Thinking of opening a bank account digitally? Will it be legit? Will it be free? Can I open a bank account without any ID?
If yes, then how, and if no, then what are the alternatives? All your queries will be answered, and for more step-by-step information, kindly go through the article below.
Why An Online Bank Account?
Around 70-85% of people prefer online banking systems rather than visiting physically.
The main reason behind this is that people nowadays avoid standing in long queues, and after COVID-19, people are shifting and doing most of their work through online mediums only. Moreover, it saves time and effort.
For Whom An Online Bank Account Is Valid?
The opening of online bank accounts in the U.S. is open for those who meet the citizenship, age requirement, and valid forms of identification.
Also, one must show their residential visa proof of citizenship if they do not have a social security number.
Is Opening An Online Bank Account Without IDs Possible?
No, it is not possible as stated above, as it requires proper identification of documentation as it is concerned with financial security.
Documentation is a mandatory requirement whether opening a bank account online or physically.
How to Open a Free Online Bank Account Without An ID?
No, you can’t open an Online Bank Account Without an ID. However, the important specifications required are:
- Age requirements, i.e., at least 18 yr old, and some options for the minor account are available.
- US residency certificate.
- SSN (social security number) or Tax Identification Number.
- Valid Identification like a driver’s license, passport, and so on.
- Email address and contact number for further access to your online transaction.
The above are the important requirements for opening an online bank account.
Can one open an online bank account for free?
As such, a bank doesn’t charge extra fees to open an online account. However, it requires some initial deposits, which depend on the type of bank.
Checking and saving accounts are free online bank accounts and require zero initial deposits.
However, opening a business or a specialty bank account requires high initial deposits.
Under which law IDS are verified?
Under KYC law i.e., know your client laws, all the banks and financial institutions are required to identify their clients positively.
Does Opening an online bank account provide more benefits?
Yes, it does, as it saves time, money, and effort.
Is opening an account online safe?
Yes, it is absolutely safe as it opened only after proper verification of your ids and documents.
So, as we have seen above, one can open a free online account, but it is impossible to open it without an ID. Proper verification of documents is required so it is a matter of your financial security.
If you are a resident of the U.S then your proper residential address and other documents is required; however, for no residential procedure, documentation is quite different.
The verification of documents is mandatory under the KYC law. Thus, opening a bank account online without an ID or document verification is impossible.
Nyra handles business research, writing financial documents, news items, articles, and study materials about finances.