Open bank account in US

[hahahut]

Hi!

I understand many banks in US have special packages for students, which might offer things like good reward programs or easier process in getting a credit card (it could be a bit hard for international student to get the first credit card as there is no credit history in US yet). Is there any recommendation which banks are generally good for international students? Everyone has different needs and priorities. But hopefully it can help to narrow down to only a few banks for further research.

Thanks in advance!

[newms]

Hi hahahut,

I'm moving to the US as well and at my school they have a partnership with a local bank. Perhaps you could scout out to see if your school has any partnerships with any banks that would make it convenient for international students?

[cndngrl21]

If you are living on the west coast, Wells Fargo isn't bad. As an international student I was set up with a checking account with a check card (a debit card that can also be used in places that accept credit cards) as well as a visa card. It was just part of their student package. In the first couple weeks of school banks will be on campus making their offers. I also used Bank of America, which is great because it is all over the US, but I found them frustrating in other ways.

[fuzzylogician]

This is a good thing to ask current students in your program. They will be able to tell you which local banks are accessible and have good deals for students. Some universities have their own credit unions, which can also be very convenient. They will definitely know how to deal with students and they sometimes have less strict requirements for e.g. getting a regular (non-secured) credit card. If all you need is a checking account and a savings account, that could be a good option. Larger banks might be able to offer more sophisticated services, but the question is whether or not you'll need them.

[Strangefox]

I also used Bank of America, which is great because it is all over the US, but I found them frustrating in other ways.

Could you tell more about that?

[latte thunder]

Hahahut, Can you tell us where you will be studying in the US? Contrary to what Cndnrgl21 said, there is NO bank that is all over the US. I'm not an international student myself, but I've known internation students who have assumed BofA is national; however, despite the name, it is definately not. I think the closest one to me is like 400 miles.

Also, if possible take into account any summer research positions you may have. Of course you may not know what/where these will be know, but if you do it would be in your best interest to find a bank that has branches in both locations. Generally, there is a penalty for closing an account in less than 6 months, just something to consider.

[Henry Hudson]

There are plenty of local and regional banks. Very few nation-wide ones, actually.

My own experience is that larger banks tend not to be worth the hassle - they generally don't care about small customers, and are more likely to sock you with fees.

I'd suggest you specify a particular city and state. You might get better answers.

[Herbie]

I agree with Hudson. in the same respect, credit unions are the better alternative in case you don't want huge banking companies. I first banked with WAMU, absorbed by Chase and their checking policies changed (definitely disagreeable with part time workers) and I later switched to a credit union. I've been happy since - no minimum balance, very small overdraft fee, cheap ATM fee in case I use another company's.

Be aware that "rewards" are done by the company charging other businesses a higher transaction fee - IE debit as credit, and that you'll probably be better off reaping higher turnover rewards points from credit card companies. The AMEX Zync is a great rewards card if you have good credit.

If at all possible, invest in a savings account. If you have a job, take around a minimum of five out of your check into your savings account you'll never look at. It adds up.

Be aware of the regional accessibility of whomever you decide to bank with, their customer friendliness and perhaps small loan approval rates and interest for backup options or emergencies.

[Eigen]

I've been with Bank One (now absorbed into Chase) for the last... 15ish years, and I've been quite satisfied with them. Good customer service, and a very large, very stable bank. I wouldn't say they have branches *everywhere*, but it's darn near close. I also have a mortgage and some investments through them, so it's nice to have it all centralized.

For more basic stuff (as was mentioned above), a credit union can be a great deal, and they're usually a lot more personable.

[cndngrl21]

Could you tell more about that?

About B of A: They seem to be slow processing things. I felt like checks took longer to clear than other banks, and my purchases on the check card took quite a while to show up. I stayed with them because I needed something that worked in all the areas of the US I lived in or visited on a regular basis.

About Bank of America being all over the US, I didn't mean to imply that it will be absolutely everywhere. I do think it is in the majority of states. I never had a problem finding one when I needed it when I lived or traveled in the US. I think the other poster's suggestion of looking into the areas you will be living and researching is a great idea.

[UnlikelyGrad]

I agree with Hudson. in the same respect, credit unions are the better alternative in case you don't want huge banking companies. I first banked with WAMU, absorbed by Chase and their checking policies changed (definitely disagreeable with part time workers) and I later switched to a credit union. I've been happy since - no minimum balance, very small overdraft fee, cheap ATM fee in case I use another company's.

This pretty much sums up my experience as well. I loved WAMU. Chase...bleah. I closed all of my Chase accounts for good a few months ago, but prior to that I had switched most of my money over to MyU's credit union. I get the best customer service there.