Considering opening your first checking account? Congratulations! Obtaining a checking account is a major step toward financial stability. And while it can be intimidating to sift through banking documents if you haven’t done it before, it isn’t actually that difficult to open an account. Here’s an overview of everything you can expect to encounter during the process, along with a few reminders of why it’s worth doing.
Why Do You Need a Bank Account?
Bank accounts are crucial for everyone. Even if you don’t have much money, a bank account will still make your life much easier. Consider these perks.
Safe and Secure Place for Your Money
One of the best parts about having a checking account is that you never have to worry about the safety of your money. As long as you have an FDIC-insured account, like MoneyLion’s RoarMoney account, then your money’s safety is guaranteed. No matter what happens, your money will be waiting for you in the account when you need it.
To spend your money, you’ll use a debit card linked to the account. Debit cards are much more secure than cash. If you misplace a $20 bill while you’re out and about, that $20 is gone. If you misplace your debit card, on the other hand, you can lock it and prevent anyone from spending your money within minutes on the MoneyLion app. While you wait for a new physical card to arrive in the mail (or anytime for that matter), you can use your RoarMoney virtual debit card. Your spending power never lapses, and neither does your safety.
Enroll in Direct Deposit
Checking accounts allow you to get your hands on your paychecks earlier. Instead of waiting for your work to print out a paycheck, and then searching for a place to cash it, you can simply set up a direct deposit.
By giving your employer direct deposit information, your paycheck will be automatically deposited into your account. RoarMoney account holders have the added benefit of getting direct deposit payments up to two days earlier than other banks. If you aren’t a MoneyLion customer, you might be waiting unnecessarily long to get paid.
Earn Rewards
Banking is a competitive business, and that means these institutions will offer rewards for choosing to bank with them. These perks are essentially rewarding you for what you would already be doing: saving and spending money.
While many institutions offer some type of reward program, far fewer can match RoarMoney’s Shake ‘N’ Bank program. Just use your debit card or virtual for a purchase of at least $10, and you’ll get an instant reward notification sent to your phone. Shake your phone to reveal the reward amount, which could effectively reimburse you for your recent purchase (up to $120).
Other institutions make customers jump through hoops to qualify for rewards programs, such as activating the program every month, but Shake ‘N’ Bank enrollment is automatic for RoarMoney account holders.
Use Your Debit Card Anywhere
Carrying around cash isn’t only unsafe and germy — it’s also inconvenient. How much cash do you need today? What if an unexpected expense arises? Where do you keep the rest of your cash you aren’t using today?
With a debit card, you never have to worry about any of those issues. All of your money is available to you all the time. Almost all businesses accept debit card payments, and many are adopting contactless payment systems. RoarMoney debit cards offer contactless payment, which allow you to minimize your contact with high-touch surfaces at the grocery store.
You can also take advantage of MoneyLion’s virtual debit card. This card lives in the MoneyLion app, so you don’t even need to worry about remembering your debit card. All you need to do is open up the app and tap the virtual debit card to see your card number and details. You can use it online or by phone. Add it to your phone’s mobile wallet, so you can tap it on the contactless card reader at stores! And the transaction will go through just the same as it would with a traditional debit card.
Another perk of your virtual card is that if you ever feel like it’s been compromised and you want a new card, you can just tap “replace card” in the MoneyLion app and instantly get a new card with a new number.
Access ATMs
If you ever do need cash, that’s easy to do with a checking account — simply find an ATM. The only catch here is that you’ll need to find an in-network ATM, or else you’ll pay an extra fee. However, this is hardly a concern for MoneyLion customers.
MoneyLion partners with Allpoint to offer an extensive ATM network that includes some 55,000 ATMs around the world. Allpoint concentrates ATMs in locations you’re already likely to visit, including stores like Target, CVS, and Safeway.
What Do You Need To Open a Bank Account?
Banking requirements vary between institutions, but in general, it’s easy to qualify for a basic account. MoneyLion’s RoarMoney account has especially simple requirements.
A RoarMoney Account only needs the following:
- To be 18 years old
- Social Security Number
- Address – Resident of the US
Other banks might require:
- Credit check
- Two forms of identification
- Initial deposit
How To Open a Bank Account
| RoarMoney | Traditional Bank |
| Download the MoneyLion App | Visit a branch or start an online app from a computer |
| Create an account by providing basic identifying information like a Social Security number and email address | Provide two forms of government-issued identification |
| Open a RoarMoney account in a few taps and set up a direct deposit with your employer so paychecks soon land in your new account | Wait for the bank to perform a credit check/identity verification |
| You’re all set! | Make any mandatory initial deposits |
| Create an online account and download any relevant banking apps | |
| Set up a direct deposit with your employers so your next paycheck lands in your new account | |
| Maintain the minimum balance requirements to avoid fees. |
RoarMoney Is the Quickest Path to Checking
Getting a first time checking account is daunting, but it’s a crucial step for everyone to take. MoneyLion’s RoarMoney account is your best option for getting through this intimidating process as quickly and smoothly as possible.
It takes just minutes to complete the process, and with the virtual debit card, you can be spending your money almost instantly.
