Why Open a Bank Account?

It saves you money. If you don’t have a bank account, you may pay a lot of fees to cash your checks and pay your bills.
Having a positive relationship with a bank is important. It can help you save money and increase your potential to access short and long-term credit at a “reasonable rate” when you need it.
It’s safe. Without a bank account, your money may not be safe in the event of theft or a catastrophe. Money deposited in a bank or credit union is protected by the U.S. government for up to $250,000 per individual.
It’s convenient. You can deposit your checks for free, pay your bills online, track your income and expenses and access your money—when you need to.
Schedule an appointment with a Financial Coach. A coach can help you understand how to make a bank account work for you.

What to Consider

Determine the reason you need an account. Do you need a checking account, savings account or both? Do you need an account to cash checks or pay bills regularly? Or, are you looking for an account to deposit money only?
Is your current bank account working for you? How much do you pay in monthly fees? Is it easy to access your money at any time? Are you still using financial products/services outside of a bank? Are you using all the features your account comes with? Why or why not?
Does your employer offer direct deposit? Find out and sign-up as most banks waive monthly fees if you use direct deposit.
Identify banks that have branches, ATMs, co-op networks or shared branches near your home or work. Or, choose a bank that has mobile banking options you can use with your cell phone or the internet.
Evaluate the product’s functions, what features it has and how it will benefit you. Compare these items to all fees to identify the product with the most benefits for the least amount of money. However, sometimes paying a small fee may be beneficial if the account provides the features and convenience you need.
What kind of ID do you need to open the account? The ID needed varies by bank. Click here to find out what ID is accepted by participating banks/credit unions in the Bank On Denver network or schedule an appointment with a Financial Coach.

Bank On Denver offers free and low cost checking and savings accounts, prepaid cards that function like a checking account, secured credit products to improve your credit rating, and loans for immigration expenses and small business expansion.
Several products are certified and nationally recognized for being a safe, affordable and convenient financial product.
Click here to review the products available through Bank on Denver or schedule an appointment with a Financial Coach who will review your options.

Bank on Denver products are offered at over 100 banks/credit unions in Metro Denver. To find a participating branch or specific product near you, click here.
If you are in ChexSystems and have been denied an account from a bank or credit union in the past, consider meeting with a financial coach to help you resolve these issues. Even if you’ve made mistakes in the past, we can help.
Meeting with a banker in person to open a new account is recommended.
- Appointments are “not required” but will help you avoid a wait.
- A Financial Coach can make an appointment for you, you can make an appointment online or by going to the bank directly.
- During your appointment tell the bank you have been “referred by Bank On Denver”—show them the Product Brochure or present them with the Bank On Denver Referral Card.
- Ask the banker to help you set-up your account settings and features that will help you manage your money more easily.

Opening a bank account is an important step to establishing a positive relationship with bank and a good credit rating. But, how you manage your money after the account is open is even more important.
In Metro Denver, you can get help managing your money by meeting with a financial coach through the Denver Financial Empowerment Center, a free program of the City and County of Denver. Click here to learn all the ways a Financial Coach can help you.