Banks

One of the biggest things that you will need to manage when you go to university in the US is your finances. Having a safe place to keep your money is one weight off your mind. There are many banks across the US, as well as different types of accounts.

There are many banks in the US, so the best way to narrow it down is to look at what the different banks are offering students. Some other points to consider when choosing a bank are:

Does the bank accept international wire transfers?

Ask if the bank allows money to be sent to or from another country. Many international students need this.

Are there monthly fees or service charges?

Some banks charge service fees, but they might be waived for students. Fees can depend on how much money you keep in your account or if you want paper statements.

Does the bank have an ATM nearby campus?

Using your bank’s ATM is usually free. If you use another bank’s ATM, you may be charged a fee. Try to choose a bank that has ATMs close to campus.

Does the FDIC insure the bank?

Make sure the bank is insured by the Federal Deposit Insurance Corporation (FDIC). This protects your money if something happens to the bank.

How to open a bank account

Although it is possible to open a bank account over the phone or online, if you are an international student it might be easier to open your account in person in case there are any complications. When you go to the bank to open your account, you will need:

[ ] Your full name, home address, home telephone number, campus telephone number, and college address
[ ] Your passport and visa
[ ] Current I-20 (F-1) or DS-2019 (J-1)
[ ] Any secondary form of identification (such as your student ID card)
[ ] A letter of acceptance from St. Edward’s University
[ ] An amount of money to deposit into the account (this will vary between banks)
[ ] Consider calling the bank or reading their website for additional requirements

Bank Options

United Federal Credit Union (UFCU): 130 E Ben White Blvd, Austin, TX 78704

Bank of America: 2501 S Congress Ave, Austin, TX 78704

Chase: 1811 S Congress Ave, Austin, TX 78704

Wells Fargo: 2326 S Congress Ave, Austin, TX 78704

Randolph-Brooks Federal Credit Union (RBFCU): 205 W Ben White Blvd, Austin, TX 78704

Disclaimer: The ISS staff will provide regulatory and practice information related to F and J status, as it stands at the time of the consultation. Regulatory content is designed for SEU students and is not intended to constitute legal advice and is not a substitute for legal counsel.

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