Your First Bank Account: A Practical Guide

Why have a bank account

A bank account gives you a safe place to keep your money, a way to receive your salary or business income, and a convenient way to pay bills and send money. Over time, using an account well can also help you save, build a relationship with your bank and gain access to other services such as loans. Licensed banks are regulated and supervised by the Central Bank of The Gambia.

Step 1: Decide what you need

Different accounts suit different needs. Before you visit a bank, think about how you plan to use the account.

Current account. For everyday use: receiving income, making payments and withdrawing cash frequently. Current accounts usually pay little or no interest and may carry monthly or transaction charges.

Savings account. For setting money aside. Savings accounts usually pay some interest and may limit how often you can withdraw.

Fixed or term deposit. For money you will not need for an agreed period. These usually pay a higher rate, but you may lose some or all of the interest if you withdraw early.

Basic or entry-level account. Some banks offer simple accounts with low fees and limits on balances or transactions, which may suit you if you are just starting out.

Islamic account. Some banks offer accounts operated in line with Islamic principles. Ask how any return is calculated.

Youth or student account. Some banks offer accounts designed for young people. Ask about age requirements and whether a parent or guardian needs to be involved.

Step 2: Compare banks

Banks set their own fees, rates and features, so it is worth asking more than one bank and comparing. Consider:

• how close the nearest branch, agent or cash machine is to where you live or work;
• whether the bank offers mobile or internet banking that works on your phone;
• the total cost of the account for the way you plan to use it; and
• how easy it is to get help and to make a complaint.

Step 3: Prepare your documents

Banks are required by law to verify the identity of their customers. This protects you and the financial system against fraud and crime. Requirements vary between banks and types of account, so ask in advance. You will typically be asked for:

• a valid identity document, such as a national identity card or passport;
• proof of address, such as a recent utility bill. If you do not have one, ask the bank what alternatives it accepts;
• passport-sized photographs, if requested;
• details of your occupation or source of income; and
• an initial deposit, if the account requires one.

Business accounts require additional documents, such as registration certificates. Never hand your documents to anyone who claims they can open an account for you outside the bank.

Step 4: Ask about fees and terms

Before you sign, ask the bank to explain the following, and to give them to you in writing:

• any account opening fee and minimum opening deposit;
• any minimum balance, and what happens if your balance falls below it;
• monthly or annual maintenance charges;
• charges for withdrawals, transfers, card use, statements and mobile banking;
• the interest or return paid, if any, and how it is calculated;
• charges if your account becomes overdrawn or a payment is returned;
• what happens if your account is not used for a long time; and
• how to close the account, and whether there is a charge for doing so.

Read the terms and conditions and keep a copy. If you do not understand something, ask. A good bank will take the time to explain.

Step 5: Use your card and digital banking safely

• Memorise your PIN. Never write it down or keep it with your card.
• Cover the keypad when entering your PIN at a cash machine or in a shop.
• Never share your PIN, password or one-time passcode with anyone, including someone who says they are from your bank. Your bank will never ask for them.
• Download your bank's mobile app only from official app stores or as directed by your bank.
• Set a screen lock on your phone, and log out of banking services when you have finished.
• Be cautious of messages asking you to click a link, move money or update your details urgently.
• Tell your bank immediately if your card or phone is lost or stolen, or if you see a transaction you do not recognise.

Step 6: Keep good records

• Keep receipts for deposits and withdrawals until you have checked them against your statement.
• Check your statement or transaction history regularly.
• Keep your account documents and terms in a safe place.
• Tell your bank promptly if your phone number, address or other details change, so that it can contact you.

If something goes wrong

If you have a problem with your account, contact your bank first and ask for its complaint procedure. Note the date, the name of the person you spoke to and any reference number you are given. If you are not satisfied with the bank's final response, ask the bank what further avenues are available to you. Information on the regulation of banks is available from the Central Bank of The Gambia at https://www.cbg.gm.