Opening a Bank Account

We recommend that you open an account at a local bank as soon as you receive your Social Security Card.  We have had students in the past who have been victims of theft, even when they think they have hidden their money in a safe place.  Your money is guaranteed to be safe in a bank.

To open a back account you will need your passport and visa and a Social Security Card.

Fraud

Our banks are aware of the fraudulent activity proposed by foreign workers in the past.  You should check with your bank to see what you are able to deposit to your account.  Often it will be just your pay check and cash.  If you have money orders or foreign checks, or even bank checks from other states, you may not be permitted to deposit them. 

ATM Cards

Bank account cards for Automatic Teller Machines (ATM), can be used in some stores for purchases, however they can not be used to purchase items by phone or internet.  If you use the ATM where your account is located, there is no charge.  If you use another bank machine, there will be a charge.  The ATM can be used for depositing cash and checks as well as withdrawals. Remember that the balance given when you use the ATM machine may not be accurate!  You may have a charge that has not come out of the account yet, so be careful!

Overdrafts

If you do not have enough money in your account when a check comes to the bank for payment or if you withdraw more than you have in the account this is called an "overdraft."  You will be charged approximately $30 for each overdraft, so if you are not careful with keeping records, multiple overdrafts  may cost you a lot of money.  Always ask the bank representative how to avoid this problem!

Closing your Account

You must give your bank 5 days advance notice, turning in your check card before closing your account.  If you close your account the same day as your departure, the bank will not be able to give you your cash when you close the account, but will instead send you a check to your home in your country with the balance in the account.

Debit Cards (Check Cards)

Many banks offer debit card accounts.   A debit card can be used like a credit card, if you have enough money in the account for your purchase.  Most retail businesses allow you to purchase items over the internet using debit cards.  This card will also allow you to withdrawal money from ATM machines.  If you do have enough money in the account when the charge comes to the bank, you will be charged overdraft fees, (see above). 

Sending Money Home

You may want to consider wiring money from your bank to an account in your country.  The cost for an international wire transfer to a bank account is approximately $45 and the money will be sent to an account within a couple of days.  The best choice is Money Gram at CVS.  It is safe, easy, and the lowest cost to transfer money. The funds will be available to the recipient in your country the next day.  The cost depends on the amount and the country.

Exchange Rates

Yahoo's finance section offers a collection of currency converters. http://finance.yahoo.com/currency