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If you are staying longer than one quarter, you should open a bank account at a local bank as soon as possible. Call ahead to find out what identification you will need. Research the types of services different banks provide, the accompanying fees, and how to transfer funds from your home institution. Banks compete for your business, so don't be shy about asking questions or shopping around. You should be able to open a student account for little or no charge at most banks.
Bank of America
4701 University Way NE
(206) 358-1958
www.bankofmerica.com
Key Bank
1300 NE 45th St.
(206) 585-9410
www.key.com
US Bank
HUB ground floor
(206) 632-7254
www.usbank.com
Washington Mutual
4300 Brooklyn Ave. NE
(206) 461-4625
www.wamu.com
Washington State Employees Credit Union
1000 NE 45th St.
(206) 545-7181
www.wastatecu.org
Wells Fargo
4100 University Way NE
(206) 547-2811
www.wellsfargo.com
Cash:
Cash is an easy form of payment, once you are familiar with the different bills. You should familiarize yourself with the most common ones—$20, $10, $5, and $1 bills. Coins are commonly used, too. Remember: A dime is smaller in size than a nickel, even though it is worth more. Be sure to count your change if a cashier does not count it back to you. Cash can be stolen easily, so do not carry large amounts.
Personal Checks:
These allow you to make purchases and pay bills with funds drawn directly from your bank account. Checks are useful to pay rent and utilities. Most merchants accept checks, especially if they do not accept credit cards. Checks are safer to carry then cash and you can track purchases made with them (something you cannot do with cash). Checks, however, can be a bit cumbersome to use since you have to fill the check out at the register.
Traveler’s Checks:
Traveler’s Checks are a safe way to transport large amounts of money. They can also be used if you travel in the U.S. Record the check numbers on a piece of paper and keep it separate from the checks.
Debit or Check Card:
This allows you to withdraw from or deposit money in your bank account using an automatic teller machine (ATM) and to make purchases at stores that accept debit cards. Some debit cards carry a credit-card logo (such as Mastercard or Visa), and can be used in place of a check or credit card. Debit cards, however, draw directly from funds in your bank account, so you will want to ensure you have enough money in your account at all times. Also, make sure you understand your bank’s fees if you withdraw cash from a different bank’s ATM. Both banks can charge you up to $4.00 (or even more) in service fees.
Credit Card:
This allows you to make purchases even when you have no money immediately available. You are billed every month and must pay at least a portion your balance each month. If you do not pay the entire amount due, interest (or a "finance charge") accrues on the unpaid balance. The interest rate can be quite high, particularly if you have not yet established “good credit.” The annual fees and interest rates charged by some financial institutions are much higher than others. Shop around for the best value. Credit cards are convenient, but unless you are careful you may be shocked when you get your monthly bill. Save all your receipts to keep track of what you spend. Students can get into serious financial difficulties and amass huge debt with credit cards.
Managing your finances is one of the most important and challenging aspects of a successful and enjoyable academic experience. Dealing with a new currency and cost of living are just the beginning of the challenge. Before you leave home, pay attention to the exchange rate between your country’s currency and the U.S. dollar. Learn to think in dollars.
Prepare a monthly budget for yourself and track expenditures. Bills often take a month or two to arrive, but arrive they will. Don't fool yourself into spending the money you'll need to pay them. The list below can be a guide for possible expenses you will encounter.
- Tuition
- Fees
- Rent
- Meals (often called "board")
- Health insurance
- Books
- Transportation
- Communication/phone
- Clothes
- Personal expenses
- Taxes
- Family expenses
- Recreation
- Travel
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