How to Open Checking Account | Online Banking

In the United States banks are identified from each other and to the regulating/money routing organization (called the Federal Reserve) by whats called an ABA number, also known as the Routing Number.

This number is found on every document your bank prints for use either internally or externally. Savings deposits, personal checks, money orders, and cashier's checks all have the routing number printed on them.

The Routing Number is ALWAYS nine digits. It is printed on your check or deposit ticket and surrounded on either side by a special symbol seen here - |:

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Interest income on nearly all savings accounts (online or otherwise) is taxable by the US Government. As a part of a bank's charter granting it permission to operate as a bank in the United States it is required to provide certain information annually as a part of its financial reporting to the United States Treasury - including reporting your social security number and any income (dividends or interest) paid to you as an account holder at the bank.

While normally it is not desirable to turn over your SSN to anyone online, just be sure when you do fill out your on line application the little "lock" symbol in the bottom right of your browser window denoting a secure/encrypted form is being submitted is visible. It should look something like this:

Personally I believe having an online bank account is a very important part of my financial plan. The psychological distance between my online account and me keeps me from using those funds and hence they are available to me in those times of real emergency - which is why I established my own online bank accounts in the first place.

I strongly urge you to consider purchasing and using personal finance software to reduce the stress associated with keeping track of money. Money is the number one source of stress in the home and using the computer to keep track of things can make a huge difference for you.

Lastly - as your financial picture changes and you start having more excess money you're going to want to think about investing money. Here's a reading list that will help you:

• Find excess cash
• Teach you to be wary about investing
• Teach you how to work for yourself to get free