The AOF’s full form for banking is Account Opening Form. An AOF is an application form that customers needs to fill in when they are looking to create an account at a bank. It could be the checking account or savings account, a the credit card or other financial account that is offered through the institution. The aim for an AOF is to collect data about the client so that the bank is able to assess their financial standing and determine if they’re qualified for the account they’re looking for. The AOF generally requires personal details like the name of the client, address, birth date as well as contact details.
What Else Should You Know About AOF?
After you have completed your AOF and sent it with the financial institution, they will examine the data and decide if it is able to accept the request for account. If the bank accepts this request, they will create an account in the name of the user and supply them with the necessary account details, including the account number and directions to access the account. If the bank is unable to allow the request, it’ll typically give the customer an explanation of why it did not and offer alternative options to open an account.