OGE – Office of International Programs

University of Mississippi

Banking

Newly arrived students, faculty and scholars will probably find it easiest to open an account in person at one of the local banks or the credit union. Each institution will have a menu of account types and different costs so it is recommended to think about your needs and compare the options at different providers. Factors influencing the costs will be things like the minimum balance maintained in the account, the number of deposits and debits being made, use of a debit card, foreign transaction fees, etc.   Those who are not eligible or do not yet have a U.S. Social Security or Individual Taxpayer Identification number will be limited to opening accounts that do not earn interest on the money deposited. After obtaining a U.S. Social Security Number or Individual Taxpayer Identification Number, there will be additional options for the types of accounts that can be opened and financial institutions that can be used.

Common account types include:

Checking accounts are designed to allow you to write checks or use a debit card to access money you have deposited in your account.  There is usually a fee when you order checks and there may be charges for using a debit card to withdraw funds from an automated teller machine (ATM). Some checking accounts have a monthly maintenance fee.

Savings accounts are used to keep large sums of money that are not needed on a daily basis.  This money draws interest while it is kept in savings. Interests rates at banks vary and there may be limits to the number of withdrawals per month that can be made.

Combination savings and checking accounts are another choice.  One may write checks on a savings account that is earning interest daily.

The initial deposit to your account could be cash, a bank draft payable to you or a transfer of funds from another financial institution. Please keep in mind that with a bank draft or transfer of funds there could be a delay in your ability to access the funds since the bank will wait until the transfer has been fully processed by the originating institution.

Documentation required to open a checking account at most banks:

  • Valid passport or driver’s license
  • US Citizenship and Immigration Services documentation (I-20, DS-2019, H-1B or O-1 I-797 Approval Notice, TN I-94, Employment Authorization Card, Green Card, etc.)
  • School ID
  • Physical address (Apartment, home, or residence hall address)
  • Mailing Address (P.O. Box or street address where you can receive mail)
  • Phone Number and email address

Local Financial Institutions include:

Bank of Oxford

Location: 2531 Jackson Ave. West and 2043 University Ave.

Minimum deposit of $100 to open account

http://www.fnbclarksdale.com/

 

BancorpSouth Bank

Location: 517 South Lamar Blvd and 1929 West Jackson Ave

https://www.bancorpsouth.com/

 

Community Trust

Location: 1312 University Ave.

Minimum deposit of $50 to open account

https://www.ctbonline.com/

 

First National Bank of Oxford

Location: 101 Courthouse Square (in The Square)

http://www.fnboxford.com/

 

Ole Miss Credit Union

Location: Student Union 1st floor (basement)

Social Security number required? Must have Social Security within 30 days after opening account.

Minimum deposit of $25 to open account

http://msfcu.us/

 

Oxford University Bank

Location: 1550 University Avenue

http://www.oubol.com/

 

Regions Bank

Locations: 158 Courthouse Square (in The Square),  1960 University Avenue, and 1800 Jackson Avenue West

Social Security number required? No. However, internet banking access cannot be granted without SSN.

https://www.regions.com/personal_banking.rf

 

Renasant Bank

Location: 1106 Van Buren Ave, 1111 Jackson Ave. East and 1901 University Ave.

Minimum deposit of $50 to open account

https://www.renasantbank.com/

 

Trustmark

Location: 106 Courthouse Square and 714 Jackson Ave. East

Minimum deposit of $50 to open account

https://www.trustmark.com/

 

Woodforest Bank

Location: 2530 Jackson Avenue West (inside Walmart)

Special requirements: For on-campus students: letter from Dept. of Student Housing confirming residence and mailing address. For off-campus students: Any personal mail received at your address in your name (i.e. utility bill, credit card statement, etc.) plus letter from apartment leasing office or copy of lease confirming address.

http://www.woodforest.com