Article Summary
- Opening a bank account online eliminates the need to visit a physical branch in many situations, making it easy for those who are not close to a physical bank to access account features.
- Before starting the online application, decide whether you want to open a checking or savings account, or both, and gather the necessary application documents, such as personal identification and address verification.
- The application process is straightforward but may require additional verification steps depending on the bank, as well as the applicant's citizenship and age.
- Funding your new account may be done through various methods, many of which may be done from your computer or the bank's mobile app.
Has the thought of driving to the bank, waiting in line, and wrestling with the needed paperwork been holding you back from opening a consumer bank account? If so, you’re in luck.
In today’s digital world, completing the entire process online is often possible, eliminating your need to visit a bank branch.
Whether you’re planning on opening an account for the first time or thinking about switching banks, understanding exactly how to open a bank account online can make the process simple and stress-free. Here’s what you need to know.
Step 1: Choose Your Bank Account Type
The first step in opening an online bank account is to decide on the type of account you want. Do you need a checking account for everyday expenses, a savings account to build wealth, or both?
Understanding the difference between checking and savings accounts may help with choosing the right option for your needs.
For example, a checking account makes paying bills and everyday expenses easy, while a savings account pays you with interest that may help your savings grow. If you're looking to build a strong financial cushion, a savings account could prove ideal, but if managing everyday transactions are a primary concern, a checking account is likely the best option.
If you’re considering both, an option like PNC’s Virtual Wallet® offers a combination of a primary checking account for spending, a secondary checking account for short-term planning, and savings account for long-term growth.
Next, determine whether you need an individual or a joint account. Individual accounts are owned by a single person with full control, while joint accounts are co-owned, often with family members or significant others. While individual accounts ensure autonomy, joint accounts can be beneficial for shared expenses or saving for common goals and may offer a practical solution for managing household finances.
The benefits of checking and savings accounts may vary from bank to bank, so review factors such as minimum deposit requirement, monthly maintenance fee waiver requirements, and ATMs fees prior to applying.
No matter which type of account you choose, it’s critical to ensure it’s Federal Deposit Insurance Corporation (FDIC) insured. This means that the FDIC protects the account’s deposits.[1]
Step 2: Gather Your Personal Information
Gathering the necessary documents and information before getting started can help you complete the account opening in a single sitting. Most banks require the following information when applying:
- Your Social Security number
- Date of birth
- A U.S. residential address
- A valid U.S. driver's license, state-issued ID, or Military ID
If opening a joint account, you’ll need this information for both account holders. Also, if you’re a minor, you may not be able to set up an account online. For example, at PNC, customers under age 16 must visit a branch with a parent or guardian to apply (and all potential customers under 18 must have a parent or guardian cosign for the account). According to state laws, age requirement may vary.
Step 3: Complete Your Application
Each financial institution has its own unique account application; however, the process is typically similar. Generally, when opening an account online, you should expect a clear, simple form that explains each step with easy-to-understand prompts.
It's crucial to correctly enter all data, given how the bank needs this information to verify your identity. It’s also highly important that you review the application for accuracy before submitting the application. This step not only secures your personal data but can also help prevent delays in your account opening.
While most online bank applications may be completed entirely online, there may be some situations where additional verification is required.
For example, you may need to sign a form agreeing to the bank's terms and conditions. Or you may be required to physically sign a signature card at a branch location. If additional steps are needed, expect the bank to communicate these requirements clearly as you go through the application process.
Step 4: Fund Your Account
The easiest option is often to transfer funds from an existing account. This can be done online using the account number and routing number of the existing account. This information can be found on your check. If the bank or credit union offers both online and in-person banking, you may be able to make a deposit using mobile deposit, ATM, or at a physical branch. Some institutions may also allow you to mail a check or money order. Be sure to check with the bank to confirm your options and any transfer or deposit limits before you attempt to move funds.
It may take a few days for the deposit to be processed and show up in your account. Once it does, you’re all set. The new bank account is open and ready for you to start paying bills, saving for the future, or managing everyday spending.
