BANKING AT GENESEO



What to Expect at [pic] Bank

What you need to open a Bank Account:

▪ Your blue card with your campus address and campus phone number

▪ The full address and phone number of the International Student Services Office:

International Student Services

Blake C, Room 209

SUNY Geneseo

1 College Circle

Geneseo, NY 14454

▪ Your SUNY Geneseo photo ID card

▪ I-20 form

▪ Your passport

▪ Student Deposit Account Application

*After this is processed you will need to complete one additional form, depending on your legal status in the US.

▪ Money you wish to open a bank account with

[pic]You will want to keep some money with you to pay for meals, shopping and textbooks. [pic]

The International Student Services office suggests that students DO NOT put their passports and other official documents in safe deposit boxes at the bank. Banks are closed on the weekends and if you needed to go home because of an emergency on a Saturday night or Sunday, you would not be able to leave the United States because your passport would be locked up in the bank.

The International Student Services office recommends students buy a small security lock box (which may be kept in their rooms in campus) for valuable papers and items.

Be Prepared to Answer the Following Questions:

What is your mother’s maiden name? (What was your mother’s family name before she was married?)

Estimate the number of wire transfers per month you will be putting into your account.

(this is an estimate, you are not expected to know an exact amount)

Estimate the number of wire transfers per month you will be taking out of your account.

(this is just an estimate you are not expected to know an exact amount)

Where are your wire transfers coming from? (Who will be sending money to you?)

How much money do you expect to receive by wire transfer per month? (to estimate add the amount of tuition and how much you expect your parents to transfer money to you for the year and divide by 12). It is better to estimate a little high; the bank uses this to monitor your account to reduce the chance of others using your account without your knowledge.

( In the United States money can be deposited into 3 types of bank accounts: checking, savings, or investment. These are referred to as “Cash Accounts” – places to put and access your cash. The word “cash” refers to hard currency, money you carry in your pocket.

( Checking accounts are designed to be the easiest account for accessing your money. Usually money in checking accounts does not earn interest.

[pic] New Geneseo students will want to open a

checking account for easy access to their money.

( Savings and Investment accounts are designed for earning interest on larger amounts of money that must be left untouched in the bank account for specified periods of time. Money deposited in a savings account may earn a different amount of money (in interest) than money deposited in an investment account.

[pic] Students with larger sums of money that

they do not need to use for several months may want to

open a savings or investment account in addition

to a checking account.

( When you have more than one type of account at a bank, those accounts can usually be “linked” so that money can be transferred easily from one account to another. Linked accounts often have detailed restrictions, rules and usage or penalty fees that require your understanding.

[pic]Ask questions when you open your account(s).

Understand the different types of accounts offered

by the bank. Be sure to ask when and

how much money in fees will be charged to you.

Decide which type of account will be best for you.

1) CHECKING ACCOUNTS

( With your checking account you may deposit money in or withdraw money out at the bank (with a person at the counter or using a car and the drive-through window) or at a machine (automatic teller machine or “ATM”). You may use money in your checking account to make purchases at a store by writing a personal check or by using a Debit Card.

( The bank will send you a Debit Card with a confidential PIN (personal identification number) to use at an ATM to access your checking account information and to make transactions. (See “Using Debit Cards and ATM Machines” on a following page.) HSBC, the bank we work with at the ISS Office, offers an “ATM only” Debit Card or a combined Debit and Credit Card that can be used at an ATM and used for retail purchases (with no extra transaction fees).

( The bank will provide you with paper checks, which may be used at stores to pay for items or used to send through the mail when paying bills. There is normally a small fee charged for pre-printing your personalized new checks. When you plan on making purchases by writing a paper check at a store, make sure that personal paper checks are accepted at that store before you shop. You will be expected to show identification (with your picture) when cashing a check (like your Geneseo photo ID card). Americans usually make small purchases with cash, not with checks.

( The bank may charge you one monthly service fee for your Checking Account, or small fees for every check written. If certain minimum amounts of money are always kept in the account, monthly service fees may be eliminated.

[pic] Be sure to record ALL transactions from the ATM,

use of paper checks, or Debit Card in your check “register”

so that you know what amount of money you have in your remaining in your account (called your available balance).

*see sample check and check register on the following pages

2) SAVINGS

( Savings accounts pay a small amount of interest on money that is left untouched in the bank. Your money is, however, always available for withdrawal without extra penalty fees.

( Savings accounts can be linked to Checking accounts so that money can be moved between accounts using your debit card at an ATM, over the telephone, or on the Internet. The US Government regulates how many times you are allowed to transfer funds between your accounts. You are not allowed to transfer funds more than six (6) times per month. If you exceed this limit you will receive a warning. If you exceed the limit again you may have more serious consequences and possibly loose your ability to keep your account.

[pic] Many students may not need to open savings accounts.

WIRE TRANSFERS and FOREIGN CURRENCY EXCHANGE

( Normally banks require “Wire Transfers” to move money between countries (with simultaneous currency exchange to U.S. Dollars). Fees are charged for this service. A sample “Wire Transfer” transaction request form appears on the following page. Wire transfers are the fastest way to move money between countries so that it can be accessed and used here in Geneseo.

( The U.S. Post Office does NOT participate in the GIRO financial system, so this option is not available for transferring international funds.

( Alternatives may be available for transferring money between accounts or within a single account within a global bank, where operations exist both in the U.S. and your home country. There may or may not be fees involved. Credit card transactions provide another option for foreign currency exchange between two countries.

[pic] TAKE TIME NOW TO UNDERSTAND WHAT IS BEST FOR YOU

Many students may need to open only a Checking Account.

( Many of the banking options available to new Geneseo students may seem complex or confusing at first. It is important that you take time to understand the different options available to you.

( If you are uncertain, it is your responsibility to ask questions. It is the banker’s duty to help you understand your best options. Fees can be costly over time if you use an account that is not designed for the way you use your money.

( Also, the International Student Services Office staff can help answer some of your concerns. For more information on HSBC bank please visit: us.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download