Banking
Banks are for-profit enterprises, while credit unions are not-for-profit. Credit unions exist to serve a community of people, which may be based on location, employer, faith, membership in another organization or other factors. To serve its community, a credit union provides financial products on the most favorable terms it can afford to offer.
Checking/Savings Accounts
Opening a checking and/or savings account is a good way to keep your money safe and is an easy way to pay bills while you are in the U.S. When you first open an account, basic information will be asked of you to prevent fraud. A Social Security Number (SSN) should not be required to open an account, but may be asked for. If you are asked for a SSN and you do not have one, you should be able to provide your travel documents and passport instead. If you have any questions about opening an account, please contact the OISS at oiss@pcc.edu.
Things to look for when selecting a bank:
- Amount of branches and ATMs/cash points in the area
- Fees (charges for overdrafts, withdrawals from ATMs, international transactions, annual maintenance, etc.)
- Required minimum balances
- Online banking system
- Student benefits (many banks waive the standard checking fee if you are a student, but some have age requirements)
- Banks around campus include Wells Fargo, Chase, Bank of America, U.S. Bank, and Columbia Bank.
- Credit unions around campus include: Rivermark, OnPoint, iQ, Unitus Community
Credit Cards
Be cautious and do your research before deciding to apply for a credit card. In order to apply for a credit card, a SSN and possibly credit history are needed. A good credit history can be a requirement for financial activities like getting loans. Making regular payments on a credit card is a good way to build credit history.
Keep in mind that USCIS will look at credit scores and other factors for applicants applying for adjustment of status and other benefits. If you are not sure when or how you will pay back your credit card bill, it is best to avoid making charges, or even applying for a card.
PCC has resources for you to learn more about financial wellness. Be aware that some information may not be relevant to F-1 students.