You can open various bank accounts today, and a checking account is among them. Others include savings, CDs, and the money market. A bank account helps you keep your funds secure instead of risking them in your house. If you keep your money in your house or office, you will be risking it to thieves, fire, flood, and other kinds of calamities. Today, I will discuss a free online checking account with a mobile deposit.
You can open a checking account online or at a branch for your information. Online account opening is very convenient since it only requires a secure internet connection and an internet-enabled gadget such as a smartphone, tablet, or computer. You can fill in the details as you walk on the road or sit comfortably in your house. Again, you have a lot of time that you could have wasted when queuing in a bank to fill in the application forms.
You also need to know that, not just banks that offer accounts. We have credit unions that also offer similar services to banks. However, unlike banks that allow anyone to open an account, credit unions only allow people with common bonds to open one. Common bonds refer to working at the same place, worshiping in the exact center, living within the same locality, etc. Again, credit unions are just as secure as banks.
How can you define a checking account?
You might be asking, what is a checking account? A checking account refers to the one that allows you to keep the money for your everyday expenditure. You can deposit money for your domestic expenditure, e.g., buying food, traveling expenditure, purchasing clothes, holiday funds, etc.
In short, the accounts allow you to access funds 24/7 to cater to your needs. Imagine someone falling sick in the middle of the night, and the only funds you have are in a locked savings account that has not matured or are somewhere in a brokerage account that takes days to withdraw. That can lead to much suffering and eventually force you to get a loan, thus indulging you in debt.
Checking accounts have debit cards that allow you to access funds from ATMs and purchase goods and services online and at physical stores. With a debit card, you do not need to access your online banking app to purchase anything. You only need to use the card, and you are good to go.
What things do you require to open a Checking Account?
If you plan to open a checking account to start keeping funds for your daily expenditure, you must understand all you require to open one. The following are the things that you need.
- A Social Security Number (SSN)
- An Identification document
- An email address
- Phone number
- Physical address.
You might be wondering why financial companies require all these things to open you an account. The Social Security Number is important because it helps the government track your earning history to determine your social benefits. It is also a form of identification because every American has a unique SSN.
On the other hand, the identification document helps determine who you are. The government cannot allow anyone to open bank accounts as they may end up allowing criminals such as terrorists, money launderers, human traffickers, poachers, and so on to open accounts. That can pose a significant danger to the citizens. There are various identification documents that you can use, including passports, National ID, or driver’s license.
The mail address, phone number, and physical address are essential for communication. You can receive your electronic statements at your email address, receive calls and messages in your phone number or receive paper statements, debit, and credit cards at your physical address by mail. The phone number should be a US number that is active.
Above all, many banks will require you not to appear in the ChexSystems. ChexSystems is a platform that keeps the names of people who have previously misused their bank accounts by performing fraudulent transactions, closing negative accounts, or writing bouncing checks. However, we have banks that allow you to open a checking account with no ChexSystems.
What banks offer free online checking account with mobile deposit?
Various online checking accounts allow mobile deposits.
- Capital One 360® Checking Account
- Ally Interest Checking Account
- Discover Cashback Debit Account
- Alliant Credit Union High-Rate Checking Account
- Chase College Checking℠ Account
- Axos Bank® Rewards Checking
1) Capital One 360® Checking Account
Among the checking accounts, Capital One 360® Checking account kills it all. It allows mobile check deposits not to walk to a branch to deposit a check. Moreover, it’s a $0 monthly maintenance fee. That way, you can save a lot of money.
Capital One 360® Checking Account requires a $0 minimum deposit to open. Therefore, you can deposit any amount you want. Again, it has no minimum balance and only has a 0.10% Annual Percentage Yield (APY). You can benefit from the 70,000+ Capital One®, MoneyPass, and Allpoint® ATMs Free ATM networks. You also enjoy zero ATM fee reimbursement.
2) Ally Interest Checking Account
The Ally Interest Checking Account is another checking account that allows you to deposit online on your banking app. The account has FDIC insurance meaning that your funds are secure. Also, you do not need to pay monthly maintenance fees, and no minimum deposit is required.
The Ally Interest Checking Account earns you an APY of 0.25%. With a debit card, you can withdraw money at various ATMs in the country. You can locate the nearest ATM on the bank’s website.
3) Discover Cashback Debit Account
AS the name depicts, the account comes with a cashback debit card that allows you to earn cashback when you use the card to purchase goods and services. If you knew cashback was just for credit cards, then you are wrong. However, the cashback is only 1%.
