How do I set up a checking account?

Question

I am about to go off to college, and I do not want to pay for everything in cash. For two reasons: Not safe, and I want to look proffessional. So how do I go about setting up a checking account, then after that, how do I "balance" the account at the end of the month? How does a checking account work?

Answer 1

To set up an account, walk into a bank and ask to open an account. You will fill out a few forms, show ID, and make your first deposit. Unless you have a negative history with bank accounts, that is all there is to it. Balancing the account simply means comparing the balance on your bank statement to your own records and accounting for any differences. Differences can come from 3 sources:
1. Items you have recorded that the bank has not recorded yet (eg checks that have not cleared).
2. Items you have not recorded that the bank has (fees and/or interest earned).
3. Items your recorded for a different amount than the bank did.

You should adjust the banks balance for for items in the first group. Record items in the second group in your records. Determine who is correct for items in the third group and either correct your records or contact the bank if they are in error.

As long as you keep track of all deposits and debits, by card of check, and don't spend more than you deposit, you should be fine.

Answer 2

Go into a bank with cash/checks and ID, and tell them you want to open a checking account. You'll fill out some forms, and the banker will set it up.

As for reconciling your account, there are instructions on the back of every checking account statement.

How can anyone going to college not know how to balance a checkbook? I've had a checking account when I was in the 10th grade.

Answer 3

Call a bank that has services in the area that you will be in.
They will help you and may even offer you options that would work better for you.