Introducing the business scope of the Bank of America

When you arrive in the United States with a huge sum of money, the first thing you need to do is to open a bank account as soon as possible and establish a financial foundation. Panshi?. Generally speaking, the services provided by Bank of America include the following four major items:

(1) Inflow and outflow of money (including savings accounts, checking accounts, ATM cards, remittances, direct deposits, etc.).

(2) Profit from investment (including time deposits, securities and trust investments, etc.).

(3) Credit card.

(4) Related business (including cashier's check, cash draft, traveler's check, etc.).

The following will be introduced one by one in detail.

1. How should freshmen studying abroad choose a bank?

Bank of America is divided into checking, saving, CD, and MMA accounts. Checking is equivalent to a cash account, saving is equivalent to a domestic current account, CD is a fixed term, and MMA is a relatively new one called a Money Market Account.

In terms of operation, there are two types: ordinary banks and internet banking. The advantage of ordinary banks is that they are tangible, and large banks have many ATM machines, and you can open an account without SSN (social security number). The advantages of internet banking are high interest rates, the ability to pay online, and an SSN to open an account.

Generally speaking, new students should choose a bank based on the following criteria:

a. It is easy to withdraw money and it is free (ATM has bank charge and ATM machine charge, that is, which cash machine may There is a handling fee, and your bank may also charge it)

b. Easy to save money

c. Free checkbook and free check writing

d. No monthly fees

e. Higher interest rates are of course good

For freshmen who have just arrived and don’t have an SSN, of course they have to open an account at a local bank. How to choose? You should take the convenience of withdrawing money as the principle. Look at the school and which bank has more cash machines near your residence. Open it at that bank. For example, in Boston, Bankboston is the largest bank, and ATM machines can be found everywhere. Moreover, Bankboston cooperates with schools and often offers some discounts, such as 6 months of free monthly fees. Of course, bankboston has the lowest interest rate, but bankbosotn is the best choice if you are new to it. After you get your SSN, you will have more choices. At this time, you can consider internet banking. The current top choices are SFNB.com, netbank.com, and bankdirect.com. The advantage of these banks is that they have high interest rates. MMA has 5.25%. MMA is FDIC insured, with a maximum coverage of 100k, and jointaccount for couples has a coverage of 200k. If you are financially well-off, You can consider saving separately. MMA has a restriction that you can only withdraw money from it 6 times a month, of which a maximum of 3 times are check withdrawals. This is generally not a big problem, because you can open an MMA and then a checking account. Then you can transfer the money first in the big bank to the internet bank, and then transfer the big bank account to basic checking (or the simplest account with a monthly fee of 2.5$ in bankboston), and keep this account for future ATM use For withdrawing money or depositing cash, an amount of 100-200 is generally sufficient. Internet Bank's ATM cards generally do not charge fees for withdrawing money, but ATM machines sometimes charge. Compubank/bankdirect/telebank have reimbursement plans that waive 4 withdrawal fees per month.

In addition, when choosing a bank, you should also pay attention to whether there is this sign on the window or counter: FDIC (Federal Deposit Insurance Corporation). This sign indicates that the bank is a member of the FDIC. In the event of poor operation and bankruptcy, the U.S. federal government will compensate its debts, and deposits within 100,000 yuan will be protected. Don’t lose all your money.

2. Account opening procedures

First of all, you must avoid the lunch rush hour and choose to go in the morning or afternoon. Necessary documents include: passport, student ID card, social security number (if you use a temporary number, please inform the staff and change it after you get the official number), and driver's license and I-20 Form (Enrollment Permit) ) with. In addition, our correspondence address and telephone number are also required. If you don’t have a fixed place to live yet, you can keep your address and phone number. Once you’ve settled in, apply for the phone number and then change it. Of course, don’t forget to bring money.

