A bank account is a financial account that a customer has with a bank. The bank account allows customers to deposit and withdraw money, as well as write checks. For this reason it is also called a checking account.

The advantages of having a bank account are, among others:

• easy access to your money - banking access 24 hours a day, 7 days a week, via the bank's website or application
• it is not necessary to carry cash on you
• possibility of earning interest on your deposits
• build a credit history, which may be important when you want to borrow in the future

How to open a bank account?

Opening a bank account is relatively easy. You will need to provide some personal information, such as your name, date of birth and address. You will also be asked for identification; usually the Social Security number (SSN) is sufficient for this. More modern banks, such as Comun, offer the possibility to replace the SSN with your passport or matricula consular. You may also be asked for documentation showing proof of residency.

The different types of bank accounts available

There are different bank accounts to choose from. The most common bank account is the checking account, which allows you to deposit and withdraw money, as well as write checks. A checking account is a great option if you want to access your money easily without carrying cash on you, as the debit card in your account allows you to make payments at any establishment.

Another common type of bank account is the savings account. Savings accounts allow you to save money and earn interest on your deposits. It is a great option for those who want to accumulate their savings over time.

There are also a number of specialized bank accounts, such as accounts for students, seniors and businesses. Be sure to research the different bank accounts available and choose the one that best suits your needs.

How to manage a checking account online

Many bank customers choose to manage their bank account online. This can be done through the bank's website or application. Managing your bank account online allows you to access your account 24 hours a day, 7 days a week.

Some of the things you can do online are:

• view your account balance and transaction history
• transfer money between savings and deposit accounts
• pay invoices
• pay your credit card
• deposit checks
• set up bank alerts for specific events, such as a low balance or a large deposit

What are the costs of opening a bank account in the United States?

Some accounts, such as those offered by Comun, are completely free of charge. However, there are many banks that do charge fees. Among them are some of the most popular banks in the United States: Bank of America, JPMorgan Chase, Citigroup and Wells Fargo. Here are some of the fees they charge:

• monthly service fee
• minimum balance requirement
• overdraft fee
• commission for check cashing.

Certain banks also limit the use of Spanish in their digital interfaces or customer service centers. Be sure to research the fees charged and the language used before opening an account with any bank.

FDIC Support

The Federal Deposit Insurance Corporation (FDIC) is a government agency that insures consumer deposits in banks that are part of its network. It is important to choose a bank that has this backing, since you will have up to $250,000 of your funds insured by the U.S. government in case of any incident with your bank, such as bankruptcy.

The benefits of Comun

At Comun you will find a completely free bank account, in Spanish (from the mobile app to customer service), and with the flexibility to apply with your passport, regardless of your nationality. Account opening is very easy and you will have access to it 24 hours a day, as well as the ability to pay bills or deposit checks. Comun is FDIC-backed, so your funds are insured up to $250,000 USD.

As with any other financial service, be sure to research different options available and choose the one that best suits your needs.

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