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How to Create a Free Bank Account Without Deposit

Free account bank - To open a free account with no deposit is very easy, you just go to an online bank or credit union. But you must have some documents to verify your identity.

How to Create a Free Bank Account Without Deposit

How to create a free bank account

If you want to create a free bank account with no deposits, you have several options.

Most banks do require customers to make a deposit to create an account — from $25 to $100 for the minimum deposit requirement — but some financial institutions, especially non-traditional ones, will allow you to open an account and make the first deposit later. It is more likely to be offered as an option with a checking account than a savings account.

Choose the Right Bank - To open a free checking account with no deposit, it is important to choose your bank carefully.

Online banks do not have a physical physical location, which makes them less likely to ask you to make a deposit when opening a checking account. This is because they have no overhead costs, so all the savings from not having to pay for electricity and maintenance are passed on to the customer in the form of higher interest rates and lower costs. Also, because cash is not traditionally used in online banking formats, many online banks only allow you to open an account first before expecting you to deposit money into the account.

Credit unions are not technically banks. They are non-profit, member-owned organizations that tend to serve specific communities. They are not as many as banks, but they charge lower fees and have better interest rates.

Traditional banks have a lot to offer: the convenience and accessibility of physical branches, as well as a wide range of financial services. However, it may be more difficult to find such a bank that will allow you to open an account with no money in hand.

Traditional banks make a lot of money through bank fees and minimum deposit requirements. It pays for their overhead costs, as well as supplies them with funds for mortgage loans. Customers who want to open a cashless bank account can easily be rejected by traditional banks because cashless accounts do not benefit the bank at all.

What you need - Even if you don't have money when you open an account, the financial institution you work for may still want some documentation from you.

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Here are the requirements to create a free bank account

  1. Your home address
  2. your birthday
  3. Your Social Security Number or Taxpayer Identification Number (some online banks do not require an SSN but will ask for your TIN)
  4. Your driver's license or other government-issued ID
  5. Your previous address (if you recently moved)
  6. Your phone number
  7. If you are under 18, you need a parent or guardian to supervise your account.
  8. Regardless, everyone who will be associated with the account must provide all of the above information.

Once you have all the information you need to open a free checking account, simply contact your bank to get started. You can do this in person, over the phone, or online. The bank may take some time to verify your identity and confirm the specific type of account you wish to open (i.e., a no-deposit checking account).

Putting Money in Your Account - You can open a free checking account without a deposit, but how do you actually fund the account? While many online banks and credit unions will allow you to open a no deposit account, they will expect you to start adding funds to it sooner or later. Some may even close your account if it remains empty for a certain time, such as 30 days.

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How can you add money to your account?

You can set up direct deposit by giving them your routing number and account number so they will send money directly to your account.

Direct deposit is a big reason why many customers want to open a no deposit account. They won't accept checks in the mail, and they want to have a place where their "digital payroll checks" will be deposited immediately. If you use Current for direct deposit, you can get your paycheck up to two days faster.

Online Check and Payment Method

You can also deposit checks online. If you have and have a financial institution's mobile app on your phone, you can simply have it through the app, and send a picture of the check to your account. The mobile app currently also offers mobile check deposits for all members. In addition, Current Payments allows you to transfer money instantly to other Current members.

You can also transfer money from other accounts. If you sign up with a service like Venmo, PayPal, or Zelle , your friends, family members, or even your boss can send money to the account, and can then add the money to your bank account. You must link the mobile payment service to your bank account, trusting it with your routing number and account number.

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Linked ATM and Prepaid Debit Card

Of course, you can always use cash to make a deposit, but you should explain this to a credit union, a traditional bank that allows no-deposit accounts, or a connected ATM. If your online bank is part of an ATM network, you can find a connected ATM online, collect cash and deposit slips, and then deposit money at the ATM.

If you are a current member, you can withdraw cash from your account with no ATM fees at over 40,000 Allpoint ATMs in the US and you can add cash instantly to your current account at more than 60,000 participating stores.

Other options include prepaid debit cards, which are useful if your online bank is not part of an ATM network. Prepaid debit cards, by themselves, don't give you access to any money. This will be linked to your (empty) bank account, and you can go to a participating retailer that supports you adding cash to the card, which you then transfer to your online bank account.