Bank Account

To manage your savings and expenses in a safe manner, you will need to open a bank account. Search different bank branches in the area to find “Free Students Accounts” so you do not need to worry about bank fees. Ask about any additional fees (minimum balance, opening fee, closing fee and transfer fee for sending money home) In Ocean City MD you will find that PNC Bank and Bank of America offer services which will provide you with the best service for your needs. DO NOT KEEP large sums of cash on your person or at your apartment. Open a bank account at your earliest opportunity to ensure it is in a safe place during your stay.

In case you want to save as much money as possible and do not expect any higher payments or expenses, choose “saving accounts”. In general, you get an ATM card to make deposits and withdrawals through ATM.

Otherwise, choose “checking account”. You will then be able to get a check card (debit card) which can be used in various places and for online internet shopping. The use of a (debit card) is very helpful for shopping locally and making purchases over the internet during your stay. A checking account book with checks can be also provided, giving you the ability to make payments for expenses such as rental payments with a check during your stay.

To open an account, fill in the application in the bank branch convenient to your housing or place of employment location. And be prepared to provide the following documents:

·  Unexpired passport with valid visa and DS-2019 and I-94 attached
·  Social Security card - may be initially required in some banks
·  Opening deposit (cash or check)

Be aware that in case you make a check deposit, (depositing a paycheck from your employer) it will not be available for immediate withdrawal. It usually takes for up to 2-3 business days. If you need money from your check immediately, ask to “cash the check”. If you have an account with the bank, you will get the full check amount without any fees charged; otherwise additional fees usually $5 for cashing the check may apply if you desire to cash the check at a bank where you do not have a banking account.

Note: If you are not sure and not confident in your English language capabilities and have difficulties understanding bank officials, please do not panic, Ocean City’s Bank of America has few Russian speaking employees who are gladly willing to help you with all your questions and concerns.