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Settling in the U.S.:
U.S. Banking Information: Considerations for Choosing a Bank
- Location: is there a branch close to your home, school, etc.
- Services needed: checking or savings accounts, safety deposit boxes, overseas
wire transfers, credit, foreign currency conversions, etc.
- Accessibility: Saturday banking hours, availability of Automated Teller
Machines (ATMs), etc.
- Requirements: minimum balances (initial and maintained), monthly fees,
etc.
- Interest rates for invested funds and accessibility to your deposits.
Types of Accounts
Checking Account: Helpful if you will have bills to pay on a regular
basis (phone, rent, utilities). Usually no interest and no minimum balance.
However, there will probably be a monthly fee.
NOW Account: Similar to checking account, except it will earn interest
and there is usually a larger required starting balance than for a checking
account.
Savings Account: Earns interest, cannot write checks to pay bills.
Usually does not require a high balance to maintain the account.
Note: Check to see if there is a penalty if your balance falls below
a certain level.
Opening an Account
To open your account, you will need to show two or more forms of identification.
You should bring your passport and one other I.D. with you to the bank (driver's
license, credit card, school I.D. card or a letter of acceptance from the university
will generally suffice). A customer service representative will ask you to complete
opening account documents and to sign a signature card. If bank representative
asks you to provide a social security number, and you do not have one, ask him
or her for a form W-8. This form should be sufficient substitution to enable
you to open your account. You will have to wait while your first deposit clears
through the banking system. Make sure that you have some cash or traveler's
checks for spending money as the clearance on your initial deposit may take
between a few days and up to a few weeks depending on the origin of the deposit.
Check with your bank representative to find out the earliest date that you will
be able to use your account.
You will need to show a photo I.D. (i.e. a driver's license or passport)
to cash checks, make purchases by check or to make withdrawals from a savings
account and/or a checking account. You will also need to sign (endorse) the
back of a check you wish to cash.
Automated Teller Machines (ATMs)
Many banks offer ATM banking cards, which enable you to use Automated Teller
Machines to access your account at any time of the day or night, to make withdrawals
or deposits. ATM cards are available for each of the different types of accounts
previously mentioned. You will need to apply for an ATM card when you open your
account. You will choose a private code called a personal identification number
(PIN) that you will type into the machine to access your account. This is an
especially convenient service to those unable to make it to the bank before
the typical closing time of 4:00 p.m. or 5:00 p.m.
ATMs at Tufts
Bank of America and Citizens Bank are the only banks that have Automated Teller
Machines on the Medford Campus. If you have an account with either Bank of America
or Citizens Bank, there is no fee to use one of their ATMs. Other banks in the
area also have ATMs, which, if you have an account with them, you may usually
use free of charge. When using the ATMs of banks that you do not have an account
with, you will often incur a service charge.
International Banking Services
If you will have funds coming into the U.S. from overseas, you should ask
what type of international services your bank offers. The larger banks tend
to offer more comprehensive international services, wire transfers, international
drafts, foreign currency and foreign traveler's checks. At smaller banks it
may take longer to complete transactions.
Safety Deposit Boxes
Most banks offer safety deposit boxes to protect your valuables. If you have
irreplaceable items or important documents that you would like to secure in
a safety deposit box, you can rent a box on an annual basis through your bank.
The box is kept in the vault of the bank and is protected by bank security;
you will have a key to the box but will only have access to your valuables during
banking hours.
Please note: Some banks require you to be at least 18 years old in
order to rent a safety deposit box.
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