Banks offer many financial services including checking and savings accounts, foreign currency conversion, bank drafts, money orders, credit cards, loans, inter-bank transfers, traveler’s checks, safety deposit boxes for valuables, etc. Money deposited in banks is insured for the amount of the account, up to $100,000. Much banking may be done by mail and online. Most banks have automated teller machines (ATMs) that provide many services 24 hours a day.
CHECKING ACCOUNT
Money can be deposited into a checking account. Once you open an account by filling out an application form and depositing a sum of money, you will be given a debit card or numbered checks imprinted with your name, address and account number, so that you may write checks against the balance of your account. A checkbook includes a register on which to record each deposit and check written, so that you may keep an accurate balance.
Personal checks can be used for payment of rent, bills and for purchases in most stores and markets. Many, but not all, hotels and restaurants will accept personal checks. To cash a check you will have to show one or more pieces of identification (such as a driver’s license or passport).
There are several different kinds of checking accounts and service charges vary. You should consider how often the bank sends summary statements (also called bank statements) of deposits, withdrawals and service charges. This may be once a month or once per quarter (i.e., every three months), depending upon the type of account and service charge.
For details on how to use check, consult our International Student Handbook.
NOW ACCOUNTS
These are a combination of a checking and savings account. With this account you earn interest and have the benefit of checks.
SAVINGS ACCOUNT
You may wish to open a checking account for current expenses and a savings account for reserve funds. Money can be easily transferred from a savings account to a checking account. Rates and services differ between banks.
Transactions may be carried out by mail upon presentation of appropriate forms and signatures. Your financial institution will explain the procedure to be followed.
TO OPEN AN ACCOUNT
To open an account, you must:
- Go to a bank and take with you a valid form of identification (passport or other identification).
- Fill out a signature card and application form and make an initial deposit.
- Make sure you have two weeks worth of spending money because your initial deposit may take about that long to clear.
Some important things to remember:
Cashing Checks
When you have a check written out to you and you want to cash it, take it your bank.
Checkbooks
A checkbook is given to you if you open a checking account. It includes a register on which you can record your deposits and withdrawals. It will help you keep an accurate balance so that you won’t write checks when you don’t have the funds to cover in your account.
Making Deposits
You have to fill out a “deposit slip” at the bank, and present this along with the check(s) or cash to the bank teller. Make sure to sign the check on the reverse side to endorse it.
Bank Cards
Many banks issue cards that make their deposit and withdrawal services available to you 24 hours a day by using an automatic teller machine (ATM). These machines are located outside banks in various places. It is convenient to have a bank card to avoid long lines at the bank and to have easy access to your money after banking hours, or in case of an emergency.
This is what the wording on a bank card looks like:
YOUR BANK
0000 0000 0000 000
GOOD THRU 01/09
YOUR NAME
Student Refunds/SPC OneCard
Students enrolled in credit classes now receive financial refunds via the SPC OneCard. The OneCard is a MasterCard debit card and will be mailed to your current mailing address on file. Students can verify their address online at www.spcollege.edu and choose the MySPC link or they can visit their campus admissions office.
To receive a refund, students must activate their SPC OneCard. During card activation, students will choose how to receive their refund. For faster access to their funds, students can choose to have their refunds deposited directly into their SPC OneAccount. Students can activate their SPC OneCard and make their refund selection online. The cost to replace the SPC OneCard is $20.
Note: International students must have a U.S. or APO address to qualify for the SPC OneCard.
Safety Deposit Boxes
For a small yearly sum, you can rent a safety deposit box for keeping jewelry and important papers.
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