“Bank Accounts:
What You Need to Know”
Please turn to the “Bank
Accounts in the U.S.”
summary now. It is in the
Graduate / Undergraduate
Sessions booklet in your
orientation folder.
Overview
Banking Terminology
How to Choose the Right Bank
Types of Bank Accounts
Features of Checking Accounts
How to Write a Check
Credit Cards, Debit Cards & ATM Cards
How to Maintain a Good Credit History
& Prevent Fraud
Banking Terminology
Deposit: to put money in the bank

Bank deposit (noun) (also called “credit”)
Withdraw: to take money out of the
bank
Withdrawal (noun) (also called “debit”)
 Overdraw: to take more money out of your
account than is available

PIN: Personal Identification Number
Questions to Ask Yourself
What will you need to do when you use
your bank account?
Save money and earn interest?
 Withdraw money frequently?
 Write checks?
 Wire money home and receive wire
transfers?

Questions to Ask Yourself
(cont.)
How do you want to carry out those
banking transactions?
At the bank?
 Online?
 Using an Automated Teller Machine
(ATM)?

How to Choose the
Right Bank
Location
Is it close to home or campus?
 Can I easily walk there?
 Will I have easy access to an ATM?

Costs

How much are the fees? (ATM,
wire transfers, etc.)
Types of Bank Accounts
Checking Accounts

Permit you to write checks up to the
amount of money in the account
Savings Accounts
Earn interest on the money in the account
 May not have check-writing or ATM
privileges
 May have limits on the number of monthly
transactions

Types of Bank Accounts
Money Market accounts



Permit limited check writing
Pay variable interest
Limits on the number of monthly transactions
Certificates of Deposit (CD’s)




Exist for specified time periods (30 days - 10 years)
Pay fixed or variable interest
Generally, have higher interest rates than savings
accounts
Charge a penalty if the money is withdrawn early
Features of Checking
Accounts
Minimum deposit

Minimum amount of money required to open account
Service fees



Monthly fees
Per check fee
Debit card (ATM) fee
Minimum balance


Required amount of money in the account (not always
required)
You must pay a fee if the amount falls below the
minimum balance (called an “overdraft fee”)
More Features of
Checking Accounts
Interest


Interest-bearing accounts pay interest
Interest-free accounts do not pay interest
Other Fees

Nonsufficient Funds (NSF) fee



Wire transfer fee


Fee for “bouncing a check” (writing it for more money than is in
your account)
Fee for overdrawing when using a debit card
Fee for sending money electronically to another bank or
receiving money from another bank (incoming or outgoing)
Foreign ATM fee

Fee for using another bank’s ATM
More Features of
Checking Accounts
Overdraft protection


Protects you from overdrawing your account
Money is automatically taken from your savings
account if you write a check or make an ATM
withdrawal for too much money.
FDIC protection


Federal Deposit Insurance Corporation
U.S. government agency which insures your bank
account up to $250,000
What You Need to
Open a Bank Account
Passport or other official government I.D.
Copies of immigration documents
UB Card (may be optional)
Address in U.S. (not a University office)
Address in your home country
U.S. Phone Number
Minimum required deposit
Proof of enrollment (may be optional)
How to Write a Check
Joe Student
123 Main Street
MM/DD/YYYY
Amherst, NY 14226
100.00
University at Buffalo
One hundred and 00/100------------------------------
Joe Student
Person #: 3555-5555
Write in letters: Who is
the check for?
Write in letters: How
much is the check
for?
Write your UB Person
number here
Write in
numbers:
How
much is
the check
for?
Write today’s date here
in this format:
Month/Day/Year
Sign YOUR name here
ATM Cards
Issued by the bank when you open a
checking or savings account
ATM = Automated Teller Machine
Provides 24-hour access to your money
Used to deposit money into or withdraw it
from your account
Access to your money is free if you use your
bank’s ATM

If you use another bank’s ATM, you will likely be
charged a fee by the other bank and your bank.
Important ATM
Card Tips
Keep your card in a secure place
Do not write your PIN on your ATM card or keep
it with your card.
 Do not choose an easy PIN to guess (Ex.
“1234” or your birthdate)
Do not share your PIN with anyone else!
Keep your ATM receipts and write them in your
checkbook register.
Review your monthly bank statement for
accuracy.
Debit Cards
ATM card can also be a debit card
Debit cards can be used to make
purchases
The purchase amount is withdrawn directly
from your bank account

Note: Debit cards will allow you to overdraw
your account.
Note: Some banks charge a fee each time
you use a debit card
Credit Cards
Used to make purchases
You will be billed for your purchases.
If you don’t pay your bill on time each month,
you will be charged:
Late fee (usually $30-40)
 Interest (usually 8%-32%--or higher)
Note: Banks and credit card companies are not
permitted by UB to open accounts on campus!

