Banking Basics

Opening a Bank Account

Soon as you arrive at your host family home, you should apply for a social security card and open an account at a local bank.  Your host family will be able to suggest an appropriate bank.  You can open a checking account and/or a savings account.

When you open an account with a bank you will generally need Valid passport 

Banks offer different types of checking accounts and the cost varies. Some banks charge per transaction, some have a basic monthly fee and others offer free service if you maintain a certain minimum balance. To cash a check, you will be asked for personal identification which could be a driver license or state identification card (which you can get at a motor vehicle office). Be careful to keep an accurate record of the checks you write in order to avoid having checks returned for lack of funds and incurring additional charges. 

A debit card allows you to withdraw or deposit money using an automatic teller machine (ATM) and to make purchases at stores that accept the card.  Some debit cards carry a credit card logo (such as Mastercard or Visa) and can be used in place of a check or credit card.  Debit cards are not credit cards, however, and they can be used only to the extent that you have money in the account to which they are linked. 

A savings account enables you to save money and accumulate interest on your savings.  The difference between a checking account and a savings account is that you cannot write checks on a savings account. 

If you deposit a check from a foreign bank to your checking account, it will have to go through a collection process, the money from the foreign bank will not be available to you until the U.S. bank has collected it from the foreign bank.  It may take several weeks for it to be credited to your account. 

Exchange Rate Converter 

http://www.oanda.com/currency/converter/ 

American Money ~ pictures and facts 

http://www.immihelp.com/newcomer/usa-currency-coins.html  

https://quizlet.com/19676089/us-paper-currency-and-presidents-faces-on-bills-flash-cards/