself is equally important. If there are many bank branches available for opening the account, then there are other deciding factors like:
a) Whether the Bank has many branches or is limited to only a few cities
b) How many ATMs the Bank has throughout the country
c) What kind of services it provides when one goes out to foreign country
5) Website of the Bank: Prior to opening the account one should check –
a) Whether the website of the bank is updated regularly.
b) Whether the services advertised can be accessed through the website.
6) Customer Service: Customer Care is a very important function of the bank. Often the branch people help out the customers – but there may be times when the branch people don’t have information regarding the latest changes.
Apart from this there may be times when one may wish to even make complaint against the branch! So one should check these things before opening the account – of how the bank functions in this regard.
Conclusion:
Opening a bank account is a very important decision that one has to make because it is a kind of lock in for a period of time. One does not really change ones bank account often. Usually one keeps ones bank account. Only if one is not satisfied with services – it usually happens that one lets the bank account lapse – rather than formally close it. (Legally, it should be officially closed – but often it so happens that people stop using it and the account becomes non operational and later on classified as dormant and then closed)
Apart from the daily use of the bank account, it is also important for other purposes – like having a salary account or if one wants to take loan for any purpose.
These services one does not usually foresee while opening the account – but these are very important. Some banks would be very friendly when opening an account – but the moment you go for a loan it would seem to be the worst bank!
So all these considerations have to be taken in mind while opening a bank account.
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I just agree with this opinion for Tips on Opening Bank Account.
Thanks…