Banking

Why should I get a U.S. Bank?

Setting up a bank account in the U.S. will make managing your finances much easier! We recommend setting one up as soon as you arrive.

It is convenient for:

Depositing financial aid awards, loans, stipends, and money from home
Paying most of your bills by check or online

We strongly discourage students from having cash as their only method of payment. It is inefficient, dangerous, and doesn't leave evidence behind to prove your payment in the event of a dispute.

2 Main Types of Account

Checking Account

Allows you to easily withdraw and deposit money, and often comes with a checkbook and debit card. They don’t often pay interest, but may charge fees, such as monthly or overdraft fees.

Savings Account

For the purpose of long-term deposits and accruing interest on your money. All banks will issue debit cards, which you can use to make purchases in-store or online. Your funds are easily accessible, as you can take money out at ATM or bank.

Set Up a Bank Account

To open an account, you will need documents to prove your identity and your residency. Check the bank’s website to confirm the required documents. Bank of America offers advice here.

What type of documents and information do you need?

Address
Telephone number
Passport
Student ID
I-20
Enrollment verification letter
Funds for initial deposit

Local Banks to Use

Bank of America

*Bank of America has an ATM available on the Simmons Academic Campus.*

Citizens Bank

Santander Bank

Eastern Bank

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