The structure of the Bank of America is: one row of counters is responsible for cashiers, and another area has desks (some with partitions) responsible for opening accounts, changing bank information, explaining securities investments, and other services. To go through the account opening procedures, you can wait in the waiting area, and the available staff will greet us. And introduce each type of account. Listen carefully and ask them to explain if you don't understand. It is best to ask old students from the alumni association to accompany you to avoid future trouble caused by language problems. Or ask others for their experience and choose the account that suits your financial situation and is the most convenient. At present, the deposit interest rate in the United States is not high, so convenience should be the principle.

3. Checking account

1. Type: < br>

Checking account (Checking account) is divided into two types: interest-bearing and non-interest. You need to ask if there is a minimum deposit limit (minimum balance)? That is, the deposit in the account cannot be lower than a certain number, otherwise the bank will automatically deduct a "service fee". Is there a requirement for a monthly average minimum balance? (monthly minimum balance, that is, the average amount of deposits in the account every day for a month). Is there a limit on the number of checks that can be drawn? (In some accounts, as long as the deposit is higher than the minimum amount, no service fee will be charged no matter how many checks are drawn. However, if the deposit is lower than the minimum amount, then charges will be based on the number of checks. Some accounts are Keep the minimum deposit very low, but you will be charged for each check you write, or you may be charged an additional monthly service fee (monthly charge). What is the penalty if the check bounces? If it is an account with interest, you need to ask what the interest rate is? How much is the difference from the savings interest rate? Under what circumstances will the bank not give interest? (For example: if it is less than the minimum amount, or if the amount withdrawn exceeds a certain amount or times).

2. Printing of checks:

The bank staff will bring out check samples for customers to choose. Usually single-color printing is cheaper. Usually two hundred copies are needed for one printing. The customer's name will be printed on the upper left corner of the check; if it is a joint account opened by a husband and wife, both names will be printed on the check. There are stipulations on the number of lines for address and phone number. If the number exceeds the number, charges will be increased or the phone number will be omitted. If you use your residential address, your checks will continue to work after you move. If you will move again and again, it is better to tie the address to make it more fixed. However, the monthly report sent by the bank must be sent to your residence every month, and you must remember to go to the bank to change your address every time you move.

3. Filling out the check:

There are four lines to fill in on the check. The first line is the date (usually the date on which the check is written. But if you need a buffer, you can fill in a future date and wait until that day before the check can be deposited or cashed). The first column of the second line is the payee, and the latter column is the amount filled in Arabic numerals (digits below yuan are expressed as percentages. For example: eighteen yuan and ninety-eight cents can be written as $1898/100 or $1898/ XX). The third line is to use English letters to spell out the numbers, and then add only at the end. For example: three hundred and six yuan and fifty-seven cents can be written as: Three hundreds, six and 57/100 dollars only. The column before the fourth line indicates the purpose. For example: insurance premiums, magazines, rent, etc. The last column is the autograph.

For the sake of insurance, For deposit only can be written on the top edge of the back of the check. Then the check can only be deposited into the payee's account and cannot be cashed or used for other purposes. The payee must sign on the back of the check when he goes to the bank counter, because anyone can deposit it into his account after endorsement. If you want to deposit into your checking account, use the deposit slip attached at the end of your check book. like. If you want to cash in, you must show a photo ID (for example: driver's license, student ID, passport, etc.) to prove that you are yourself. In department stores and supermarkets, if you want to pay by check, you must present two pieces of personal identification. One of these can also be substituted with a major credit card. If you want to change someone else's check into cash (for example, a senior graduates and leaves, and he wants us to cash the check for him), then the payee of the check must write a letter of authorization and take it to a lawyer's office to apply for a letter of appointment. , otherwise the bank will not accept it.

It is best to register every time you write a check and calculate whether the balance is close to the minimum amount. If the check is written incorrectly and needs to be voided, you can put a big cross on the check and write ?void? , or shred it, but keep records. If it is a small mistake, you can sign your initials on the alteration and the bank will accept it.

