Written by Mojtaba Sadeghi
Why we need to have a U.S. Bank Account?
- Paying all of your bills by check
- Managing your bill payments online
- Many banks issue debit cards with a MasterCard or Visa cards, which enables you to use the card to make purchases anywhere that accepts credit cards.
How to Open Up a Bank Account in the U.S.?
Many banks in the U.S. advertise that you can open a bank account over the phone or their website. However, international students usually do not fit neatly into criteria needed to establish a bank account through this method. Therefore, it would be easier to establish your first bank account in person and talking with them face to face. When you go to the bank to open a bank account, you will need to bring:
- 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)
- Enrollment verification letter from your school
You will also need the funds that you want to deposit and open the account with. Every bank has slightly different requirements, so make sure you ask them before going to the bank in order not forgetting the documents you need.
Types of Bank Accounts:
- Checking Accounts
A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. The typical features of checking account are:
- It usually comes with a debit card for ATM withdrawals and merchant purchases
- Allowing you to frequently deposit and withdraw money.
- They are a great way to pay your monthly bills.
- When you open a checking account, it usually comes with a checkbook and a bank card.
- There are usually minimum monthly balances and service fees, and these vary depending on the type of account you open.
2. Savings Accounts
A savings account is an interest-bearing deposit account held at a bank or other financial institution that provides a modest interest rate. The typical features of a saving account are:
- With a savings account most of the banks offer a standard variable interest rate per annum.
- With most online savings accounts you’ll need to have a linked transaction account so that you can transfer money to and from the savings account.
- In most cases, banks do not provide checks with savings accounts
How to Choose a Bank?
If a bank is accustomed to working with international students, the process of opening a bank account will run much more smoothly for you. You might also try to find a bank with a branch close to your campus. You can also ask your peers about their experience opening bank accounts in the United States or the International Center for more guidance..
You should compare services and costs of several different banks before choosing one at which to open a bank account. Find out whether the bank offers interest on checking accounts. You should also find out what the interest rate is for savings accounts, and whether the account offers overdraft protection. You will also want to find out how long it will take to “clear” a check. In other words how long will you have to wait before you can used the money from a deposited check. Generally, wired funds are available immediately, but the hold on checks (local, out of state, and foreign) varies by state and by bank, and can be several days to a week or even longer.
There are several banking options located near or at UCI. Below are some options available to help you manage your money during your stay in the U.S. Most banks in the U.S. will have the option to transfer funds from your home country to the U.S.
| Bank | Address | Website |
| Schools First Federal Credit Union | UCI Student Center, A311 Student Center, Irvine, CA 92697 | http://www.schoolsfirstfcu.org/ |
| Chase Bank | 4543 Campus Drive, Irvine CA 92612 | https://www.chase.com/ |
| Citibank | 5000 Birch Street, Newport Beach, CA 92660 | https://online.citi.com/US/login.do |
| Bank of America | 2600 San Miguel Drive, Newport Beach, CA 92660 | https://www.bankofamerica.com/ |
| Wells Fargo | 1 West Peltason Drive, Bldg 113, Unit G202B, Irvine, CA 92697 | https://www.wellsfargo.com/ |
| U.S. Bank | 4100 Newport Place Drive, Suite 100, Newport Beach, CA 92660 | http://www.usbank.com/index.html |