How to Open a Student Bank Account in the US
Life in university marks a completely new phase in your life. Congratulations!
No longer can you be dependent on your parents or guardians. This is especially true if you are an international student. One of the most essential aspects of living independently in university is sorting out your finances early. If you are enrolled in a long-term course, opening a bank account is your best bet at securing your finances and ensuring that you are safe economically in case of emergencies. Finances can be an intimidating feat to conquer. Don’t fret, the United States of America has a lot of options when it comes to banks to choose from. However, with more choice, come more dilemmas of choosing the right bank! Here is all you need to know about opening a student bank account in the US.
Types of Accounts
When looking at bank accounts you typically come across two options: a checking account and a savings account. A checking account is great for managing everyday expenses. You are provided with a debit card or a checkbook to be able to withdraw cash for the day-to-day. However, it is important to note that some banks may charge a fee for withdrawing from an ATM of another bank. Hence, it is advisable to open an account in a popular bank that has ATMs readily available, or to open an account in a bank that has ATMs in and around your university campus.
A savings account is great for storing larger sums of money that are not typically needed in everyday life. Although student banking is not the primary market for banks when it comes to opening a savings account, banks in the US offer great deals to students in the hope that they can keep their accounts running even after their graduation. It is important to keep in mind that the interests, minimum balances, and service fees vary from bank to bank.
Documents Required
Although most banks in the US work online or have the option to open a bank account via phone, you should always be present at the time of the account opening to avoid any complications. It is best to establish a personal and amicable relationship with the staff to seek further assistance. The required documents are:
- Your full name, home address, home telephone number, your campus telephone number, and your college address (Letterhead showing the local address – i.e. utility bills or apartment contract)
- Unexpired passport
- I-94 card
- I-20, DS-2019 or I-797 approval notice
- Any secondary form of identification (such as: your passport, your Student ID card, birth certificate, state driver’s license, or a letter from the International Students and Scholars Office)
- Enrolment verification letter from your school
Additionally, you may also require a minimum amount of money depending on the policy of the bank.
Main banks in the US to choose from:
- JP Morgan Chase
- Bank of America
- Wells Fargo
- Citibank
- Citigroup
- Goldman Sachs
Now that you’ve figured out how to be financially independent (Freedom, yay!). It’s time for you to look at student housing facilities, compare the best deals and make financially smart decisions.
Also Read:
Why You Should Study in the US
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