University of Texas at Austin

International Office

UT Family and Community Programs

Banking and Financial Matters

Financial services and charges for services vary at financial institutions and change frequently.

The following questions are offered to help you gather information to select the bank or credit union that will best meet your banking needs. Some banks require your social security number to open an account. The Social Security number however, is not available to internationals ineligible for work (e.g. F2, H-4 visa holders). F-1s can secure a Social Security card only if they prove they are eligible for work and have a job.

Application for the social security number can be made to the:

Social Security Office
Monday through Friday, 9:00AM to 4:00PM
903 San Jacinto, Suite 101 (1-800-772-1213)

You need your passport, I-94 card, and I-20 or IAP-66 immigration documents for the SSN application. It will probably take about 10 working days to obtain your Social Security card. Until then, the SSN receipt could be used to open the bank account. You can call 1-800-772-1213 within 2 days of the application, to check the SSN number.

For more information on SSN, go to: www.ssa.gov.

Bank Locations

Some of the banks used by students and their families are mentioned below. Additional/specific bank locations can be found in the "white section" of the "Yellow pages."

1. University Federal Credit Union
Membership is open to faculty, staff, and students of the University of Texas at Austin.
(The National Credit Union Administration (NCUA) is an independent agency of the United States Government. The NCUA regulates, charters, and insures the nation's federal credit unions and some state chartered credit unions that desire federal insurance and qualify for it. Credit Unions are banking institutions owned by the members to whom services are available. Each credit union identifies its membership, primarily according to affiliation with an employer.)

Telephone : (512) 467-8080, www.ufcu.org

2025 Guadalupe St. (Dobie Mall), Austin, TX
4611 Guadalupe St, Austin, TX

2. Bank of America
Toll Free Number: (1) 800-247-6262; www.bankofamerica.com
501Congress, Austin, TX 78701
(512) 397-2200

3. Bank One
Toll Free Number (1) 800-695-111; www.BankOne.com
(512) 236-3070
1904 Guadalupe St, Austin, TX 78705
221 W Sixth St, Austin, TX78701

4. Wells Fargo Bank
Toll Free Number (1) 800-869-3557; www.wellsfargo.com
Austin Branch Offices (512) 344-7000

Austin Downtown, 111 Congress Ave, Austin, TX 78701
Austin West, 15th Street, 400 W 15th Street, Austin, TX 78701

5. Chase Bank of Texas
Toll free number: (1)800-CHASE24; www.chase.com
(512) 244-3120

700 Lavaca, Austin TX 78701
800 Lavaca, Austin TX


Questions to Ask When Choosing a Bank

• What identification / documents do I need to open an account
• What kind of checking, savings or money market accounts does the bank offer?
• How much money is required to open a particular type of account?
• What is the service charge?
• How much interest does this type of account offer?
• What is the minimum balance I am required to maintain in my account? Is that a daily balance, an end-of—the month balance or an average daily balance per month? Is there a penalty for going below the minimum balance?
• Are there any special limits on a particular type of account, for e.g. limits of withdrawals per month by check, by transfer, by mail in person, by ATM etc?
• What is the penalty if I exceed the limit?
• Is there a charge for printed checks?
• What is the charge for a returned check because of insufficient funds in my account?
• Where are the banks Automatic Teller Machines (ATMs) located?
• What is the charge for using your bank’s ATMs?
• What is the charge for using the other bank’s ATMs?
• Does your bank offer a check card?
• Does the bank have international banking services such as wire transfer, currency exchange?
• Does the bank offer credit cards and what are the terms and conditions?
• Is there a charge for closing an account in less than one year

Writing a Check

Financial Terminiology

In the United States, most people do not walk around with large sums of money or keep large amounts of money stored at home. Banks* and Credit Unions** are institutions that offer personal financial services to keep your money safely. Some services are available for a fee or charge. Some services offer the possibility of increasing your money.

The Federal Deposit Insurance Corporation (FDIC) is the agency of the United States Government which insures money that you have deposited in affiliated banks and savings institutions. Up to $100,000 of your funds deposited in a savings or checking account, certificate of deposit, or money market deposit account is protected. Investments that are not deposits are not insured by the FDIC. Lots of helpful financial information is available at this site!

The National Credit Union Administration (NCUA) is an independent agency of the United States Government. The NCUA regulates, charters, and insures the nation's federal credit unions and some state chartered credit unions that desire federal insurance and qualify for it. Credit Unions are banking institutions owned by the members to whom services are available. Each credit union identifies its membership, primarily according to affiliation with an employer.

Glossary

This glossary may help you with your financial affairs:

Account Balance: The amount of money available in your account at any time. There must be enough money/sufficient funds in your account any time you use a check to make a purchase or cash withdrawal. Banks charge a high penalty fee for any checks written that cannot be paid by sufficient funds in the account. The merchant who is given a check from an account with insufficient funds also charges a penalty.

ATM: Automatic Teller Machines enable you to access your checking and savings accounts to withdraw or deposit funds 24 hours a day, seven days a week. Your bank supplies you with an ATM card that is used with your PIN at the machine. If you use an ATM owned by your bank, you may be charged a service fee. If you use an ATM owned by a bank different from the one holding your funds, you will definitely be charged service fees both by the bank that owns the ATM as well as your own bank.

CD (Certificate of Deposit): A savings account established for a fixed period or time/term during which your money is "used" by the bank and not available to you. At the end of the term, your money is returned to you at a favorable rate of interest. CDs earn a better rate of interest than checking or savings accounts. The rate of interest is directly proportional to the period your funds are available to the bank and inaccessible to you. Budget carefully, before putting money away/investing in a CD!

