How to Open a Bank Account With Restricted Use Options

How to Open a Bank Account With Restricted Use Options
Most banks offer services to help you control your money.

Talk to your bank representative about your concerns and need for account restrictions. It may be that the account is a business account where you will have authorized signers other than yourself. It may be joint account where you are concerned about the other person being a spend-thrift. Be candid about what you need to make sure you get the right types of restrictions on your account.

Choose an account structure that designates a maximum number of transactions within a designated time frame. This may be check writing, total withdrawals or ATM withdrawals.

Decide if the account needs to be on a "dual signature" structure when designating authorized signers or joint account holders. This requires all checks and withdrawal slips to have signatures of two account signers before the funds can be released. Open your new account.

Set up online banking with the new account. Set up automatic bill pay for any and all regular payments. This reduces the number of checks that need to be written and the need for keeping a checkbook laying around. Limit the access to this system to yourself and never share the password with anyone else.