Finances & Banking

🏦 Banking – Setting Up a Checking Account

We recommend that international students open a bank account locally in Deerfield Beach instead of using banks from their home country. U.S. banks offer many useful services, including:

• Savings and checking accounts

• Debit cards and ATM access

• Currency exchange at fair rates

• Wiring and electronic fund transfers

What to Bring When Opening an Account

Bring your passport and immigration documents, such as your I-20 or other visa papers. The bank will need to verify your identity.

You might be asked to sign a form called a W-8, which shows you are a non-citizen and exempt from income tax withholding on interest earned.

Note: You do not need a Social Security Number (SSN) to open a bank account. Most banks accept your school-issued Campus Wide ID and Action Card as ID. An SSN is only issued if you have a job or job offer for on-campus work.

Documents Usually Needed to Open a Checking Account

• Passport

• Visa or immigration document (I-20, I-797, I-94, etc.)

• Proof of your physical address

• Mailing address (P.O. Box or street address for mail)

• South Florida Bible College ID Card

• Local U.S. phone number

• Email address

Why Use a Checking Account?

1. Keeps your money safe from loss or theft

2. Easy to make transfers, payments, and withdrawals

3. Paper checks provide proof of payment (cancelled check)

4. You receive regular account statements

5. You can make withdrawals by mail if needed

Tips

• Shop around for banks with the best interest rates and lowest fees

• Bank fees and hours may change, so check regularly

Using Paper Checks

Checking accounts are important for students since you can use checks or debit cards to pay for most things, including monthly bills. Do not send cash in the mail.

If writing checks is new to you, examples and help are usually available at your bank or student services.

LOCAL BANKS

There are several banks located close to campus.  Below are the nearest bank branches to ISSD Offices (please note that ISSD does not endorse any particular bank):

PROTECTING YOUR MONEY

It is important to keep a record of all payments and deposits you have made to your bank accounts. You should always keep your checkbook balanced and in agreement with the monthly statement you receive. If the bank’s records disagree with your records, inform the bank immediately, and they will work with you to locate the error.

Some recommendations regarding your money:

• Keep most of your money in the bank.
• Do not carry large amounts of money with you; there is always the risk of losing it or having it stolen.
• Keep your financial records in order.
• Carry your identification card(s) with you at all times; banks require it before cashing checks and so do most stores.
• Be cautious when using ATM’s. Use well-lit ATM locations.
• Also at ATM’s, keep alert when other people are around. Protect your personal ATM pin number from being seen as you enter it.

Additionally, please be aware of scams.  We have a Scam Resources page to assist you with identifying and reporting scams.