Frequently Asked Questions
How can a bank account help me?
- It saves you money! Check cashing fees can shrink your paycheck up to $600 a year.* Banks offer no- or low-cost accounts that will allow you to avoid check cashing fees. Bank On Connecticut will teach you how to avoid potential fees to save you money! *Based on 2% check cashing fee on an annual income of $30,000.
- It's safe! Without a bank account, you and your family could lose your money during an emergency. You also have no safe place to keep your money, and may become a victim of robbery or theft. Money deposited in a bank or credit union is protected by the full faith and credit of the U.S. government.
- It's convenient! With a checking account, you can deposit your checks and access your money for little or no cost. You can save money by paying bills with checks, on the internet, or by direct Bill Pay, and avoid paying for money orders. You can also use your debit card to make purchases at stores or to withdraw money from ATMs across the city, reducing the need to carry cash. You can also keep track of your spending on the internet, by phone, or at the ATM.
How much do I need to open an account?
- It helps you save for the future! Without a bank account, it is much more difficult to save your money to reach long-term goals, such as buying a home, starting a business, or investing in your or your child's education. Studies show that people with bank accounts are more likely to save and move up the economic ladder to financial security.
What types of ID do I need to open an account?
- You can open an account for as little as $50
Will my immigration status prevent me from opening an account?
- You will need two forms of valid identification (ID), a primary ID and a secondary ID. Acceptable forms of IDs include: drivers license or other state photo ID card, ELM City Resident Card, Passport, or Matricula Consular Card. Acceptable secondary ID includes: utility bill, lease for current residence or employer pay stub. You will learn more about this in the Basic Banking Orientation. These items vary between banks so always ask your bank what forms of identification they require.
What if I have had trouble with a bank?
- The bank will not ask about your immigration status when opening a bank account, and most banks will accept your Temporary or Permanent Residence Card, Matricula Consular Card and Individual Taxpayer Identification Number (ITIN) as a form of ID.
- Even if you had a bank account and lost it, we want to work with you! We may ask that you take a few extra free classes to help deal with any outstanding debt or credit issues, but most banks have "Second Chance" accounts for people who need it. Feel free to ask us if you are afraid you don't qualify.