College --> Bank Accounts

Bank Accounts

Banks offer two basic accounts - Savings and Checking account. Look into different banks because there are fees, interest rates (that differ), and minimum balance requirements to open and keep your account. Here are a few things you need to know when opening a Savings and/or Checking account:

• These two accounts are used to deposit and withdraw money into your account.  There are terms and conditions that you must abide by and it will differ from bank to bank.

• Checking Accounts generally offer personal checks to substitute cash in your account. Electronic credit cards also known as ATM/debit cards are also used to withdraw cash. Debit cards are not the same as credit cards.  Debit cards withdraw money from your checking account. You can also use your electronic credit card to check your account balance, deposit cash, or change your pin number.

• Saving accounts are the same as checking accounts, but it does not offer a personal check. When you open an account, bring two forms of identification to your banker- a primary id and a secondary id. This could be your student id, passport and/or your driver's license. Here are list of primary and secondary IDs you can bring to your banker.

Primary ID:

  • US Drivers License or State ID
  • Valid Passport (U.S or Foreign)
  • Alien Registration card
  • Military ID

Secondary ID:

  • Valid School ID
  • Valid Passport (U.S. or Foreign)
  • Alien Registration Card
  • Military ID
  • Major Bank Credit Card
  • Car Registration
  • Current Bank Statement
  • Mortgage Statement
  • Retail Credit Card

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