2. LISTENING
Let's learn how to open a bank account
What do we need?
We need:
· 2 pieces of ID (your current resident card, your IMM immigration form)
· your social insurance paperwork
· a debit card from another institution
· your proof of address: a bill statement (such as a phone bill statement), a proof of your employment if you are working (such as a pay staff)
· your signature
The teller (cajero) will give you:
· your four-digit pin
We need:
· 2 pieces of ID (your current resident card, your IMM immigration form)
· your social insurance paperwork
· a debit card from another institution
· your proof of address: a bill statement (such as a phone bill statement), a proof of your employment if you are working (such as a pay staff)
· your signature
The teller (cajero) will give you:
· your four-digit pin
How to open a bank account if you are an international student
What do we need?
If you are an international student and you want a debit card, the bank needs your:
· Visa
· your passport
· your student ID
The account benefits are:
· it has no fees
· no minimal balance
· no social security number required
If you are an international student and you want a debit card, the bank needs your:
· Visa
· your passport
· your student ID
The account benefits are:
· it has no fees
· no minimal balance
· no social security number required
Opening a bank account and different kinds of bank accounts
· savings account = a place for your money to grow. It incurs interests which is a multiplication of your money overtime.
To open a savings account you need:
- if you are under 18 bring an adult
- two or more forms of identification (for the New Accounts Agent): your social security card (is a must) and a driver's license or a school ID
- fill out the application
- make the minimum deposit (which is usually 50 or 100 dollars)
· checking account = (it is more practical) you can use them day to day on anything: you can write checks or connect it to debit cards and buy things online, in stores or wherever you like.
- if you are under 18 most banks won't give you one, so open a join cheching account (is the same as a checking account although your legal guardian will be able to withdraw money and write their own checks from it, but also make deposits)
Before opening a bank account, make sure:
· it has a close location to use the ATM
· FDIC insured (=Federal Deposit Insurance Corporation) for savings account, if the bank goes bankrupt your money is safe up to 100.000 dollars per bank account
· the interest rate is high (the higher the interest the more money for you)
To open a savings account you need:
- if you are under 18 bring an adult
- two or more forms of identification (for the New Accounts Agent): your social security card (is a must) and a driver's license or a school ID
- fill out the application
- make the minimum deposit (which is usually 50 or 100 dollars)
· checking account = (it is more practical) you can use them day to day on anything: you can write checks or connect it to debit cards and buy things online, in stores or wherever you like.
- if you are under 18 most banks won't give you one, so open a join cheching account (is the same as a checking account although your legal guardian will be able to withdraw money and write their own checks from it, but also make deposits)
Before opening a bank account, make sure:
· it has a close location to use the ATM
· FDIC insured (=Federal Deposit Insurance Corporation) for savings account, if the bank goes bankrupt your money is safe up to 100.000 dollars per bank account
· the interest rate is high (the higher the interest the more money for you)
Online Banking
Applying for a credit card
How to open a bank account, especially for students
Going to the bank
Currency exchange
· when you want to exchange your money you can get some percent of extra charge
· if you use your credit card abroad you can get bank fees
· don't go to currency exchange agencies (their fees are worse than banks')
Try to use these:
1· credit cards and ATM cards are your best bet (about 3% of fee per transaction)
2· your ATM card (same fee as your credit card)
Remember:
· American Express and Discover are not as widely accepted outside of the USA as Visa or Master Card.
· call your bank before you leave then let them know where you are gonna be and for how long
· avoid the dynamic conversion fee, so pay in the local currency
· if you use your credit card abroad you can get bank fees
· don't go to currency exchange agencies (their fees are worse than banks')
Try to use these:
1· credit cards and ATM cards are your best bet (about 3% of fee per transaction)
2· your ATM card (same fee as your credit card)
Remember:
· American Express and Discover are not as widely accepted outside of the USA as Visa or Master Card.
· call your bank before you leave then let them know where you are gonna be and for how long
· avoid the dynamic conversion fee, so pay in the local currency
The invention of Money and Currency
Understanding Money and the Currency system
Ángela M.
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