BusinessHABOpen Account with Access Bank: Opening a bank account isn’t as simple as walking up to a teller and handing over your money.
Creating a new account requires a bit of preparation and thought.
For example, you’ll need to decide which type of account you want and how you want to use it.
Luckily, while banking jargon can be intimidating.
This process isn’t difficult once you know a few banking basics.
Follow along step-by-step to set up your first account.
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Open Account with Access Bank
1. Know the background
Access Bank plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group.
It is licensed by the Central Bank of Nigeria, the national banking regulator.
This bank later bought or acquired Intercontinental Bank.
Their headquarters is located at 999c, Danmole Street, Off Idejo Street, Off Adeola Odeku Street, Victoria Island, Lagos.
They have a commercial banking license with international authorization.
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2. Make sure you’re eligible to open an account.
Before you head to the bank, it’s wise to check whether you meet all the criteria for opening an account.
As a general rule, most banks will require the following:
- If you’re under 18, some banks might require your parents to sign some forms when you make your account. Not all banks do this, so if you don’t want your parents to be involved with your banking.
- Try emailing banks before you go into them asking whether they require your parents to sign.
- You’ll need to have valid identification and be willing to share basic information about yourself. In the US, you’ll usually need your Social Security number.
- You’ll need to have at least the minimum amount of money for opening account.
- This can vary based on the bank and account you choose.
- For example, a basic Bank of America savings account requires a minimum deposit of $300.
3. Choose the bank that’s best for you.
Not all banks are the same, even when it comes to basic personal accounts.
It can be very wise to contact the banks in your local area to discuss what exactly you’d get if you opened a basic account.
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4. Pick the type of account you want.
Most of the time, when someone opens his or her first bank account.
It is a regular checking or savings account (or both).
Both of these types of accounts allow you to safely store your money with the bank and withdraw it when you need it.
Open Account with Access Bank
5. Visit your bank and ask to open an account.
Opening an account in person is usually the best option for first-time account holders.
One big advantage of opening an account in person is that you can ask the teller all of your questions and get immediate answers (as opposed to the waiting you’ll have to do online or on the phone).
Also, because you can sign the forms and receive your confirmation documents on the spot.
The process of opening an account is also usually speedier in person.
- The rest of this section will assume you’re opening an account in person.
- However, depending on your bank, you may also be able open an account over the phone or even online. These options vary from bank to bank — not all banks will let you open your account these ways.
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6. Ask important questions before you finalize your account.
Now is an excellent time to ask for clarification on any issues regarding your account that you don’t understand.
Below are a few suggestions for questions you may want to ask.
But don’t be afraid to ask any others that occur to you.
- Is there a monthly fee for maintaining this account? If so, what is it?
- Is there a minimum balance that I must keep within this account? If so, what is it?
- What sorts of fees apply if I go under that limit?
- What is the interest rate of my savings account? How often does interest generate?
- Is there a limit to the amount of transactions (deposits/withdrawals, check writing, ATM uses) I have per month?
- Where can I withdraw cash without paying any fees? What is the fee for using an ATM that doesn’t belong to this bank?
- Is the account I’m applying for insured by a Deposit Guarantee Scheme (DGS)?
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Open Account with Access Bank
7. Supply the necessary information to create your account.
As noted above, opening a checking account requires a few basic pieces of personal information.
You may or may not have to provide documentation to prove this personal information.
This depends on the exact bank you’re opening an account with.
8. In general, it’s a good idea to have:
- Proof that you are who you say you are:
- Have a government-issued ID with your photo on it with you (a driver’s license or a passport are best).
- Proof of address: A phone bill, driver’s license, or any other official document with your name and address will usually do.
- Proof you are a registered citizen:
- The bank will ask for your Social Security number, taxpayer identification number, or employer identification number to ensure that you are “on record” with the government. As long as you know this number, you don’t generally need to have your Social Security card, etc. with you.
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Open Account with Access Bank
9. Keep the account documents you receive secure.
When you finish completing your account.
You will receive documents that contain important information about your account.
Keep these in a safe place, like a strongbox.
Don’t let people you don’t trust access these documents.
They may be able to use them for malicious purposes.
If you can, it’s a wise idea to commit the following information to memory.
So that you don’t need to rely on the documents in the future:
- Your four-digit PIN number: You need this to use your debit card for purchases.
- Your bank account number: You need this for financial tasks like setting up direct deposits
- Your Social Security number: You need this for various tax and financial tasks in the future
- If you believe your account information has fallen into the wrong hands, you can always contact your bank and request a “freeze” on your account to prevent unauthorized use.
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Open Account with Access Bank
10. Try your bank’s online banking features.
These services will differ from bank to bank and account to account. In general, most banks will offer:
- Secure online login options on the bank’s official site
- The ability to view your accounts’ balances
- The ability to view a record of purchases, withdrawals, and deposits for each account
- The ability to transfer money between accounts
- The ability to send money to other individuals
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11. Set up a direct deposit to make maintaining a balance simpler.
Don’t want to make a trip to the bank every time you are paid?
Most employers offer the option for you to be paid directly into your bank account — this is called “direct deposit.”
In this case, taxes are withdrawn before the money is added to your account.
- Talk to your employer’s payroll department if you want to set up a direct deposit.
- This will usually require you to fill out some forms and provide information about your bank account (like your account number).
Open Account with Access Ban
12. Consider linking your checking and savings accounts.
“Linking” two separate accounts to each other usually means that the funds from one account are made available to the other for special expenses.
For instance, if you link your checking and savings accounts.
Some banks will let you use the money from the savings account to cover overdrafts on your checking account.
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13. Other benefits include:
- Avoiding some types of minimum-balance fees
- Receiving one combined account statement rather than two separate ones
- Allowing easier transfer of money between accounts.
14. Consider making a joint account with someone else.
Either owner can deposit or withdraw money without having to answer to the other holder.
- For these reasons, it’s important only to open a joint account with someone you absolutely trust. For instance, there’s nothing the bank can do to stop one owner from taking all the money out of the account without the other’s notice.
- To make a joint account, both account holders must agree to the terms of the account and fill out their own copy of the account creation forms. This means each person will need to provide an ID, Social Security number, etc.
- Generally, most joint accounts carry “rights of survivorship.” This means if one of the joint account owners dies, the surviving owner gets all the money in the account.
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15. More tips
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In case your mailing address and the permanent address are different, address proof documents will be required for both
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There are several rules regarding opening a Savings Account at a bank.
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Many banks would require a person who already has an account with the bank to give you an introduction so that you can open an account with them.
Conclusion
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If you are under the age of 18, be careful to make sure that your parents don’t have access to your bank account – some banks require this, and it means that you could lose all of your savings. To find out whether this is the case, read your bank’s terms and conditions or, alternatively, ask someone who works for the bank
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