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. 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. Bank draft or transfer of funds can delay 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:

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You may wish to review this “Banking for International Students: First-Time Guide” created by CreditDonkey.

This resource was neither created nor managed by ISSS or the University.