No matter how much money you make, storing it at home can be dangerous and insecure. That’s why opening a bank account is essential for protecting and growing your assets for years to come. However, not all bank accounts are created equal. You must partner with a financial institution that has your best interest in mind and provides robust security features to keep your finances safe.
Bank Midwest offers several types of accounts to choose from, depending on your goals and financial situation. Our team is equipped to guide you through the process of selecting, opening and maintaining your account with ease, giving you tips and resources to help your family thrive.
Not sure what opening an account entails? Don’t worry. Use this guide to learn what to expect before, during, and after opening a bank account with Bank Midwest.
Before Opening Your Account: What You Need To Know
Whether this is your very first bank account or you’re adding one to an existing account, there are a few things you’ll need to do when visiting a branch or our website:
Provide Documentation
To start, you’ll need to provide a few key documents. This will ensure we comply with banking regulations and verify your identity. At a minimum, you’ll need a valid government-issued ID, such as a driver’s license, state ID or passport. If you’ve recently moved and your new address doesn’t yet appear on your ID, we’ll request a recent piece of mail to confirm your address. You’ll also need to provide your social security number, though you won’t need to present the card itself.
Tell Us About Yourself
During the account opening process, the team member walking you through this process will ask a few questions about your lifestyle and how you plan to use the account. This information helps us recommend the best account type to suit your needs, and it fulfills regulatory requirements. We’ll also ask if you’d like to add any beneficiaries or authorized signers to your account. Once we gather your details, setting up the account takes just a few minutes, and we’ll generate the necessary documents. Signing can be done electronically in person or via email, depending on your preference.
Answer Account-Related Questions
Lastly, be prepared to discuss details such as your occupation and anticipated account usage. We may ask about the types and frequency of deposits, as well as estimated transaction amounts for electronic withdrawals and cash. There are no right or wrong answers to these queries; it just gives us a better understanding of your needs so we can recommend the best solutions. They’re also standard for all banks as part of compliance regulations.
In-person, this process from start to finish takes anywhere from 20-30 minutes, depending on the type of account and how many signers and beneficiaries there are. It takes less time for existing customers who are opening an additional account. Applying online can be as quick as 10 minutes or can take longer if our team needs to verify additional information. We’ll generally reach out within the next business day if we have any follow-up questions.
Initial Steps After Opening an Account
Once your account has been activated, there’s not much left for you to do. You’ll simply have to sign the account documents and make a deposit to finalize the process. Usually, this is completed at the time you open the account. However, if one of the signers isn’t there, they must sign as well before the account can be used. Any documents can be sent and signed digitally, or the person can physically come to the branch.
Before you leave, we’ll make sure you understand how to use our digital banking platform, including how to enroll in online statements. We’ll also help you get a debit card and checks if necessary. Ultimately, we don’t want you to leave with any unanswered questions or concerns.
If you choose to open an account online and have any questions, you can visit the Help Center on our website or read our User Guide for tips.
Get Personalized Support and Follow Up From Bank Midwest
Now that your account is up and running, you don’t have to manage it all on your own. We’ll cover lots of useful information during our meeting, so we’ll send a follow-up email with additional information and reminders of what we went over for you to refer back to. You may even get a handwritten note in the mail thanking you for joining our Bank Midwest family — one way we like to personalize this process for you.
As time goes on, we’ll continue monitoring your account to ensure everything looks normal. If we have any questions on transactions that come through or if anything looks out of the ordinary, we’ll call you and follow up with an email, if needed. Certain account activity will generate automatic notices which you’ll get in the mail. If you have any questions about these notices or your account activity, you can always reach out to us or visit in person.
Using Account Tools for Financial Convenience
At Bank Midwest, we understand that every person’s financial journey is unique, and that’s why we offer a wide range of tools and resources to make managing your account simple, efficient and tailored to your specific needs. Whether you prefer banking on the go, stopping by a branch or maximizing automated services, we’re committed to providing flexibility and support to help you oversee your finances in the way that best fits your lifestyle.
With a range of account tools, we aim to give you everything you need to bank confidently, stay in control of your funds and have peace of mind:
Digital Banking
Because you’re a busy person, digital banking empowers you to manage your finances from anywhere, all from the convenience of your smartphone, tablet or computer. Keep track of your accounts and transactions remotely with features like real-time balance checks, mobile deposits and funds transfers. Our digital banking also includes budgeting tools to help you stay on top of your spending, notifications to alert you of any significant activity and online bill pay so you never miss a payment.
