Many mothers who give birth in the United States usually come to the United States with thousands to 10 thousand or even more cash or traveler's checks.
After landing, it is very important for mother to find a suitable place to deposit money, besides leaving a small amount of US dollars in cash to pay for the doctor's obstetric examination and anesthesia during delivery, which means to open an account in a bank to save money.
However, pregnant mothers generally don't understand the American banking system. As soon as I heard that I was going to open an account in a bank, I was a little worried and didn't know how to operate it. Don't worry, it's as simple as opening a bank account by accepting this raiders post from Bian Xiao today!
1 What American bank do you choose?
There are many banks of different sizes in the United States, the big ones are international banks: Bank of America; Citibank; Wells Fargo; Chase Bank and so on, and there are many small regional banks. In addition, there is another financial institution in the United States called a credit union, which is similar to a bank. The business of this cooperative is basically the same as that of a bank, but it is much smaller and generally local.
Pregnant mothers can follow the following principles when choosing a bank account:
Choose a reliable bank nearby.
The business hours of American banks are usually Monday to Friday, from 9 am to 4 pm. Most people give priority to the bank closest to their place of residence, which is more convenient for pregnant mothers to handle business without taking a boat.
Security is very important, so we must choose financial institutions with high safety factor.
Choosing a bank means choosing a bank with the FDIC (Federal Deposit Insurance Corporation) logo. There are indications that the bank is a member of the Federal Deposit Insurance Corporation. If it goes bankrupt due to poor management, the US federal government will repay the debt on its behalf.
2 Classification of American bank accounts
American banks can generally provide a variety of accounts for account holders to choose from, among which checking accounts are more commonly used. Savings account, money market deposit account, time deposit account. There are two kinds of bank accounts commonly used by pregnant mothers who give birth in the United States, savings accounts and checking accounts.
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Savings account (savings account)
A savings account is an account opened by a customer to save money. Generally, temporary cash is deposited in the bank to earn a little interest, and it can also be withdrawn or transferred several times a month (the interest and practice of the bank are not used).
When opening a savings account, there is no checkbook, but some banks will provide the account holder with a passbook, which will record all the savings and transactions every month. If the account is a statement savings account when opening an account, the bank will not provide a passbook, but send you the statement of the account's monthly activities. Generally speaking, banks charge a certain service fee every month.
Checking account (checking account)
A checking account is equivalent to a domestic current account and can be accessed at any time. Generally speaking, when you deposit money into a checking account, the bank will provide a checkbook. Checks can be used as cash. To shop, pay or withdraw cash, just fill in a check, write down the amount and sign it. But not all shops, supermarkets or restaurants accept non-local bank checks. After each consumption, you need to deposit money into your account with a deposit slip attached to your checkbook.
There is generally no interest on deposits in checking accounts, so it is not recommended to put funds that are not used for a short time in checking accounts. If necessary, the bank will also provide an ATM card for the account holder, and the ATM card needs to enter a password when swiping the card. Unlike in China, it is not necessary to withdraw cash from ATMs. When shopping in the supermarket, after paying by ATM card, you can ask them to withdraw some cash for you, and they will directly deduct the cash from your card.
3 Classification of checks
After arriving in the United States, my mother will hear the terms cashier's check, bank check, money order and check, but do you know the difference? Here is a popular science for everyone.
Personal check
Personal checks that people use the most. Generally, if you open an account in a bank, you will send a few copies, and then you can buy them from the bank, which is not expensive.
Usage: It is usually used for paying rent, electricity, internet access, credit card bills, various bills, various fines, repaying money and borrowing money from friends (online banking transfer is often limited) and so on.
Advantages: It is very convenient to use!
Disadvantages: There is something wrong with the personal check. The money in your account will be deducted only when the party who receives your check cashes it. In other words, when you write a check, you don't have to guarantee that there is so much money in your account. The party who receives the check will only find out if the check you wrote for him can be cashed when it is cashed.
If you don't have enough money in your account at the time of exchange, you will skip the ticket, which is called a bad check. People who cash checks will be fined tens of dollars, and your act of writing empty checks can be investigated for "check fraud", and the other party can call the police directly!
cashier's cheque
In addition, cashier's checks are actually called bank checks. Although a cashier's check is essentially a check, it is different from ordinary personal checks. This is a check issued by the bank. Only when the amount in the drawer's account is sufficient will the bank issue a check and deduct the corresponding amount from the drawer's account.
Therefore, compared with ordinary personal checks that may bounce, promissory notes are more secure and can be regarded as cash receipts to some extent.
Usage: Generally, it is used when renting a house or buying a car in the first month.
Advantages: Very safe.
Disadvantages: you need to go to the bank counter where you open an account and tell the teller that you need to write a bank check with the amount of XX to XX; As long as your account balance is sufficient, wait for the teller to open it. The handling fee is generally around 10 yuan.
draft
Money orders are equivalent to money orders that can be bought in supermarkets, convenience stores (such as CVS, Walgreen, Walmart), post offices (usps) or banks. Its use is almost the same as that of a check, and it can be cashed like a bank check.
Generally speaking, the handling fee is very low It takes about 1.65 yuan to buy a money order at the post office.
But you need to bring a photo ID card (such as passport, driver's license, etc.). ).
You can buy it by cash or debit card, just explain the amount you need to the cashier. After buying the money order, you need to fill in the payee's name and your name, your address and telephone number, and sign it.
If you want to keep the receipt of the draft, you can check whether your draft has been cashed.
4. Materials required for opening an account &; procedure
Materials required for opening an account
passport
Valid visa with photo, such as driver's license.
On the day of opening an account, each account should deposit a little money, and the specific amount varies from bank to bank.
It is worth noting that in the United States, students under 18 are absolute minors and cannot open accounts independently. They must be accompanied by 2 1 to open a joint account.
Account opening process
Take the above information to the nearest bank outlet.
Find the front desk of the bank lobby or the lobby manager who is walking around and tell him that it is your first time to open an account.
When there are few people, the manager will take you directly to your desk. When there are many people, he will write down your name, and then you will wait to be called.
Sit at your desk and answer each other's questions, and show the corresponding materials when necessary.
After opening an account in the system, the bank will give you a temporary card. You can activate the card for normal use by making a phone call or using it at ATM. This process is generally auxiliary, so don't worry.
Tips:
It is recommended to prepare several passwords in advance, such as ATM operation password (usually 4 digits) and online banking access password (complex but unforgettable password), and prepare the mobile phone number and address of the United States.
Five points for attention in opening a bank account
Comparing the charges and convenience of various banks,
Do you need a monthly fee and a minimum?
Is there a transaction fee for withdrawing money from ATM with a bank card other than your own?
Minimum account opening amount. Minimum balance limit.
The cost of each check.
The cost of each transfer
I opened a checking account and a savings account in the same bank. When the checking account reaches the minimum balance, do you automatically transfer the money from the savings account to the checking account to avoid paying the handling fee?
Remarks: Due to the different charging standards of banks, the above fees are for reference only!