Whether you're preparing to start your first job or you're working to be financially conscientious, a checking account is an excellent place to start. Bank accounts are not only a safe place to keep your money, but they're also ideal for helping you track your income and manage your monthly expenses. The process of establishing a new account is relatively simple. Learn how by following the guide below.

What Is a Checking Account?

A checking account is a type of bank account that provides easy access to the money you keep in it. Commonly referred to as a transactional account, checking accounts allow you to put money in, which is known as a deposit, or take money out, called a withdrawal.

They also let you pay for items using methods other than cash, including a paper check or a debit card, which is ideal when conducting business online, including automatic bill pay, online shopping, or signing up for applications or services. Checking accounts are a great way to manage your budget. Many financial institutions provide convenient online portals that allow you to view your recent transactions, deposit checks through mobile apps, or to safely and conveniently transfer money into other accounts.

How to Open a Checking Account

While opening a checking account is easy, you can save time by knowing what to bring with you in advance. To be eligible to open a checking account, you'll need to be at least 18 years old and have a valid, government issued-ID card, a social security number or Individual Taxpayer Identification Number (ITIN). If you do not have either of these, some institutions may accept a passport, an alien ID card, or another government-issued ID.

If you're under the age of 18, a parent or guardian will be required to co-own the account. While most banks don't charge a fee to open a new account, many require a minimum deposit, typically between five and $25.00, which is due upfront. If you've gathered all the necessary materials, opening a bank account can take as little as 10 to 15 minutes. In some cases, your bank may take an additional one to two days to process your application. 

Choose an institution you can trust when you open a checking account with Citizens Bank in Byhalia, MS. Since 1919, this locally-owned, FDIC-backed community bank has provided a wide variety of banking needs, including personal checking and savings accounts, home loans, and refinancing options. Contact them today at (662) 838-2146 to schedule an appointment, or visit their website to learn more about their accounts and services.