Banking

You will need to set up a bank account in the US so that you can receive a direct deposit for your stipend, access ATMs, and pay for things with a US debit card tied to that account. The US is not a cash-based society, meaning the most common method of payment is with a credit or debit card. Without a US social security card and US-based credit history, you likely won't qualify for a credit card and should anticipate that it is often easiest to use the debit card tied to your US bank account when making purchases.

Notre Dame and the CSLC don't endorse using one specific bank; we encourage you to think about what is most important to you and choose the bank that suits your needs.

Things to consider:

• Is there a minimum deposit to open the account, and if so, is that affordable?
  Some banks may require you to only put $25 USD in your account to open it. Others may require $1,000 or more.

• Is there an age limit on opening the account?
  Some banks have special checking accounts for students, but require you to be under a certain age limit to open the account (often 24 or 25 years old).

• Is there a monthly fee to have your bank account?
  Some banks may charge a monthly fee of $20 to $50 just to have a bank account with them. Keep in mind that as a student, your budget is quite limited, so spending an extra $50 per month can have a significant impact on your budget.

• Are there any banking agreements between your US bank and your bank at home?
  Some banks have international agreements to benefit their account holders abroad; this may be free transfers, no-fee ATM withdrawals, or other benefits.

• Do you have all the documents you need in order to open an account?
  Generally, you need to provide your passport, your DS-2019 immigration document, and proof of residence (e.g. a lease agreement). Some banks may require additional documentation.

Additional resources: This Wise.com article is useful in explaining how US banking works and gives a list of banks in the US to consider.

Your task: Determine whether you want to set up a US bank account upon arrival to South Bend, or if you'd like to open a US bank account online before you arrive.

Note: First Source Bank is the most common local bank in South Bend, but it does not have many locations outside of South Bend, so withdrawing money while traveling may incur fees. If you want to open an account with First Source once you arrive, the CSLC can facilitate bringing a banker to campus to assist with setting up an account for you during the orientation days of the semester.