What You Need Before You Start
Security Bank requires specific documents and information before you can open a savings account. You will need a valid government-issued ID — a driver's license, passport, or state ID card. You will also need proof of your current address, which can be a utility bill, lease agreement, or bank statement dated within the last 60 days.
Bring your Social Security number or Tax ID number. Security Bank will use this to run a background check through ChexSystems, which is a banking history database. If you have had accounts closed due to unpaid fees or fraud at other banks, Security Bank may decline your application or require you to resolve those issues first.
Have your initial deposit ready. Security Bank's minimum opening deposit varies by account type and changes periodically — contact your local branch or visit their website to confirm the current requirement for the specific savings product you want.
Key Takeaways
- You need a valid government ID, proof of address, and your Social Security number to open an account at Security Bank.
- Security Bank runs a ChexSystems check, so past banking problems at other institutions may affect your ability to open an account.
- You can open an account in person at a Security Bank branch, by phone, or online depending on the account type and your location.
- The minimum opening deposit amount depends on the specific savings product and should be confirmed before you visit or apply.
- The account is typically active within one to three business days after approval, though you can usually access it online sooner.
Opening an Account in Person at a Branch
Visit a Security Bank branch during business hours with your ID, proof of address, and initial deposit. A bank representative will ask you to complete an account application form, which takes about 10 to 15 minutes. They will verify your identity, confirm your address, and collect your Social Security number for the ChexSystems check.
The representative will explain the account features, interest rates, and any monthly fees. Ask about the current rate of return on the savings product you are interested in, as rates change and vary by deposit amount. Once you sign the paperwork, the account is usually opened immediately, though it may take one to three business days to become fully active for transfers and withdrawals.
If you are opening the account for a minor, you will need to be the parent or legal guardian and bring documentation proving that relationship. Security Bank offers custodial accounts with restrictions on who can withdraw funds.
Opening an Account Online or by Phone
Security Bank allows online account opening for some savings products through their website. You will upload images of your ID and proof of address, enter your personal information, and arrange your initial deposit. The process typically takes 15 to 20 minutes, and you will receive confirmation within one business day.
If you prefer to open an account by phone, call Security Bank's customer service line and ask to speak with an account representative. They will walk you through the same information collection process. You will need to mail or deposit your initial deposit after the account is opened, or arrange a transfer from another bank account you own.
Online and phone applications may take slightly longer to fully activate — usually two to three business days — because Security Bank must verify your documents and run the ChexSystems check before the account is ready for use.
What Happens After You Submit Your Application
Security Bank will run a ChexSystems check, which typically completes within 24 hours. If you have no history of banking problems, the account will be approved. If the check flags an issue — such as an unpaid overdraft or closed account — Security Bank will contact you to discuss it.
Once approved, your account number and routing number will be provided. You can use these to set up direct deposit or transfers from other accounts. Your debit card, if the account includes one, will arrive by mail within 7 to 10 business days.
You can log into your account online or through the Security Bank mobile app as soon as the account is activated. This usually happens within one business day of approval, even if your physical debit card has not arrived yet.
If Security Bank Declines Your Application
Security Bank may decline your application if the ChexSystems check reveals unpaid fees, fraud, or repeated overdrafts at other banks. If this happens, ask Security Bank which specific issue caused the decline. You may be able to resolve it — for example, by paying off an old overdraft fee at another bank — and reapplying.
You can also request your ChexSystems report directly from ChexSystems to see what information they have on file. If there is an error in the report, you can dispute it. Visit www.chexsystems.com or call 1-800-428-9623 to request your report.
If you cannot resolve the ChexSystems issue, consider opening an account at a bank that does not use ChexSystems, or look into second-chance banking accounts designed for people with banking history problems.
Fees and Interest Rates to Understand
Security Bank charges a monthly maintenance fee on most savings accounts, though the amount varies by account type. Some accounts waive the fee if you maintain a minimum balance or set up direct deposit. Ask about these conditions before you open the account.
Interest rates on Security Bank savings accounts change based on market conditions and the Federal Reserve's decisions. The rate you receive depends on the type of savings product — a regular savings account typically earns less than a money market account or certificate of deposit. Ask the bank representative for the current annual percentage yield (APY) on the specific product you want.
Security Bank is FDIC-insured, which means your deposits up to $250,000 are protected if the bank fails. If you have multiple accounts at Security Bank, each account type is insured separately up to that limit.
Moving Money Into Your New Account
You can fund your Security Bank savings account through several methods. Direct deposit from your employer is the fastest and most common way — provide your employer with your Security Bank account number and routing number. The deposit will appear in your account on your regular pay schedule.
You can also transfer money from another bank account you own. Use Security Bank's online banking portal or mobile app to set up an external transfer. This usually takes one to three business days. Alternatively, you can deposit cash or a check at any Security Bank branch or ATM.
If you are moving money from another bank, that bank may charge a fee for outgoing transfers. Check your other bank's fee schedule before you transfer.
Frequently Asked Questions
Can I open a Security Bank savings account if I have been denied before?
It depends on why you were denied. If the issue was a ChexSystems problem, you may be able to resolve it and reapply. Contact Security Bank directly to ask whether you can try again and what conditions must be met first.
How long does it take to receive my debit card?
Debit cards typically arrive within 7 to 10 business days of account opening. You can use your account online or through the mobile app before the card arrives. If you need a card urgently, ask whether Security Bank offers expedited card delivery at a branch.
What is the minimum opening deposit at Security Bank?
The minimum opening deposit varies by account type and changes periodically. Contact your local Security Bank branch or check their website for the current requirement for the specific savings product you want to open.
Can I open an account for someone else?
You cannot open an account in someone else's name. However, you can open a joint account with another person, or a custodial account if you are the parent or legal guardian of a minor. Both people or the guardian must be present with valid ID.
What if I do not have a proof of address?
Security Bank requires proof of address dated within 60 days. If you do not have a utility bill or lease, ask whether they accept alternative documents such as a government letter, insurance statement, or bank statement from another institution.