Bank Accounts & Credit Cards

How to Choose a Bank?

• Consider the location of branch offices and automatic teller machines
• Ask about monthly fees, fees for writing checks, minimum required balance, etc.
• Banking hours typically are Monday through Friday from 9:00 am to 3:00 pm.
• Some banks are open for a few hours on Saturday mornings or one or two evenings a week until 6:00 pm.

How to Open a Bank Account?

• Speak to someone in customer service.
• Show two forms of identification, a visa document (Forms I-20, DS-2019 or I-797) and a passport.
• A local address is required.

Checking/Savings Accounts

• Checking accounts enable people to pay their bills by check; such accounts usually do not accumulate interest.
• Savings accounts enable people to accumulate interest monthly or quarterly on their savings.
• Keep a record of every check issued. If not, an account can be overdrawn and additional charges will be assessed.
• Banks send a monthly statement that lists all account activities during the previous month. Some banks return canceled checks to customers; others send a photocopy of all the checks written in the previous month.
• On-line Banking is popular and convenient. Check with the bank for details.

Combined Accounts

• Checks may be written on these accounts while also collecting some interest on the money in the account.
• Interest will probably be less than with a savings account.
• A minimum balance must be maintained in the account. Ask the bank for more information.

Cashing Checks

• Endorse the check by signing your name on the back.
• Photo Identification such as a driver's license, school I.D., or a bank card is required.

Automated Teller Machines (ATM) and Bank Cards

• Banks issue plastic cards called ATM cards that make deposit and withdrawal services available 24 hours a day from an ATM.
• Banks that are members of national ATM networks allow people to use their ATM cards at ATMs owned by other banks throughout the country for a small fee.
• ATM cards may also have a debit feature added and may be used at commercial outlets (stores, restaurants, etc.) where credit cards are accepted. When purchases are charged using a debit card, the money is withdrawn directly from the individual's account.

Credit Cards

• It is possible to obtain a credit card through banks with a U.S. Social Security Number.
• Students and scholars who open an account at the Harvard Credit Union, (located at 16 Dunster St, Cambridge) should be eligible for a credit card with limited credit. Students are eligible for credit cards even if they do not have a Social Security Number. A Harvard ID is needed.