How To Open a Checking Account with No Deposit

Opening a checking account with a bank or a credit union normally requires a minimum deposit amount. You usually cannot find checking accounts that do not have opening deposit requirements. However, banking has changed in so many ways these past years. Innovative types of accounts are now available especially online.

The standard checking account can now be opened without a deposit at all. This is usually possible for checking accounts that are opened over the Internet. An account number is immediately assigned to the client together with a routing number. This nine digit number, which is unique to a financial institution, is used to set up a direct deposit. Some banks allow clients to send their deposit via mail or deposit the money over-the-counter.

Below are the steps in opening a checking account sans an initial deposit:

  • Search for banks. Look for banks on the Internet that offer checking accounts without an opening deposit requirement. You will find several options.
  • Read their terms and conditions. Find out what the terms and conditions are in opening this type of account. You need to agree to these terms and conditions before you even fill out an application form.
  • Choose your bank. Find out what each bank can offer aside from waiving the opening deposit requirement. Select the bank which you think offers you the best checking account package. Also, since it is the online banks that offer no deposit checking accounts, make sure you pick an online bank that is part of a well-established bank.
  • Apply online. Fill out the necessary application form online. Follow the instructions of the bank as to how you are supposed to send in your application form. Depending on the bank, the application can be mailed, dropped off at the local branch or sent electronically. Once sent, wait for the bank to process your application.

Below is an example of how you can open a checking account with no deposit from RBC Bank.

RBC Bank boasts as “a new kind of financial services company - one that goes far beyond traditional banking services.” One of their products is called Free Checking. This type of account which can be opened at a branch or online requires no direct deposit requirement. To open an account, you need to fill out an application form that has to be printed, signed and mailed to RBC Bank. A valid driver’s license or state ID is required together with either your social security number or taxpayer ID number.

  • Step 1 To get started, click on this link: RBC Bank application page.
  • Step 2 Read the terms and conditions for the account.
  • Step 3 Click on the “Get Started” button.
  • Step 4 Read the Privacy Notice then continue on to the application form.
  • Step 5 Fill up the application form.
  • Step 6 Print the completed application form and sign it.
  • Step 7 Choose your method of sending the accomplished form. You can mail the completed form, drop it off at the nearest branch of RCB Bank or call their 1-800 number to apply through phone.

A number of people are unable to open a checking account because of the initial deposit requirement. But banks now are more innovative. There are a number of online banks that offer a no initial deposit checking account. You just need to select the bank that offers the best checking account product suitable to your needs.


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