Banking In Boone
GETTING STARTED All you need to open a bank account is your passport, an additional picture ID, a U.S. address and some money to deposit. Student may have to fill out a form if they do not have a tax ID number. The bank will ask for your social security number (SSN) but you do not need this number to open a bank account. If you are eligible for a SSN, just tell the bank you will give the number to them after you receive it. If you are not eligible for a SSN, that is no problem. BANKS CLOSEST TO CAMPUS Bank of America is located at 1800 Blowing Rock Rd, and the number is 1-828-2644711. For students: a checking account is free, but a $25 deposit is required to open the account. The account comes with free online banking and a visa check card with unlimited uses. The account also comes with a free savings if you sign up for the “keep the change” program, especially made for students. For international students your account can only last up to five years. Incoming international wire: $15 (www.bankofamerica.com) BB&T Bank is located at 971 Blowing Rock Rd, and the number is 1-828-264-0821. For students: a checking account is free, but a $50 deposit is required to open the account. The account comes with a free savings account, free online banking, and a visa check card with unlimited uses and free checks unlimited. Incoming international wire: $12 Wachovia Bank is located at 958 Blowing Rock Rd, and the number is 1-800-9224684 or for the international representative 1-704-590-8158. For students: a checking account is free with a deposit to open the account. The account comes with a free savings account, free online banking, and a visa check card with unlimited uses. Incoming International Wire: $15 (www.wachovia.com) In North Carolina, bank are usually open Monday-Thursday, 9am-5pm and on Fridays, 9am-6pm. Banks are closed on Saturdays and Sundays. WIRING MONEY FROM HOME If you want funds transferred electronically from your home to your bank here in the United States, you will need (1) the name of your bank, (2) your bank account number, and (3) your bank’s routing number. Each bank charges for wiring funds in and out of the country. Contact individual bank for fees.
TYPES OF BANKING CARDS 1. ATM CARD: Automatic Teller Machine (ATM) card allows you to withdraw or deposit money through a bank machine at any time. If you use an ATM machine that is not your bank, you will likely be charged a fee between $1.50 and $3.00. *NOTE: Always be aware of your surroundings when you use ATM machines, especially after dark.
2. VISA CHECK CARD: (also called a “debit card”) this card looks like a credit card, but instead of credit, money is taken directly from you checking account. Many banks now combine the ATM and VISA CHECK CARD as one card. 3. CREDIT CARD: With a credit card you purchase items “on credit.” You receive a monthly bill or statement with your charges, which you can pay off all at once or over time. You can apply for a credit card through your bank. See the section below for information about getting a credit card. NOTE ABOUT THE “PIN NUMBER” : When you get an ATM card or a VISA check card, you will get a four digit Personal Identification Number (PIN). Do not choose obvious numbers (like your birthday) as the PIN-number. Try to memorize the number rather than writing it down.
OBTAINING A CREDIT CARD Many international students and scholars find it difficult to obtain a credit card because they do not have a “credit history.” In order to build a credit history, one must have a credit card or have a history of paying off debts, such as a car loan, in the U.S. It is a frustrating situation. Many internationals apply for a credit card through their bank and have their application rejected. It is not always necessary to have a credit card as your VISA check card can pay many of the same items that a credit card does. If you do decide to go ahead and apply for a credit card, be sure that you have enough funds to pay your monthly credit bill at one time. One of the biggest problems of U.S. citizens is getting into credit card debt. We do not want this happen to you. Use with caution. If you apply at all, we recommend that you first apply for a credit card through your bank. If you do not have success, here are some suggestions to try outside of your bank. • Obtain a “secured” credit card to build your credit history. Ask your bank if they can offer you a secured credit card. A secured credit card is just like any other credit card except that you secure your credit card with a deposit (for example, $500)
which becomes your credit line and cannot be used. The best part is that your secured card is reported as a regular credit card on your credit history report. After several months of paying off your credit card bills in full each month (and thus building a reliable credit history) you are then in a much better position to apply for an “unsecured” credit card. • If you have lived in the United States before or for some time you can apply for a student credit card. Many international students receive their first credit cards from American Express. It is specifically called American Express Blue for students. See website: www.americanexpress.com • If you are a full-time student, you can contact MBNA America, the company that also handles credit card request for Wachovia Bank, tel. 1-800-362-6299. If you are a student, you must be a full-time student, not a part-time student. www.mbna.com • If you have tried all the methods above and are still denied a credit card, the final option is to find someone who is willing to be your guarantor or co-applicant. This person would sign up for the credit card with you, and guarantees that he/she will be responsible for paying your credit card bill if you do not pay.