The Discover Cashback Debit account allows you to use your money online. Moreover, you pay no monthly maintenance fees.
4) Alliant Credit Union High-Rate Checking Account
Like many other checking accounts, Alliant Credit Union High-Rate free online checking account with a mobile deposit won’t ask for monthly maintenance fees. There is also no need for minimum balances.
Furthermore, the Alliant Credit Union High-Rate Checking Account has no overdraft fees. Above all, you will be able to access over 80,000+ fee-free ATMS and get $20/month in ATM fee rebates.
5) Chase College Checking℠ Account
The account is for college students aged between 17-24 years old. When opening an account, you must show proof of student status. You can show your acceptance letter or student ID. The ages 18-24 are free to open accounts online or at a Chase branch. The 17-year-olds need to open a Chase branch.
The Chase College Checking℠ Account has no monthly fee, and you can instantly send money using Zelle to other banks. The Chase Mobile® app is all that you need to manage your money.
6) Axos Bank® Rewards Checking
The account has no monthly fees, and you can also get overdraft for free. The account allows you to get up to 1% APY. To earn interest, you must receive monthly direct deposits amounting to $1,500 or more.
Again, there is no minimum balance requirement, and you can get unlimited domestic ATM fee reimbursements. You only need $50 to open an Axos Bank® Rewards Checking account. Once you get your debit card, you will manage it online.
How to open a checking Account?
Once you have gathered the above things, you can open either online or at a physical branch. As I mentioned earlier, you can open an online account in the comfort of your house or even when traveling. You can get a confirmation message quickly and start using the services.
When opening your checking account online, you will need to enter your name, state, city, Zip Code, marital status, employment status, Identification document number, etc. You will also have to upload your identification document and a utility bill paper to prove your current physical address.
After you have finished doing all that, you then proceed to submit your application to determine your eligibility. You can have a free online checking account with no opening deposit, and thus you can deposit the amount of your choice.
You fill an application form at the physical branches, take a passport-sized photo, then attach photocopies of the required documents. You also need to have your bio information captured before submitting it. You can have your application accepted within a few minutes or wait for several days to get a confirmation message from the financial company.
During your application, you can request a debit card that will assist you in accessing money from your account. Some banks allow you to customize your card with your picture, family photo, art, or anything applicable. And by the way, it is not a must you wait for several days to get your debit cards.
Usually, it takes about 7-10 working days to get your debit cards upon application. Interestingly, you can get an online bank account with an instant debit card. Such cards are usually virtual and are only usable online. You use the card as you wait for the plastic one.
How does a checking account work?
Once you have opened your checking account, the next thing is to deposit money for your various kinds of transactions. You can add money online by depositing checks, transferring from other accounts within your bank or from other banks. You can also visit your branch and deposit money over the counter.
Once you have added funds, you then begin spending. You can carry out various things with your checking account, including the following.
i) Withdraw money
The checking account allows you to withdraw funds at a branch. To withdraw money from a checking account, you only need to fill in a withdrawal slip and handover to the cashier, together with your identity document. Again, you need to sign the slip with the same signature that you opened your account with.
You can also withdraw funds at an ATM using your debit card. Using your debit card to withdraw money is the easiest method since you only need to visit the machine at any time of the day, and you are good.
ii) Deposit a check
You can deposit a check in your checking account online using your banking app. You need first to sign the back of your check, then take pictures using the camera link of your app and upload them to the system. Alternatively, you can take the check to your branch and deposit it for processing. Checks can take three days to get processed.
iii) Send money
It is possible to instantly send money with a checking account number to a bank account within the same branch or send money with the account and routing number of an account of a different branch or bank. You can either use your online banking app or send it to your branch when sending money.
iv) Buy goods and services
The checking account allows one to pay for goods online or at a physical store. You can make payments using your account details or your debit card. However, using a debit card can be more beneficial, especially if the card has rewards such as cash backs, miles, or points.
Can I get a checking Account if I am in the ChexSystems?
It is possible to get a second chance to check with no opening deposit at various banks and credit unions to help you rectify your banking behavior. The accounts, however, come with lots of restrictions. Most do not allow you to write checks and may not have a debit card.
A checking account is a bank account that allows you to access money anytime. You can open a checking account online or at a physical branch. Online account opening is the easiest and most convenient since you can carry out the process anywhere.
Free online checking account with mobile deposit include Capital One 360® Checking Account, Ally Interest Checking Account, Discover Cashback, Alliant Credit Union High-Rate Checking Account, Chase College Checking℠ Account, and Axos Bank® Rewards Checking.