Answer to Question #266360 in Accounting for Another you

Question

1. You are to open a bank account. What will the financial institution require you to present to be honored as an account holder? What options will be made available to you upon opening a savings account?

Answer 1

Documents required for one to be honored as an account holder.

1. A valid, government-issued identity card, or a passport.
2. Your personal information such as your birthdate, Social Security number or Taxpayer Identification Number, or phone number.
3. Current address information.
4. Some banks will require a certain deposit amount .
5. Bank account information to fund your new account.

Options made available to you upon opening a savings account

There are several types of saving account options that one may be required to choose from upon opening a savings account. However, the three most common options are the deposit account, the money market account, and the certificate of deposit.