Checking Account: A service offered by a bank or credit union that enables you to deposit and withdraw personal funds. Most banks and credit unions offer a choice of checking account services. The cost of the services varies according to the amount of money initially deposited and then maintained in the account. With larger initial deposits and higher balances maintained, it is possible to receive interest on the funds in the account.

Checkbook: After opening a checking account, you will be given numbered checks preprinted with your name, address, and account number. Some checkbooks are designed so that a copy of your check is made as you write out the check. This feature helps you maintain accurate records of your expenditures. At the back of the checkbook are deposit slips to use when you are putting money into your account. Some accounts include the checks at no charge. Your checks may be used to pay for purchases from most merchants. Usually, a photo ID must be presented when paying with a check. Around the University, merchants are accustomed to receiving checks on new accounts. However, you may be required to give more identification at some stores with your first set of checks.

Register: A small notebook furnished with your checkbooks to record all financial transactions in your account. Enter the date and each expenditure from your checkbook (with the check number), withdrawal from an ATM (including withdrawal fee, if known), and deposit (automatic, by deposit slip, or by ATM). Maintain a summary of the deposits and expenditures so that you know at a glance, at all times, how much money you have in your account. This is your balance.

At the end of each month, compare the balance in your register with the monthly statement from the bank. Enter into your register any fees, penalty charges, or interest dividends that appear on the statement but that you had not recorded in the register. Then use the worksheet provided with your statement to make sure the register matches the statement. Make any necessary corrections to the register or call the bank to request correction of any mistakes in the statement. Then, continue using the register with a running summary until the next statement arrives.

Joint Account: An account shared with someone else. A couple, a parent and a child, or siblings may select a joint account so that both and either may deposit and withdraw funds. A joint account may be established so that both owners must sign for a transaction as: Owner A and Owner B, OR, so that either one or the other may sign for a transaction as: Owner A or Owner B.

Rate of interest: The factor used by financial institutions to calculate your profit for depositing your money in a particular account (or to calculate charges for lending you money). Financial institutions "borrow" the money you deposit to make more money. Your own money is available to you at any time. But, in exchange for maintaining a higher minimum balance (that the institution can continue to borrow), the money sitting in your account earns a profit. Personal accounts vary in services, fees, and rates of interest to attract you as a depositor.

Money Market Deposit Account: A type of savings and profit making service for the depositor that features limited access to funds per month and a higher rate of interest than a savings account.

Monthly Statement: A report from your bank reviewing the financial activity in your accounts during the preceding month. It is important to check the monthly statement as well as your own records for accuracy each month. Compare your monthly statement with your own record of deposits into and expenditures/withdrawals from your accounts each month. The monthly statement usually includes a worksheet for this purpose. Be sure to note any fees withdrawn from your account by the bank and interest dividends deposited into your account by the bank.

PIN (Personal Identification Number): A security code selected by you to access your financial accounts and without which all others are barred from access to your money. The PIN should be kept secret.

Savings Account: A service offered by a bank or credit union that enables you to make a profit on money you deposit and leave in bank. The money deposited in a savings account may be transferred into and withdrawn from a checking account when needed. Most banks and credit unions offer a choice of savings account services. The number and cost of the services varies according to the amount of money initially deposited and then maintained in the account. The profit earned by your money in a savings account is proportional to the initial deposit and the balance maintained. However, money in savings accounts earns at a higher rate of interest than in checking accounts.

Credit Cards

Smart Credit Tips for Students has valuable consumer information for any credit card users. Plastic -- plastic credit cards and plastic bank cards that directly withdraw funds from your bank account -- is one of the most popular vehicles for payment in the United States. There are serious risks associated with the use of credit cards. It is very easy to overspend and the subsequent costs can be financially.

Precautions When You Lose Your Wallet or Purse

We've all heard horror stories about fraud that's committed using your name, address, SS#, credit, etc. Unfortunately, someone went through this and therefore, has firsthand knowledge, because his wallet was stolen and within a week the thieves ordered an expensive monthly cell phone package, applied for a credit card, had a credit line approved to buy a computer, received a PIN number from the Department of Motor Vehicles to change his driving record information online, and more. But here's some critical information to limit the damage in case this happens to you or someone you know.

Cancel your credit cards immediately. The key is having the toll free numbers and your card numbers handy so you know whom to call. Keep those where you can find them easily (having to hunt for them is additional stress you WON'T need at that point!)

File a police report immediately in the jurisdiction where it was stolen, this proves to credit providers you were diligent, and is a first step toward an investigation (if there ever is one).

Call the three national credit reporting organizations immediately to place a fraud alert on your name and SS#. He had never heard of doing that until advised by a bank that called to tell him an application for credit was made over the Internet in his name. The alert means any company that checks your credit knows your information was stolen and they have to contact you by phone to authorize new credit. By the time he was advised to do this -- almost 2 weeks after the theft --all the damage had been done (there are records of all the credit checks initiated by the thieves' purchases, none of which he knew about before placing the alert). Since then, no additional damage has been done, and the thieves threw his wallet away (someone turned it in). It seems to have stopped them in their tracks.

The numbers are:
Equifax 1-800 525-6285
Experian (formerly TRW) 1-800-301-7195
Trans Union 1-800-680-7289
Social Security Administration (fraud line) 1-800-269-0271