OPENING AN ACCOUNT
ATM
How do I open a bank account?
The United States has a very extensive
and efficient banking system, and all of the standard banking services are available in Salt Lake
City. Banks are either local, citywide, statewide,
or national and international. Each bank has a
variety of savings or checking accounts. You may
make payments with cash, credit or debit card,
or check.
What is an ATM?
• ATM stands for Automated Teller Machine.
ATMs dispense cash as you need it.
But beware…you may be charged a fee for
using an ATM that does not belong to your
bank; be sure to check with your bank
what ATMs you can use.
Withdrawals can only be made in multiples
of $10 or $20 (depending on the ATM) up
to a maximum daily amount depending on
your account and the machine.
The bank card gives you access to your savings and checking accounts. Although the
ATM is programmed to dispense cash, it
cannot accept cash. Deposits must be
made by check.
All banks listed on the next page offer free
student checking accounts;
Some banks require a minimum balance of
$20 to $100;
You must provide two forms of identification, one of which must have a photograph,
for example, a passport, driver’s license,
birth certificate. Bring your social security
card if you have one;
Some of the banks will have you fill out a W9 form if you don’t have a social security
number.
Make sure you compare different offers of different banks. Some of them offer great free
stuff when you open an account with them!
Once you have opened a bank account:
You can wire your money from your foreign
bank to the new account; there is usually a
fee for that;
You should be able to provide your new local Salt Lake City address for the bank to
send you your new local checks;
You can apply for a credit card, provided you
have a social security number.
Paper Currency
Unlike most nations’ currencies (which
have different colored bills for different denominations) U.S. paper currency is all green.
We recommend that you take extra care to
check the denominations of the currency. The
value of the bill is clearly marked on the bottom of both sides and on the four corners.
FINANCIAL INSTITUTIONS
Credit Union or Bank?
What is the difference between a credit union
and a bank?
Banks are community, regional or national for
-profit business corporations owned by private investors and governed by a board of
directors chosen by the stockholders. Banks
hold deposits, make loans, pay checks, and
provide other related services for the public.
Credit unions are not-for--profit but service
financial cooperatives owned by their members and governed by a board of directors
elected by, and from among, those members.
Credit unions accept deposits from their
members and use them to make short-term
loans. Deposits are regarded as purchases of
shares, and all earnings of the credit union
are paid out as dividends to members. Because credit unions operate as not-for-profit
institutions, they are exempt from both federal and local taxes. Consequently, credit unions can charge below-market rates on loans
while paying higher interest rates to savers.
Both banks and credit unions have their advantages and disadvantages. For instance, a credit
union cannot exchange foreign currency; however a bank may be able to perform that service
but will charge you higher fees for services.
Banking Institutions
The International Center does not endorse any
financial institution. For a complete listing, refer
to the Yellow Pages of the telephone directory.
University of Utah Credit Union
www.ucreditu.com
Main phone: 481-8800
Bookstore Branch
University of Utah Bookstore
Annex Branch
1129 Annex Building
Medical Center Branch
Building 528
Research Park Branch
540 Arapeen Drive
To Contact Us:
410 Olpin Union
200 S. Central Campus Dr.
Salt Lake City, UT 84112
(801) 581-8876
Banks in Salt Lake City Close to Campus
Key Bank of Utah
290 South 1300 East
535-1204
www.key.com
Wells Fargo Bank
235 South 1300 East
582-1235
www.wellsfargo.com
Zion’s First National Bank
701 E. 400 S.
524-4972
www.zionsbank.com
US Bank
475 E. 200 S.
537-6785
www.usbank.com
BANK
ACCOUNT
Opening an
Account
I find it much easier to manage my
money through an American bank than
with one that’s far away in my home
country.
—International Student
From The Netherlands
Updated: October 26, 2009