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The COVID-19 pandemic greatly increases the importance of a safe and affordable mainstream bank or credit union account for managing your money remotely, including to receive wages and government benefits securely through direct deposit and make payments remotely.
- Directly and Safely Deposit Funds Remotely: With a bank or credit union account, you can feel safe keeping your hard-earned money in a secure, federally-insured deposit account while continuing to remotely receive paychecks and other income, such as benefits, remotely by direct deposit.
- With a bank or credit union account, you can have your stimulus check direct deposited into your account; you will receive it faster and not have to pay a fee or leave your home to cash it.
- Pay Bills Remotely: You can pay bills remotely using free online banking services, while accessing tools for budgeting and financial management.
- Avoid Surprise Fees: If you are dealing with the financial impact of the virus, it’s more important than ever that accounts do not have surprise fees – especially for overdraft, insufficient funds, and inactivity – so you can feel confident that you are in control of your money.
Don’t have a banking account? These safe and affordable accounts are certified as meeting the Bank On National Account Standards and can be opened online:
To open an account, you may need one or more of the following on hand:
- Social Security Number or ITIN number
- State-issued identification, like your Driver’s License
- Passport
- Country-issued identification card
- Mailing address
- Date of Birth
NOTE: Each financial institution has its own procedure for account opening. While the 10 accounts listed above can be opened online, other banks and credit unions may require you to verify your identification or make your initial deposit in-person at a branch.
To learn more, or to see if there is a Bank On coalition in your area that can assist with your banking access needs, visit www.joinbankon.org/coalitionmap.