Types of Credit Cards
Private Label
Can only be used in one place
 Ex: department stores, gasoline companies

General Label
Can be used in many places
 Ex: bank card, major credit card (VISA,
American Express, MasterCard, Discover)

Types of Credit Cards
Secured Credit Cards


Requires a security deposit which is equal to
the credit limit for the credit card
This reduces the risk of the card issuer
because they have the deposited amount in
case the cardholder does not pay the credit
card bill.
Unsecured Credit Cards
 Does not require a security deposit
Note: Students are rarely issued unsecured
credit cards.
Choosing a Credit Card
Is there an Annual Fee? If so, how much?
How much is the Finance Charge (Interest
Rate)?
How are finance charges calculated?
What is the Annual Percentage Rate?
 Yearly cost of borrowing
Choosing a Credit Card
How long is the Grace Period?

Allows you avoid finance charges if you
pay your balance in full before a certain
date
How much is the Credit Limit?

Amount of money you are allowed to
borrow
Choosing a Credit Card
(cont.)
How much are Late Fees?

Fee you will be charged if you do not pay
the amount due by a certain date
Are there any Card Incentives?
Benefits to using a particular credit card
 Airline miles, cash back, reward points, etc.

Credit Scores, Etc.
The Credit Process

Credit Report



Annualcreditreport.com
Credit Rating
Credit Score
Credit Agencies



Equifax
Experian
TransUnion
Things to Do to Establish and
Maintain Good Credit
What can everyone do to establish and
maintain good credit?








1. Know your budgetary limits
2. Prioritize your needs and wants
3. Pay all bills on time
4. Avoid late fees
5. Monitor your credit card balances
6. Have both a checking and savings account at a
local bank
7. Use your credit card through secure channels
8. Request a copy of your credit report each year
Managing Credit Issues
and Concerns
Resources and Assistance
Be proactive
 Communicate with your bank or creditor
 Explore debt consolidation
 Consider credit counseling

Consumer Credit Counseling Service of
Buffalo, Inc.
40 Gardenville Pkwy. Suite 300
West Seneca, NY 14224
Tel. (716) 712-2062
Preventing Fraud
Keep your ATM, debit and credit cards
and your checkbook in a safe place.
If your card is lost or stolen, call your
bank or credit card company
immediately!
Never respond to an e-mail request
for your bank account information!
 Visit www.ftc.gov for advice about what to do.
Preventing Fraud (cont.)
Check your monthly bank statements to
be sure they are correct.
Do not accept a personal check from
someone you don’t know well.
Beware of scams that ask you to
deposit a check!
Important Reminders
If you move or change your phone
number, be sure to give your bank
your new address and phone
number!
Be sure to keep your PIN number in a
place where no one can find it!
Banks with ATM’s at UB
Bank of America
Key Bank
Bank of America
Bank When You Want, Where You Want
Checking Accounts That Fit Your Schedule
Debit Card – Keep the change
 Deposit Image ATMs
 Text Banking
 Online Banking with Bill Pay
 Mobile Check Deposit
 Online Paperless Statements
 Mobile Banking w/ App
 Savings Tools Available

Bank of America
1 Full Service ATM on UB’s North Campus
1 Full Service ATM on UB’s South Campus
1 Full Service ATM across the street from the
South Campus (next to Tim Horton’s)
Full-service Bank of America banking center,
drive-in & ATM ten minutes by foot from UB’s
North Campus
Alliance relationships with international banks
SEFCU
SEFCU has a full-service branch and ATM conveniently
located in The Commons on the North Campus!
Our Campus Connect account is designed exclusively for
International Students and offers:
FREE Checking
FREE ATM access at 55,000+ Allpoint locations
FREE smartphone apps and Text Banking
FREE online banking
No incoming wire transfer fees
No minimum balance requirements
SEFCU
UB North Campus branch hours:
Monday – Friday................... 9 a.m. - 5 p.m.
Saturday................................10 a.m. - 3 p.m.
FREE ATMs on campus:
North Campus:
Ellicott Complex: South Campus:
The Commons
Fargo Quad
Goodyear Hall
Student Union
Lockwood Library
Alumni Arena
Additional Buffalo Area branch locations and ATMs:
Amherst – 3155 Niagara Falls Boulevard • Buffalo – 598 Main Street • Clarence – 4375 Transit Road
THANK YOU VERY MUCH!