Most banks do not require a large sum of money from students to
open an account. Take time to research a few banks in
the area because fees can vary with each bank. Ask about
no fee accounts or other special offers. Some banks will eliminate
fees if you setup direct deposit for your
account, or the bank may require a minimum balance in the
account. Since you may being transferring
funds frequently from overseas, ask about the details of these
transactions to find the best option for you.
Advantages to having a U.S. Bank Account:
- A safe place to keep your money while in the U.S. If you keep
large amounts of cash in your home or with you, you may be victim
- You are able to take withdrawal cash without paying a
- Bank accounts in the U.S. are usually free for college
- If you open a checking account, you
will receive checks, which are better for paying your
Butler balance (paying by credit card is possible, however you
will be charged a transaction fee by Butler).
- If you open a savings account, you can accumulate interest on
How to Open a Bank Account:
During orientation we will have bank representatives on campus
to assist you in opening an account. If you choose not to open an
account at that time, but at a later date, you will need to visit a
bank branch and bring the following:
- Your Butler I.D.
- Your Passport
- Your Certificate of Eligibility (I-20, DS-2019)
- Proof of U.S. Address (Bursar Bill or a letter from OISS)
A savings account is exactly what it appears. You will use this
type of account to save your money. Usually, savings accounts will
pay a percentage of interest on the money in the account. The money
in the account is not as easily accessible as the money in a
checking account. Some savings accounts even require up to three
business days wait time before the money is available to
When you open a checking account, you will receive a book of
checks and a debit card. This gives you the freedom to use and
withdrawal the money in the account easily and frequently.
A debit card looks like a credit card, but is different in many
aspects. When you use your debit card, it withdrawals money
directly from your checking account. You want to be careful when
using your debit card; if you spend more money than you have in
your checking account, you a subject to overdraft fees that can be
as high as $35 for each purchase made after the negative balance of
your checking account. A good way to avoid overdraft fees is to
request that your debit card be declined for insufficient
You will have a PIN number attached to the card, which will
allow you to withdrawal money from an Automatic Teller Machine
(ATM). You can always find an ATM on the outside of any of your
bank branch buildings. Sometimes you can find an ATM for your bank
in a pharmacy or grocery store. You may withdrawal money from
another bank's ATM, but there will be a transaction fee (usually $3
You can also use the PIN when purchasing items. Some stores will
allow you to request cash back with your purchase by selecting
'Debit' (usually no more than $100). Otherwise, you may choose
'Credit' when purchasing an item and you will not be prompted to
enter your PIN.
Most people use checks to pay bills (rent, utilities, cable);
however, a lot of stores still accept checks as a form of payment.
You will receive a free book of checks when you open your account.
You will need to purchase more checks from your bank once you have
used all your checks in the book.
Make sure that you are allowing enough time before the bill is
due for the check to reach the bill pay location. Also, be aware
that check purchases may take some time to reflect on your balance.
Be sure that you are keeping your checkbook balanced (there should
be a balance section in your checkbook where you can track your
How to write a check: http://www.thebeehive.org/money/spend-it/how-write-check
Most banks have online services. When you receive your debit
card or credit card, you can sign up for online banking using your
account information. With online banking you can check your
balance, track your debits and credits, 'go paperless' and receive
your monthly bank statements online, pay bills, and more. Online
banking is easy and convenient. If you go home for the holidays,
you can still maintain your bank account and pay your bills from
overseas. Each bank may have different features related to their
online banking, so when you are choosing a bank, make sure to ask
about their specific features.
Banks & ATMs on Campus
Chase Bank has two ATMs on campus:
- Atherton Union basement, in the C Club
- Jordan Hall, first floor near the post office
Also, PNC Bank has an ATM in the basement of Atherton Union.
Banks near Campus:
~ Bank Information
~ Bank Information
Fifth Third Bank
~ Bank Information
~ Bank Information
A money order is like cash in the form of a check. You can
purchase a money order at your bank or any post office by
presenting the cash amount of the money order along with a
small fee to the bank or post office teller. You are not able
to send cash through the mail, so people use money orders to pay
bills instead of checks (USCIS only accepts money orders).
Money orders are also a better way to carry large sums of money
instead of in cash form.
You are able to transfer money electronically from bank to bank
via wire transfer. Each bank has its own SWIFT-BIC code,
which you will need along with your and the recipient's account
number, mailing address, and bank routing number to make the
wire transfer. The transfer may take a few days and there will be a
small transaction fee with the wire transfer.
~ Bank Information
Balance -- The amount of money remaining in an
account after all deposits, withdrawals, credits, and
debits(deductions) have been made.
Certificate of Deposit -- An alternative to a
traditional savings account; also referred to as a CD. By
depositing a fixed amount, if held for a fixed or minimum term, you
will receive a fixed or variable rate of return greater than a
regular savings. However, if you withdrawal your money before the
certificate matures you lose all interest gained.
Check -- A written unconditional order to an
institution to pay out a definite sum of money from your
Deposit -- The amount of money which is
added to an account, in the form of a check, money order, cash,
etc. You usually must fill out a deposit slip when you make a
Direct Deposit -- This is when you give
permission for funds to be automatically deposited into your
account at a predetermined date. Many banks offer free or lower
cost checking for customers with direct deposit because it saves
them the cost of processing paper checks.
Withdrawal -- When you take money out of your
account, whether you receive cash or transfer funds to another
FDIC -- Federal Deposit Insurance Corporation -
A part of the federal government that insures savings accounts in
member commercial banks, bank holding companies, and mutual savings
Minimum Balance -- Some banks require a minimum
balance, or a minimum amount of money that must be kept
in the account. This amount can vary between banks and accounts
within one bank.
Maintenance Fees -- If the amount of money
drops below the minimum balance at any time during the month, a
service charge is applied.
Overdraft -- A draft or check written (this can
also happen when using your debit card) for an amount
that exceeds the balance in a customer's account. This creates a
negative balance, and banks charge a fee for honoring these
Overdraft Protection -- A service that allows
the customer to write checks for an amount over and above the
amount in their checking account. The overdraft amount is
automatically transferred from an authorized bank account such as a
savings or line of credit.
Returned Checks -- If you deposit a 'bad'
check, a check that someone has written you with
insufficient funds in their account, into your account the bank
will charge you for having to return the check to the issuer.
Service Charge -- Any fee charged for banking
Stop Payment -- If for any reason you should
decide to cancel payment on a check that you have already written,
you must call the bank and request a stop payment on the check, the
service charge assessed is usually $7-$10.