Opening a New Account? Here’s How to Make it Easier
Posted on May 01, 2018
Topic Categories: Banking, Consumer Help
By Melissa Reardon – Cinfed Branch Manager, Ft. Wright
As the end of the school year gets closer, many soon-to-be graduates (and their families) are opening new checking and savings accounts. Whether they’re heading off to school, getting a job, or beginning another adventure, new members typically keep branch locations busy this time of year.
If you’re looking to open a new account, it’s a good idea to collect the required documents and information prior to starting an application. This can make the whole process go faster – and more smoothly.
What Documents to Have Prepared
First, you will be asked to provide a valid, government-issued photo identification, such as a driver’s license or passport. For those who don’t drive, your local Bureau of Motor Vehicles (BMV) offers a non-driving ID, which can also be used to open your bank account.
In addition, we will be requesting some basic personal information, such as your:
- birth date
- social security number
- phone number
- proof of home address (for example, a utility bill or lease agreement)
Why These Documents Are Necessary
As a federally insured, community chartered credit union, Cinfed must adhere to local and federal banking laws.
We must verify the identity of each new applicant in order to manage risk and to comply with anti-money laundering laws. We will also use your social security number for tax reporting, if necessary.
So in order to meet those legal and regulatory requirements, we have to ask for some of your personal information. It’s really about security – keeping your money safe while preventing others from abusing the system. This process keeps all parties accountable.
Opening a new account can be a fairly seamless process that should have you up and running in less than a day. With the documents prepared ahead of time, you will be able to walk into most credit unions and shortly thereafter walk out a member. Stop by any Cinfed branch to speak with a representative who can provide you with personal attention.