Opening a US Bank Account
Information typically needed to open a bank account:
- LETU Student ID card
- Passport & Visa
- I-20
- I-94
- LETU Address and CPO number
- Local telephone number
- Money (each bank has a required minimum to open an account)
Difference Between Savings Account and Checking Account
A savings account earns interest. If you have several hundred dollars above your routine living expenses, a savings account is a safe way to invest that money. Your checking account is designed for your daily transactions like your bills and spending. You can withdraw any amount from a regular (or passbook) savings account whenever it is necessary. If you have a savings and checking account at the same bank, you can transfer funds from your savings to your checking account over the phone or online.
Debit Cards/Check Cards
A debit card (also called a check card) is NOT the same as a credit card. When you use a debit card, the money is immediately withdrawn from your checking account. Therefore, it is important to know the balance in your account to avoid making purchases that exceed that amount.
Using an ATM
Automated Teller Machines (ATMs), allow you to make cash withdrawals, deposits, and transfers between accounts. You can also view your account balance. This is free at your own bank and its branches, but when you use another bank's ATM (for any reason), both your bank and the other bank could charge you a bank fee*. There is a limit on how much money you can withdraw from an ATM at one time or on one day. Check with your bank to see what the limit is.
*There is an ATM on LETU's campus, located on the first floor of Allen Family Student Center the vending area across from the media room, but the campus ATM may not be your bank's machine.
