BANKING & MONEY

Banking
Cash
Credit & Debit Cards
Safety-Deposit Boxes

Banking

Banking is a very competitive business in the United States. Banks offer many different accounts, credit cards, loans and services. You need to determine what services you need and choose the bank that will provide these to you. Because of federal regulations, all banks require a Social Security Number to open a bank account.

Argonne now requires direct deposit into a bank account for all employees. Everyone needs to have a bank account prior to the end of the first pay period after they are hired in order to be paid.

The Argonne Credit Union is on site, and is very handy for employees needing to make transactions during the working day. The ACU has agreed to waive the requirement of the Social Security Number to open an account for Argonne employees. They will however require the SSN within 60 days. Having a bank account will ease your transition to the United States very much with such things as housing and utility payments.

Your own bank, the one where you establish your checking account, will cash all checks or credit them to your account, if they are standard checks in U.S. currency with the U.S.-style magnetic-ink imprint. Businesses usually accept personal checks (drawn on local banks) if you provide appropriate identification (a driver's license and credit card). NOTE: A driver's license is the standard means of identification in this country. It may be very difficult to have personal checks accepted in local stores if you do not have one. A passport may not be accepted because it will not show a local address.

If you need to transfer substantial sums of money it is advisable to consult with your bank as to the most efficient method. Cashiers or certified checks can be obtained from a bank, but they may be difficult to cash immediately when you leave Illinois. Money orders can be pur­chased from the post office. A Foreign Draft, through your local bank, is the quickest way to send money to your home country or for someone in your country to send money to you here in the United States. It is best to have a checking account with the local bank with which you are arranging Foreign Drafts.

Cash

You will need a considerable amount of money in your first month here, not only for living expenses but also for advance deposits on apart­ment rental, telephone, and other utilities and for buying or renting a car. Your first paycheck will come at the end of the first month of employment and subsequent checks at the end of each month worked. You can obtain advances only for the number of days already worked during the first month of employment. In the United States many people use cash only for small purchases and services. Few people carry more than $100 with them. Larger payments are made by personal check, credit card or debit card.

The most convenient way to access your money from a home bank in the US is with the use of an Automated Teller Machine (ATM) card. ATMs can easily be found throughout the area and at the Argonne Credit Union on site. Exchange rates are often better and transaction fees lower than if using a bank. If you are using an ATM outside of your banks system there may be additional charges. Be aware of daily limits.

An alternative is to purchase U.S. travelers checks (such as Ameri­can Express or Citibank). They are well worth the small fee (usually 1%). They can be cashed at nearly all stores and banks. The best denominations are $50 or smaller because larger checks may not be accepted everywhere.

Please be aware that it is difficult to change foreign currency here. Local banks cannot do it. You must go to the International Terminal at O'Hare Airport or to one of a few large banks in the financial district of downtown Chicago.

Credit & Debit Cards

It is very helpful to have a credit card in the United States, even if you use it only as a credit reference. However, it is not easy to get one when you are here as a temporary visitor. Most issuers, including the Argonne Credit Union, require you be here at least three months and that you have a social security number. You may want to look into the possibility of getting a credit card, such as American Express, Visa, or Master Card, in your home country. You may charge purchases made in the United States to your foreign credit card, but they will be billed to your home account in your home currency. It is a good idea to start using a U.S. credit card as early in your stay here as possible, especially if you will be here for more than a few months since it is important to establish a "credit rating" which can be checked before making large financial commitments.

Debit/ATM Cards, issued by your bank, are also widely used. With a debit card money is immediately drawn from your account to pay the bill. Many find this convenient, but the use of a debit card may not contribute to establishing a credit rating.

Safety-Deposit Boxes

To protect certain documents and other valu­ables from loss by fire, theft, or carelessness, com­mercial banks can offer you the benefit of their safe-deposit vaults. Safety-deposit boxes, of almost any size, can be rented for $25 or more per year.

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