Before you can do anything, you need to open a bank account. 

Choose a Bank or Credit Union

• If you’re 18 or over you can do this. If you’re under 18 then you need to open an account with your parent or guardian as a co-owner on the account.
• Sometimes the easiest thing to do is just sign up with your parents bank. You can always change banks later.
• How to choose a bank
  • https://www.nerdwallet.com/blog/banking/how-to-choose-a-bank/
• Top Features to Look For when opening an account:
  1. Good rates for deposits and loans
  2. Low or No fees – including overdraft fees
  3. Good selection of local ATMs and Branches
  4. Mobile app and online banking features
• Three Basic Categories of Banks.
  1. Bank – Wells Fargo, Chase, Bank of America, CitiGroup etc.
  2. Credit Union – CEFCU, Alliant, Navy Federal. Join the one your parents are members of if they have a CU account.
  3. Online Bank – Discover, Barclays, Marcus
     • https://www.nerdwallet.com/blog/banking/pros-cons-online-only-banking/
     • Similar to CUs, have lower costs so offer higher interest rates on deposits and lower interest rates on loans
     • You won’t have access to a brick-and-mortar branch
     • You will have access to plenty of ATMs if you need cash
     • Depositing cash can be difficult
• Difference between Banks and Credit Unions
  • CUs are non-profit, so have lower costs. They typically offer higher interest rates on deposits and lower interest rates on loans
  • You have to be in a target membership pool to join a CC
  • CUs may have fewer branches and fewer ATMs

How to Open an Account (You can do this online, even for Brick and Mortar)

• Open an Account Online
  • https://www.nerdwallet.com/blog/banking/open-bank-account-online/
  • https://www.thebalance.com/how-can-i-easily-open-bank-accounts-315723
• You’ll need the following:
  1. ID
     • Online:Drivers license or state ID or Matricula Card
     • In person at Branch: Above items or passport
  2. Social Security Number
     • If you don’t have a SSN or are an Undocumented Immigrant, read: https://www.nerdwallet.com/blog/banking/undocumented-immigrants-bank-accounts/
  3. Physical and mailing address (usually the same)
  4. Money  for an initial deposit (usually needed to open an account). May need to fund from another bank account or walk into a branch with cash.
• Download and sign into your bank’s mobile app.
  1. Set up alerts
     • You can have the app alert you every time an expense hits your account over a set amount. For example, you can be alerted every time more than $25 is spent
     • You can have the app alert you when money is paid into your account, e.g. from a job
     • You can have the app alert you when your account balance drops below a certain threshold.
  2. Use it to deposit checks
     • Most banking apps allow you to take a picture of the front and back of a check and deposit it to your account. This eliminates the need to go to a bank branch
  3. Check your balance and all income and expenses that have hit your account in the last month or so.