To open a bank account, you typically need to bring the following items to the bank:
1. Identification: A valid government-issued photo ID such as a driver's license, passport, or state ID.
2. Proof of address: A recent utility bill, lease agreement, or bank statement that shows your current address.
3. Social Security Number: Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
4. Initial deposit: A certain amount of money to open the account. The minimum amount varies depending on the type of account you want to open.
A loan is money borrowed from a lender that must be paid back with interest. Loans can be used for various purposes, such as buying a home, a car, or financing education. The borrower agrees to repay the loan according to a specific payment schedule. The lender usually requires collateral to secure the loan.
A grant, on the other hand, is a financial aid that does not need to be repaid. Grants are typically awarded to students and researchers to support academic or scientific projects. They can also be given to businesses or organizations to fund specific initiatives or projects. Unlike loans, grants are typically awarded based on merit or need, and they do not require collateral.