4. Check the monthly statements:

It is best to develop the habit of opening the registration form in front of the check book and checking them one by one every time the monthly statements come. If the check amount does not match, or there are unexplained service charges, etc., you should go to the bank and ask. Sometimes there are human and computer errors in banking operations, so don't suffer losses in vain. On the other hand, checking monthly statements can help us review our financial situation. If you are always struggling to reach the minimum amount, you may consider changing to another account, but you must consider other service fees and calculate whether it is more cost-effective.

4. Savings account

The interest rate is higher than that of checking account, but lower than that of money market and time deposit. There is usually a minimum deposit amount. If the deposit is insufficient, you will lose interest or pay service fees.

There is a kind of savings account and checking account that use the same account number, and they can transfer funds to each other using an automatic teller machine (ATM for short). This type of connected account is called uni-bank or link. Usually there is a minimum minimum deposit amount for the two accounts, and a minimum deposit amount for the checking account. If the amount is insufficient, money will be deducted. However, there is no charge for writing a check, and there is no monthly service fee. The advantage of this kind of online account is that it is flexible in transfers. You can keep the money in the savings account to earn interest as much as possible, and then transfer the total expenditure to the checking account when writing a check.

5. Money Market

The interest on this kind of account is relatively generous, but the minimum deposit amount is also relatively high, and the number and frequency of monthly withdrawals are also limited. There are two types: savings and deposits. The former has a higher interest rate, while the latter allows you to write checks.

6. Time Deposit (Certificate Deposit, CD for short)

A time deposit is a sum of money that is deposited in the bank to earn interest and can only be withdrawn at an agreed time. If you want to terminate the contract before the maturity date, you will lose at least one month's interest money. It is usually divided into three months, half a year, one year, two years, and three years. The longer the time, the higher the amount, and the interest will be relatively higher. However, its interest rate is fixed (the aforementioned accounts have floating interest rates). We should avoid placing long-term fixed deposits when interest rates are falling or gradually rising, lest our principal be trapped in low-interest fixed deposits when interest rates rise later.

The advantage of time deposits is that they earn interest or prevent us from using the money. The prerequisite is: there is a sum of money that will not be used within a certain period of time. So you might as well look for other banks with more generous interest rates.

In addition, we should also pay attention to the maturity date of the fixed deposit. The bank will send us a maturity notice some time before the maturity date. If we do not withdraw the money within one week after the maturity date, the bank will automatically Restart a time deposit for the same length of time based on the prevailing interest rate. If you are interested in investing in securities, stocks, or trust investments, you can ask a bank clerk to introduce them to you one by one. If there are no specialized talents in the bank, you can ask them to arrange for a suitable person to come and explain. It should be noted that these Bond or mutual funds are risky. If the investment is not good, we may lose part of the principal. Some have tax-free conditions, and some require commissions from brokers (so brokers will always encourage us to make long-term investments for more than two years, lest we have little profit left after they take away the commissions. To avoid For this trouble, you can ask for no load fund without commission).

7. ATM card

With an ATM card and a personal password (PIN: Personal Identification Number), you can go to a 24-hour ATM. Make withdrawals, deposits, and transfers without being restricted by bank business hours during the day. Usually, there is no additional handling fee for withdrawing money from ATMs attached to branches of the bank where the account is opened; however, a certain amount of handling fee will be deducted each time when using inter-bank cash withdrawal machines in supermarkets, department stores, and airports.

When paying in a supermarket, if the cash register is equipped with an automatic card swipe selector (the customer can choose to pay with a supermarket membership card, credit card, or ATM card), he or she can swipe the card with an ATM card. The selector screen will show "Savings Account" and "Checking Account" for us to choose, and then withdraw money directly from the account we specify. Therefore, we must keep the receipts signed by the supermarket and register them in our income and expenditure book for future reconciliation.

