By Ruben Sevumyants, owner of Pomogu
For most newcomers, a bank account is one of the first real steps toward everyday life here. It's where a paycheck lands, where bills get paid, and where a debit card comes from. It can also feel intimidating, especially if you aren't sure what the bank will ask or how banking here differs from what you're used to. Here's a plain walkthrough.
Big national banks, regional banks and credit unions all offer accounts for individuals. They differ in locations, services and rules, so it's worth comparing two or three. Visit a branch or call and ask a simple question: "I'd like to open a personal account. What do I need to bring?" Every bank sets its own rules, so the answer is the one that counts. Asking in advance saves you a second trip.
Requirements vary by bank, so treat this as a general idea, not a checklist from the bank itself:
A valid photo ID (your passport is a common starting point)
Proof of your address, or at least a mailing address
Your phone number and email
Possibly other identification or tax-related details
Which IDs are accepted, and how they are verified, depends on the bank. Please check with the bank directly about ID requirements instead of relying on what someone told you, because it also depends on your own situation. Bring originals, and bring any documents that are not in English, in case the bank asks about them.
Banks usually offer two basic types of account. A checking account is for everyday money: deposits, bill payments and card spending. A savings account is for money you want to set aside. Ask the banker to explain each account's features and any conditions, and ask for the written terms to take home and read.
If you receive a check, you generally have a few options: bring it to a branch, use an ATM that accepts deposits, or take a photo of it with the bank's mobile app. Before you deposit, you usually need to sign (endorse) the back. Ask the bank how it wants the endorsement written, since that can differ. After you deposit, the bank may keep some or all of the funds on hold for a time. Ask the bank how that works for your account, and keep your receipt.
This is a big source of confusion, so here is the core difference:
A debit card is linked to your bank account. When you pay, the money comes out of your account.
A credit card lets you borrow money from the card company and pay it back later. If you don't pay as agreed, there are costs.
Credit cards also relate to something called a credit history, which landlords, lenders and others may look at. Ask your bank or card issuer how their cards work and read the terms. A debit card is often the easier place to start.
Going without calling first. A short call can save a wasted trip.
Signing before reading. Ask for the terms and take your time. If something is unclear, ask for it to be explained again.
Sharing your PIN, passwords or one-time codes. A real bank will not ask for your full password or code by phone, text or email. If someone does, hang up and call the number on your card.
Mixing up debit and credit. Know which card you are using and how it affects your money.
Not keeping records. Keep deposit receipts, statements and account numbers somewhere safe.
If you'd like help with this step, whether it's figuring out what to prepare, translating or going through the paperwork, or even having someone come with you, Pomogu helps Russian-speaking newcomers with opening accounts, depositing a first check and understanding debit and credit cards.
Learn more at pomogusa.com.