Regardless of how you choose to add funds to your account, it is a highly important step to ensure it remains open and active — some banks will close accounts if they are not funded within a certain timeframe.
Step 5: Monitor and Maintain Your Account
Opening a bank account online may be the first step to successfully managing your finances, but it doesn’t stop there. Be sure to use your bank's online platforms and mobile apps for real-time access and notifications about your accounts.
These tools allow you to easily track expenses, pay bills, and set up automated deposits or payments, ensuring you stay organized and in control of your financial life.
By staying engaged with your bank's digital platforms, you can stay ahead of your finances, identifying any issues and addressing them immediately.
Get Started With Online Banking
Opening a bank account online with PNC Bank is simple and straightforward.
With a range of account options to choose from, it's easy to find a solution that meets your needs.
Take the first step towards financial empowerment today and open a bank account online with PNC. Our financial professionals are here to guide you every step of the way.
Frequently Asked Questions
Is it possible to open a bank account without going to a branch?
Yes, many banks allow customers to open an account from the convenience of their computer desktop or mobile device. You'll need the same information ready as when visiting a physical branch, such as your identification and proof of address. Online banks also let you fund your account right away using digital means such as a mobile deposit or online transfer from another bank account.
Each bank has its own rules for what you can do online, including whether you can open an account. That means you should check the bank's website or call an account representative if you have questions before you begin.
With many of today's banking features available online, there's often no need to drive to a bank to get started with an account. In fact, some banks make it easy to do all your banking from a mobile device. You may never have to visit a branch for many of your banking needs.
What will I need to open a bank account online?
Opening a bank account online requires many of the same documents you'd need for an in-person account opening. While the exact requirements vary by bank or account type, you'll generally need to provide two forms of personal identification and proof of residence.
Government-issued photo IDs are typically accepted for the personal identification requirement. Examples include a driver's license, state ID, municipal ID, military ID, or your passport or passport card.
Because these IDs typically display your physical address, they may work to fulfill the proof of residency requirement. The second form of ID may include a Social Security card or individual tax identification number (ITIN). Some banks allow you to show your alien registration or permanent resident card. If you're unsure if your verification documents count, contact the bank before filling out your account application.
If you have questions, contact a bank representative for more details on what you'll need to open an account.
Is there an age requirement to open a bank account online?
Yes, banks generally require an online bank account to be opened by someone at least 18 years of age, so be sure to check the state in which the account will be opened as the age requirement may vary. They should be prepared with documentation verifying their identification, age, and residency.
However, it's possible for younger applicants to open an online bank account under certain conditions. These conditions include opening an account with a parent or guardian as a co-owner or getting a custodial account that is managed by an adult until the minor becomes of age.
Some banks also offer student banking accounts for teens under 18 who want an online account to manage money and learn financial responsibility. An adult still needs to be present to open these accounts and be the responsible account holder until the student is old enough to manage the account on their own. Student accounts feature youth-centered benefits, such as easy-to-use debit cards, budgeting tools, and financial literacy resources to prepare them for the responsibility of owning an account when they become an adult.
Contact a bank rep for more details on how to open a student account.
Can I open a joint bank account online?
If a bank offers online account openings, you may be able to open a joint bank account online. The requirements will be similar to just one person opening, but verification may be required for both account owners. Both account owners may need to provide their government-issued photo ID and proof of residency. They may be asked questions about their contact information.
Joint accounts may be useful for parents opening accounts with their minor children or for caregivers who want to assist their elderly parents or loved ones with money matters. Joint accounts allow both parties full access to the funds. Customers should carefully consider the pros and cons of a joint account before opening one.
Once opened, both account owners may download the bank's mobile app or get online access to monitor the account. Banks may limit the tools to just one login, however, so decide in advance who will get access to banking tools and be the primary contact for bank communications. To close a joint bank account or remove someone from the account, both account owners must agree and provide their consent to the bank. This may have to be done in person at a bank branch.
Your local bank representative is available to give you more information on opening a join account online.