Things you need to pay attention to when using an ATM card include: do not write the password on the card; when placing the ATM card in your wallet, be careful not to let the tape behind it come close to the tapes of other cards. ; Expired cards must be cut off and discarded; password notification slips must be torn up; there is a limit on the total amount of daily withdrawals; do not forget to take the card back after use, etc.

Students who drive can use the bank’s drive-through all-weather cash machines specially designed for drivers, or the deposit and withdrawal windows with bank staff during business hours. There is no need to find a place to park or get out of the car. However, the parking distance must be calculated accurately. If it is too far from the window or machine, then you need to unfasten your seat belt and practice long-arm skills. If you still can’t reach it, you have to get off!

8. Application for Credit Card

When I first arrived in the United States, I had no credit record, so it was very difficult. Apply for VISA, MasterCard, American Express and Discover issued by major national banks.

There are two ways to apply for a credit card issued by the bank where we have an account. After one year when you have a credit record, you can apply for other credit cards with more favorable conditions or that are widely accepted. The two methods are: 1. If we have income from school scholarships and other part-time jobs, we can ask our department or employer to issue proof of our income. Usually the bank will not approve it until it reaches a certain amount. 2. In addition to having an account in the bank, we also have time deposits and other funds, which can prove our financial strength, and there are no bad records in the bank's information. The bank staff will also accept the application. This is based on our establishment in the bank. up credibility. In addition, you can try to apply for a credit card through the school, because some banks have signed cooperative relationships with the school, and credit card applications from students of the school (must attach a copy of the student ID) are more likely to be accepted.

(For detailed information about credit cards, please refer to www.tol24.com)

9. Direct deposit (direct deposit)

When direct deposit is not available , you must take the check you receive on payday to the bank to deposit or cash it. After you apply for direct deposit, we will receive a deposit notification. The advantage is that it saves the time of regular trips to the bank, and the bank will also lower the minimum deposit limit for our account. Usually, you only need to apply for direct deposit once and it will continue. There is no need to do it again at the beginning of the new semester, or during winter and summer vacations.

10. Other business

1. Proof of deposit: Sometimes you need proof of financial resources when applying for a foreign visa (for example, France, Italy) or re-applying to school. At this time, you can apply for a deposit certificate from the bank clerk, and they will settle the deposits in our name item by item. There is usually a fee and a waiting period for the job.

2. Cash order (money order): The difference from the cash order at the post office is that the bank charges are relatively high (it only costs 75 cents at the post office and a few yuan at the bank), and the upper limit of the amount that can be purchased at the bank It is more expensive than a post office money order. Each post office cash order can be worth up to 700 yuan, and several can be purchased at the same time.

3. Cashier's check: Since the payee is guaranteed to receive the payment from the issuing bank, transactions with relatively large amounts usually require the use of cashier's checks (for example: buying a car) ). The cashier's check will be stamped with the payee's name. The fee is generally less than ten yuan.

4. Traveller's check: If the amount to be exchanged is very high, it is best to call the bank first and ask if it has traveller's checks for this amount? What kinds of amounts are there? How does the bank charge fees? Some use a percentage, and the higher the amount of exchange, the higher the fee. Some use a fixed handling fee, and the fee is the same no matter how much you exchange; as for AAA members, you can go to the AAA Office to exchange traveler's checks without any handling fee.

5. Tax forms and tax payment instructions (Tax forms): When the tax payment season comes, banks will have various tax forms and accompanying instructions available for free. The bank will also tally up the interest we earned from the bank in the past year and send us a report for the purpose of filing income tax.

6. Exchange coins for banknotes: What should you do if you have accumulated a lot of coins and want to exchange them for banknotes? Banks have special cylindrical paper bags for coins, marked with the type of coins and the amount in the paper bag. Put the correct number of coins into a paper bag, seal both sides with tape, and take it to the bank to exchange for banknotes. This is also a kind of "recycle".

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