Because electronic bill paying is not widely used in the U.S., it is advisable to open a bank account in order to pay your bills.
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.
- Convenience of hours: usual hours are Monday through Friday from 9:00 am to 3:00 pm. Some banks are open for a few hours on Saturday or until 6:00 pm one or two evenings a week
- Speak to someone in customer service.
- Show two forms of identification. Your Harvard ID card and passport are usually acceptable. If you do not have your I.D., an I-20 or DS-2019 form is acceptable along with your passport.
- In addition, you will need a local address
- Checking accounts enable you to pay your bills by check; such accounts usually do not accumulate interest on the money in them.
- Keep an accurate record of every check so that you know you have sufficient funds in your account for every check you write. If not, your account will be considered overdrawn, and you will incur additional charges.
- Every month your bank will send you a statement that lists all account activities during the previous month. Some banks return your canceled checks; others send you a photocopy of all the checks you wrote in the previous month. It may be possible to access this information on-line at your convenience.
- Savings accounts enable you to accumulate interest monthly or quarterly on your savings.
- You usually cannot write checks on a savings account.
- You may write checks on these accounts and you also collect some interest on the money in your account
- Interest will probably be less than with a savings account.
- A minimum balance must be maintained in the account. Ask your bank for more information.
- Endorse the check by signing your name on the back
- You will usually be asked for personal identification: a driver's license, school ID, or a bank card
- Supermarkets allow you to pay by check with authorization from their credit department.
- Banks issue plastic cards that make deposit and withdrawal services available to 24 hours a day from automated teller machines (ATMs).
- Banks that are members of a national ATM network allow you to use your bank card at selected ATMs from other banks throughout the country for a small fee.
- These cards may be used at all commercial outlets (stores, restaurants, etc.) where Visa or Mastercard is accepted. When purchases are charged using your bank card, the money will be withdrawn directly from your account.
- It may be possible to obtain a credit card through your bank if you have a U.S. Social Security Number.
- If your bank will not issue you a credit card, they will probably give you a debit card. Debit cards are recognized at many stores and restaurants. The money is withdrawn directly from your bank account instead of being charged monthly.
- If you are a student opening an account at the Harvard Credit Union, located at 16 Dunster St, Cambridge, you should be eligible for a credit card with limited credit, even if you do not have a Social Security Number. You will need to present a Harvard ID.
If your checks, bank cards or credit cards are lost or stolen, notify the bank and/or the appropriate credit card company immediately.