The easiest and most common service for which people turn to banks is to open all types of bank accounts and obtain debit cards. Opening an account and using it is the first step in establishing a relationship with a financial institution, which can later make it easier to obtain a loan or credit card.

A checking account is the most popular product. Foreign nationals living in the U.S. can open a checking account at almost any U.S. bank with just a few documents. The account will be needed for:

Paying utilities, any bills for tuition and educational materials
receiving or sending money, including money from abroad.

The bank account is used to receive scholarships and grants for students and salaries for employees. You can usually deposit or withdraw money into a current account at any time.

A savings account allows you to keep your money, save, and earn interest on the money in your account. A savings account is a long-term deposit. You can often not withdraw money as quickly as you can from a checking account.

When you open a checking account, you can order a debit bank card from one of the three major payment systems: VISA, MasterCard, American Express. Your current account will be linked to this card, with which you carry out all financial operations.

By comparing the rates of several banks, you can choose the most appropriate one. Each bank will have different fees for opening and maintaining accounts, issuing cards, and financial transactions (for example, interbank transfers or conversion). You should also compare payment processing times, cash withdrawals, and other features. Students should contact the International Student Office at their college to find out if they have any special terms and conditions for banking services at particular banks.

Although it is now possible to open an account even by phone or online, international students will have to come in person to the branch of the bank of their choice and bring the necessary documents with them:
a valid passport;
I-94 form;
I-20 form for students, DS-2019 for participants of international exchange programs or the I-797 form;
Other identification document (birth certificate, state driver’s license, Student ID or other for students);
A confirmation letter from the university for students or from the employer for employees;
A completed bank form with the name, date of birth, telephone numbers and addresses (university, dormitory, employer, home)
W-8 BEN form for students who do not have a Social Security number or TIN.

Banking: Cheques
The U.S. bank system uses checks to pay for items you buy or receive in the United States. When you buy or sell something or pay for services, the buyer or customer writes a check to the seller or service provider. In turn, the recipient of the check can cash it.

The scheme is as follows. The owner of an account in an American bank can order a checkbook, which can be used for cashless payments. The checkbook contains obligatory information: account number, bank code, holder’s name and his personal information. In fact, the checkbook, like a bank card, is tied to a specific bank account. When paying for a product or service, the checkbook holder fills out a check, signs it and indicates the amount (value). To get money from this check, the recipient:

Goes to the bank where the account was opened and the checkbook was issued
presents the signed cheque.
The indicated amount is withdrawn from the account and given to the recipient.

The peculiarity of this system is that very often the bank does not issue the requested amount in cash immediately, but credits it to the recipient’s account and only then cashes it.