Opening a U.S. Bank Account

Students may find many benefits to opening a bank account in the United States, including convenient money-wiring to and from their home country.

The 2 most common types of bank accounts are Checking Accounts and Saving Accounts.

Checking Account

This type of account allows you easy access to your funds in order to meet your day-to-day transactional needs.

• Many students will only need a checking account during their stay in the U.S.

Savings Account

This type of account is for individuals that are planning to save money and earn interest as their account value builds. It is also a simple way to securely store your money.

Fees

1. It is possible to set up free Checking and Savings Accounts; however, banks will typically have clauses that you need to meet in order to avoid monthly maintenance fees.

   1. Examples: If you have a certain balance, if you have automatic deposit set up, etc.

2. In order to prevent misuse, many banks charge a fee if you withdraw from your savings account more than a certain determined amount of times per month.

Required Documents

Required documents to open a bank account differ from institution to institution. Some common ones are:

• Proof of identity (such as passport)

• Social Security Number ( some bank don't require it)

• Proof of residency

International Students!

The following are suggested documents to support your request for a bank account:

1. Valid Passport

2. Current, active I-20

3. I-94 Arrival/Departure Record

4. A document including your full name, home (US) address & personal telephone number

(i.e. utility bills, leasing agreement, etc.)

5. Enrollment verification letter from the university (including university address & telephone number)

6. Secondary form of identification (i.e. birth certificate, student ID card, driver’s license, etc.)

Westcliff University does not endorse or recommend any of the above listed banks. This list is provided as a service only for those requiring information about the banking facilities located near the campus of Westcliff University.

Additional banking facilities can be found via Google search. It is important to open a banking account as soon as possible. A checking account permits the withdrawal of money whenever necessary at an ATM (Automated Teller Machine), and to use checks or a debit card to pay for goods and services. Traveler’s checks in U.S. dollars can be used temporarily until a bank account is opened.