Today I opened a checking (current) account. Big deal, you say. It was - the whole application and approval process was done online. It wasn’t with an “Internet Bank”, but with a regular Brick and Mortar bank. There is a branch about 3 miles from my house, and another one close to where I work. I’ve actually seen the one close to home, but the one near my work I found via the Bank’s website.

My intention was to go into one of the branches and open an account. However, I spotted the option to open an account online. Since I know this bank from their TV advertising, and the website was professionally done, I knew it was fairly safe.

Previously I’ve signed up for a PayPal account, and then for an excellent savings account online, but this was a first for me. Being a checking account, they have to get your “authorized” signature somehow. So in the first set of checks the bank sends out, a method is provided to capture your signature.

Part of the process is a credit check which is then turned around to verify that you are who you are claiming to be. I had to do some quick online looking up for that one. Once your identity is verified, it is just a couple of choices. The bank really impressed me with the “You should save this information” prompts, and downloadable PDF files of important agreements. The whole process was followed up with an email outlining the important points. Very slick and professional.

There are a number of books available on the subject (see here), including one from the popular “Dummies” series, “Banking Online for Dummies“.

Posted on August 4th, 2008 by mervyn