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Banking

You should not keep large amounts of cash in your room but should place it in a bank. There are two options available to you at the bank: checking accounts or savings accounts.

Checking Accounts

You deposit your money and buy personal checks, which show your name and address. You then are able to write checks for various expenses. Most businesses in Richmond accept your personal checks as long as you have a form of identification. There is usually a service charge on your checking account. The service charge will be deducted from your account each month and will appear on your bank statement. You need to keep a careful record of how much money you have in the bank and the amount of the checks you write. Writing checks for more than the amount you have in your account results in fines and other penalties.

Savings Accounts

These accounts are designed for saving money over a long period of time. Interest is paid on the balance of these accounts. You typically cannot write checks on these accounts. You can, however, open both accounts and transfer funds from your savings to your checking account.

Opening an Account

To open a bank account you must have a social security number and a form of identification (most banks will accept your passport as identification). During the International Student Orientation we will explain the application procedure social security cards and will meet with a representative of US Bank to discuss various kinds of bank accounts. With these accounts you can apply for an ATM (Automated Teller Machine) card.

With a bank account funds can be wired from outside the U.S., through a corporate bank, directly into your account. Funds may also be sent to you by check or International Bank Draft written in U.S. dollars and deposited into your account.

ATM Cards

These cards offer deposit and withdrawal service 24 hours a day through automated teller machines (ATM). ATMs are often located outside of banks. There is an ATM on campus in the student center. Use caution when withdrawing funds at an ATM outside, especially after dark. Also, you need to keep your personal identification number associated with bankcards confidential so that only you have access to your account. If you loose your ATM card, you should report it to your bank immediately.

Credit Cards

These convenient cards allow you to make purchases and to pay for them at a later date. There is typically an annual fee attached and you pay interest (usually 18%) on any unpaid balance. These charges can add up. Make sure you stay within your financial limits when making credit card purchases.

Traveler's Checks

Most banks also issue traveler's checks, which are the safest way of carrying large sums of money when traveling. They are accepted in the place of cash nearly everywhere. Please be aware that if you travel in the U.S. you may experience difficulty in writing personal checks outside of Richmond or the state of Indiana. (This is a common problem for everyone, including U.S. citizens.)