If you are the type of person that prefers going to a physical branch for your banking needs, you might need to transition into other solutions. For most bank locations, hours have been cut at and due to social distancing guidelines, there is a limit on how many people can be in the lobby, if the lobby is even open at all.
In this guide , we will share some ways you can bank without leaving home, along with safety tips if you do need to venture out to a brick-and-mortar branch.
Using Online Options
With today’s current technology, almost all banking can be done online or through your phone. Most banks and credit unions have robust websites and apps you can use for many banking tasks. Here are some things you can do with online banking:
- Apply for an account: Opening a new checking or savings account can be as easy as going to a bank’s website and submitting an online application. To apply, have your driver’s license and Social Security number handy to prove your identity.
- Deposit checks: With mobile check deposit, you can snap a photo of a paper check and submit it online, via app or your bank’s secure website.
- Pay bills: With online bill pay, you can log in to your bank’s webpage and enter the name of the recipient and their contact information. Your bank handles the rest by making an electronic funds transfer or mailing a paper check.
- Sign document: Some institutions use digital services such as DocuSign to prepare documents, including loan and account opening paperwork. They can be securely emailed to you, and you can sign them electronically by clicking highlighted prompts.
- Request payment assistance: Need some leeway with loan payments? Some banks are allowing customers to request arrangements online, including delaying due dates for bills, temporarily reducing monthly payments or asking for fee waivers.
Calling On the Phone
With most bank’s lobbies closed at the moment, it might be a good idea to keep your bank’s customer service number nearby. You can use it to speak to a a customer representative about account questions or issues.
Currently, some banks have announced that customers can call and request about any inquiry to waive non-sufficient funds fees, overdraft fees and monthly service charges.
However, if you are calling your bank in regards to steep fees, it might be best to switch to an online only banks. Online only banks are able to offer higher interest rates with less fees.
What You Need to Open an Account Online
If you are looking to open a bank account online, you will need to verify your identity by bringing in some personal identification. You may also need to arrange for electronic deposits to your new online bank account. Gather the following items before you start the process:
- A government-issued photo ID like a driver’s license, state-issued ID or passport. Some banks may require two IDs. A birth certificate, social security card or a credit card in your name could serve as the second ID.
- Date of birth.
- Opening balance. Depending on how much your bank requires, be prepared to bring in cash or a check to fund your new account. Checking and savings accounts don’t normally require more than $25 to open one.
- Physical address. Although you can provide a mailing address, a street address is required under federal law.
- Social Security Number (SSN) or Taxpayer Identification Number (TIN).
When opening a checking account, be sure to ask for a debit card. Checks are optional and can be ordered for a fee but with online bill pay and a debit card, you could probably skip ordering checks. You may also want to apply for a credit card if you have good credit.
How To Open a Bank Account Online
- Go to the bank’s website: Before you enter your personal information, take a moment to verify the site. Double-check the URL and look for the padlock symbol in the browser’s navigation bar.
- Complete the online application: You will need the information that was listed earlier to completely fill in the form. Many online banks offer a live chat feature or a phone number you can call if you have questions during the application process.
- Fund Your Account: Once you receive approval for your account, the bank should send instructions for funding it. In most cases, you can transfer money from another account or mail in a check or money order to make your initial deposit.
Depositing Money With an Online Bank
If you are looking to deposit cash into an online-only bank account you may have some extra hoops to jump through. These online banks are becoming more popular because of their higher interest rates. Many online banks participate in shared ATM networks and this allows customers to deposit cash without surcharges.
Other options may be to deposit cash in a traditional bank account, if you have one, then electronically transfer it into your online-only bank account; or buy a money order and deposit it with your online bank mobile app.
Conclusion
For customers who absolutely need to visit branches, banks are taking steps to prevent the spread of COVID-19, however its probably best to switch to online banking.
Additionally, If you are interested be sure to check out our list of bank bonuses, saving rates and CD rates!