As students coming to the US this fall will be in their final stages of packing, I thought I could provide you with the information about opening a bank account in the USA. This is the first thing that you need to do once you arrive in the US. The faster you open up your account, your parents can transfer you the amount that will be required by you for various purposes. This post will help you out with opening up your first Bank Account in the USA and things you need to know about opening an account. Lets start with the types of accounts.
Types of Account: –
In US no matter which bank you go to open up an account, you will find only 2 types of bank accounts that are available.
- Checking Account (No Interest)
- Savings Account (Very Very Very Less Interest)
To give you a detailed overview about these Accounts, Checking Account is your normal account which won’t have any interest that your money could earn. If you are not aware of what I just said, when your money stays with the bank, the bank gives you some interest on your money. Lets say if a bank gives 3% interest annually, then your account will be credited with 3% of your total money that you have at the end of the year. So checking account doesn’t give any interest.
Savings Account, as you might have all guessed, it gives interest on your money. The interest rate is very low in the US. Its just 0.02 or 0.03%, which is equivalent to almost nothing. So I would suggest if you want to, you can open up your savings account or else just open a Checking account.
Things to Carry For Opening a Account: –
- College ID (If you have been given)
In addition, you should also be knowing the details about your permanent accommodation in the US. Nothing else is needed to open up an account.
After Opening Your Account: –
Once you have signed all the documents, the bank will help you setup your online banking. Once this gets over, you will be given a set of documents which includes the following:
- Account Details
- Rules and Regulations
- 3 Checks (If you require more, you need to order it and you have to pay for it.)
- Some bank may provide you with temporary debit card. Your permanent debit card will arrive to your address that you have mentioned in 7 to 10 business days. Your debit card is linked with your Checking Account.
- You will be given the details about the routing number, which is used to transfer the money from your Country to your Account.
Transfers From Your Country: –
If your parents are transferring money to your account, they will require the following details:
- Your Bank Account Number
- Routing Number
- Bank Address and Contact Number
Nothing else. The transfers will normally arrive to your account in 2 or 3 business days depending on your Bank.
I hope this post was of some help to you all. If you have any queries, please post it in the comments and I will help you out. Welcome to the US.
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