For added security, your account has multi-factor authentication and fraud monitoring, so no one besides you and other account holders can access your funds and personal information.
Branch and ITM Availability
Sometimes you just want to speak face-to-face to someone who knows the banking industry like the back of their hand. We get it! That’s why we offer in-branch banking professionals who are always ready to help, as well as video tellers through Interactive Teller Machines (ITMs), which combine the convenience of an ATM with the personalized service of a live teller. ITMs allow you to make transactions with the assistance of a teller from the machine screen, enabling you to get answers without visiting a branch.
Direct Deposit
Setting up direct deposit is one of the simplest ways to streamline your financial life. With direct deposit, your paycheck or other recurring payments are automatically deposited into your Bank Midwest account on payday, meaning you won’t have to make a special trip to the bank or worry about your check clearing. Direct deposits are fast, secure and reliable, giving you quick access to your funds and allowing you to set up automatic transfers to savings accounts, make timely bill payments and ensure your money is managed with minimal effort and stress.
Online Statements
We offer the option to sign up to receive online statements rather than physical ones, cutting back on paper usage and making it easier for you to digitally store important information. Online statements are immediately accessible, saving you mail time and allowing you to review your account details as soon as your statement is ready. Plus, you’ll have access to up to 18 months of past statements, which you can view anytime, anywhere with an internet connection. Going digital with your statements is not only secure but also a seamless way to keep your finances organized and at your fingertips.
Common Post-Opening Challenges, and How Bank Midwest Helps
While opening an account is pretty easy, there are a few roadblocks that can slow you down. By knowing about them ahead of time and preparing beforehand, these small issues won’t impact you.
Below are some common post-opening situations customers may face and the ways we can assist you in navigating them:
Account Deposit and Setup
One of the first steps after opening your account is making an initial deposit, which can come as a shock if you aren’t planning on transferring funds. Whether it’s a matter of coordinating direct deposit details with your employer or providing additional documentation, Bank Midwest is here to assist.
Our knowledgeable team can guide you through various options for making your initial deposit, from electronic transfers to in-person deposits at a branch or ITM. We also offer clear guidance on setting up direct deposits so your income is deposited automatically and securely into your account without any added hassle.
Online Statements and Account Access
After opening an account, many customers want to switch to digital tools, such as online statements and account access but might have questions about getting started. With Bank Midwest, signing up for online statements is easy, and it eliminates monthly paper build-up.
Our digital banking platform gives you instant access to statements and real-time account information from any device. For those new to online banking, our support team is ready to walk you through each step to ensure you’re comfortable and confident in accessing your account online, from enrollment to navigating all the available tools.
Need for Direct Deposit Verification
If you’re setting up direct deposit with an employer or organization, they may require direct deposit verification, which can usually be provided through a blank check or an official letter. We simplify this process by providing verification tools and resources, such as generating a voided check for verification or issuing a direct deposit letter upon request. This document can be accessed quickly, enabling you to complete your direct deposit setup right away.
Tips for Maximizing Your Banking Experience
Want to get the most out of your new account? Here are some tips to maximize your banking experience with Bank Midwest:
- Leverage online and mobile banking: Use digital tools to manage your finances conveniently. You can check balances, transfer funds, pay bills and even deposit checks without visiting a branch.
- Set up alerts and notifications: Stay on top of your account by enabling notifications for low balances, large transactions or deposits. Alerts help you track spending and avoid overdraft fees.
- Automate savings: Take advantage of automatic transfers to a savings account to build up funds without thinking about it.
- Review your statements regularly: Stay vigilant about your account activity by reviewing your monthly statements. This helps catch errors and identify potential unauthorized transactions early.
- Know your fees: Familiarize yourself with potential fees for ATMs, overdrafts and account maintenance, and explore ways to avoid or reduce these charges.
- Ask about additional services: Our team can help you discover what solutions are most beneficial to you. Reach out if you’re interested in solutions like financial advising, loan options and investment accounts.
Stay Connected With Bank Midwest
Once you open an account, your relationship with Bank Midwest isn’t over. In fact, it’s just begun! We’re here to support you at every step of your financial journey, with easy ways to reach out, resources for continued learning and a commitment to being a trusted partner in your future financial needs.
Have questions or want advice on what type of account to open? Reach out to our team today.