Common checking account questions: What you need to know

Handling your finances doesn’t have to be complicated—especially with the convenience of online accounts. Whether you’re looking to streamline your money management or ditch the hassle of physical bank branches, an online checking account might be just what you need.

But you probably have questions. Is online banking as secure as it sounds? What do you need to open a checking account online?

We’ve got you covered. Here are answers to some of the most common checking account questions.

What is an online checking account, and how does it work?

Online checking accounts offer a convenient, secure, and cost-effective way to manage your finances. In general, you can use a checking account to store your money and access it when you need it. You can withdraw cash, pay bills, directly deposit your paychecks, and more.

When you open a checking account online, you can manage your money on a smartphone, tablet, or computer anytime—without worrying about a brick-and-mortar bank’s hours or location.

Some banks, like Discover^®, operate fully online with customer service available any time, day or night. Online banks may also offer more perks than traditional financial institutions, like no monthly maintenance fees and higher interest rates on savings.

What is required to open a checking account?

First, consider what type of online checking account best suits your needs. For instance, some banks offer options like individual or joint accounts, accounts with cashback rewards, and more. A Bankrate survey found that consumers keep the same checking account for an average of 17 years, so you’ll want it to be a good fit.

If you’re new to the bank you’re opening an account with, you’ll probably need to create an online profile with a username and password. If you’ve banked with the institution before—for example, through a credit card or loan—you might already have a login you can use.

Next, have your personal information handy. To open a checking account, most institutions will require a valid, government-issued photo ID, your Social Security card or Taxpayer Identification Number, and proof of your current address, such as a lease or recent utility bill.

Finally, you will likely need to deposit money into your checking account before you can use it. While Discover doesn’t require a minimum deposit, many financial institutions do, often ranging from $25 to $100. The most common ways to make a deposit are by transferring money from another bank or depositing a check via the bank’s mobile application. You can also set up a direct deposit from your employer or add cash via your bank’s ATM or a retail partner (for example, Discover processes cash deposits via Walmart stores).

Can you write a check to yourself?

Most financial institutions allow you to write a check to yourself if you have the funds in your account to cover the transaction. You can write yourself a check to move money between separate bank accounts or to withdraw cash from the bank. Due to check kiting risks, you typically cannot write a check to yourself to deposit money at the same bank.

What’s the easiest way to deposit checks into my account?

Many banks will also allow you to deposit checks digitally through their mobile check deposit services. You typically just need a smartphone.

To make a mobile deposit, download your bank’s mobile application, log into your online banking account, then follow the prompts to deposit a check. While the prompts vary by institution, the requirements usually include a clear image of the front and back of a check made out to you and endorsed by you. Check your bank’s mobile deposit terms and conditions to confirm what you’ll need.

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Are online checking accounts safe?

Reputable financial institutions should have safeguards in place to secure your accounts, but there are actions you can take to further protect yourself. For instance, if you’re withdrawing funds from your checking account at an ATM, stay alert and aware of your surroundings. Shield your personal identification number, or PIN, from prying eyes and never share it with anyone—you should be the only person who knows it.

If you have a debit card attached to your account, your bank might have extra security measures in place to help protect your debit card from fraud. For example, the Fraud Protection feature of Discover Cashback Debit accounts will initiate a call or text if a transaction seems suspicious. With your Discover debit card, you’re never on the hook for unauthorized Discover Cashback Debit card purchases.   

What are the fees associated with an online checking account?

The fees for online checking accounts vary by financial institution, so before you choose where to open an account, check whether the bank charges monthly fees and if there are ways to waive them. While Discover doesn’t charge fees, the average monthly maintenance fee for a noninterest checking account is $5.47, according to Bankrate.

Some institutions also charge other fees, such as overdraft fees for spending more than you have in your checking account and ATM fees for using an out-of-network machine. Discover doesn’t charge these fees, but if your bank does, you could consider signing up for overdraft protection. As a Discover customer, you can link a Discover deposit account so that available funds in a funding account can be automatically used to cover eligible transactions in your protected account that would otherwise be returned unpaid. With Overdraft Protection Transfer, we’ll automatically transfer available funds from a linked Discover account when your account is overdrawn – with no fees.¹

When can you access the funds you deposited into your account?

When you deposit money, it’s normal to want to see it appear in your account right away, but there’s typically a waiting period. The length depends on the bank and how you made your deposit.

Options for funding your account include direct deposit, mobile check deposit, in-person cash deposit, and online transfers from another bank (or from another account, like Savings or Money Market, at the same bank, if you have one already). Depositing funds via mobile or online is often more convenient than going to a traditional branch.

Generally, banks make the first $225 of a deposit available for cash withdrawal or check writing at the start of the next business day after the deposit is made. The remainder of the deposit is typically available on the second business day. Check with your financial institution for its specific fund release policies.

Discover releases up to $275 of U.S. Treasury Checks and other special checks, such as official and cashier’s checks, on the business day of deposit. For checks drawn on Discover, the full amount is available on the second business day after deposit. Full fund-availability terms can be found here.

If you want access to your money sooner, you might have some options. Look for early payment features when researching online checking accounts. For example, with a Discover Cashback Debit account, you can receive funds from your paycheck up to two days early when you set up direct deposit.¹ The Early Pay service is free to Discover account holders and gives customers early access to qualified Automated Clearing House (ACH) funds, like from a government entity or your employer. The funds are reflected in your account and available for use as soon as Discover is notified that a transfer is pending. 

What happens if I lose my debit card linked to my online checking account?

If you’ve misplaced your debit card, you have the option of freezing your card number until you find it. At Discover, users can’t make purchases online or in person once cards are frozen, but online bill payments and scheduled transactions and transfers will proceed uninterrupted. If you find your card, you can unfreeze your account, and your debit card number won’t change.

If you can’t find your card—or think it was stolen—you should report it immediately. Your card will immediately be deactivated, its number voided, and your bank will send a new card. You will have to update any recurring transactions with the new card number.

When it’s time to open a checking account online

Digital banking continues to evolve, and with online checking accounts, you have a convenient and secure way to manage your money. Once you feel confident in how an online checking account works, you can start looking for the one that best fits your needs and money management style.

If you want a fee-free online checking account with cashback features and early payment options, learn more about the Discover Cashback Debit account.

¹See the Overdraft Protection Service Agreement Addendum for restrictions and other details.

²Early Pay is automatically available to checking, savings (excluding IRA savings) and money market customers who receive qualifying ACH direct deposits. At our discretion, and dependent on the timing of our receipt of the direct deposit instructions, we may make funds from these qualifying direct deposits available to you up to 2 days early. See our Deposit Account Agreement for more information.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

The information provided herein is for informational purposes only and is not intended to be construed as professional advice. Nothing contained in this article shall give rise to, or be construed to give rise to, any obligation or liability whatsoever on the part of Discover, a division of Capital One, N.A., or its affiliates.