Living In USA

You may find that banks in the United States operate quite differently from banks in your country. Before you open a checking or savings account, ask a bank officer about the various checking and savings plans and the rules and regulations regarding such features as free checking, required balances, purchasing checks, making deposits, ATM (automated teller machine) cards, and overdrafts. The banking business has become very competitive, so you may find a large, and sometimes confusing, array of accounts available. The ones described here are available in most banks but may be listed under different names.

Some checking accounts require a specific balance (usually between $500 and $2,500), called a "minimum daily balance," in the bank at all times, but there is no charge for each check issued and no monthly service fee if the balance does not drop below the minimum daily balance. Other accounts, called by various names at different banks, do not require as large a balance, but there is a charge for each check and sometimes a monthly service charge as well. There are also special accounts for larger balances.

Banks charge service fees for falling below the required minimum and penalties for "bounced" checks (checks not covered by sufficient funds). Most banks allow you to combine a savings and checking account — and earn interest on the money that would usually be in the checking account. These are worth investigating; you should compare what is offered by different banks and try to choose one that offers the services you want and is convenient for you to visit. Because of changes in reporting requirements designed to track foreign source money, some banks are requiring that customers obtain a tax payer identification number (TIN) before they can open an account. This can be obtained through the local office of the Internal Revenue Service. If you will be employed in the United States, you will need to obtain a Social Security number, which also serves as a taxpayer identification number. This is obtained through a separate Social Security Administration office and will require proof of your employment authorization in addition to your passport and possibly proof of your U.S. address.