How to open bank accounts in the USA?

How to open bank accounts in the USA?

Open bank accounts in the USA - Background:

Since September 11, 2001 terrorist attacks on New York's twin towers and 26 October the same year by the Patriot Act, U.S. anti-terror border management have made a great adjustment, while the U.S. banking industry standards are more stringent. According to the Patriot Act's Section 326 requirements for the banking industry to create customer identification program (CIP), the identification procedures in detail to verify the identity of banking customers and check their names, in order to identify if the list is illegal the terrorists. All people, whether foreigners or citizens, are required to submit a minimum the following:

1 name.
(2) date of birth.
3 Address - PO Box address is not allowed.
4 to prove the following:
a. citizens must provide a Social Security number (SSN) and driver's license.
b. Non-citizens must provide one or more of the following as proof:
i. Social Security number (SSN) or individual taxpayer identification number (ITIN).
ii. passport number.
iii. expatriate identity card.
iv. other official identification issued by foreign governments and photos.

The U.S. government allows the banks to submit more than the minimum requirements of the proposed regulations. As Bank of America is owned by the private sector, and not vested in the Government-owned, the requirements of regulations may be different for each bank and regulations. In addition, the U.S. government has given banks some freedom to decide between them how to obtain such information, so some banks may allow you to set up a bank account on the Internet, you may ask another person to start a bank account.

United States qualify for a bank account is a more confusing topic. There are no specific language requirement, the law prohibits foreigners living outside the United States opened a bank account in the United States. However, it seems many banks in the United States refused to foreigners living outside the United States opened a bank account, may be worried not to trust the precision required to identify them, and they may be violating the U.S. government to allow the CIP regulations, which suffer from high the amount of fines. The most important thing is, most foreigners living in the United States is legally qualified to operate a bank account. Immigrant visa holders (permanent residency, or "green card") is certainly qualified to run. Some living in the U.S. non-immigrant visa holders, such as the type of visa (Foreign), F-1 visa (student) and H visas (H-1B, H-1C, H-2A, H-2B, H-3, H-4), then living in the United States is eligible for a bank account.

Bank of America account type --- Part 1

There are four basic types of bank accounts --- checking account, the financial market deposit accounts (MMDA), savings accounts, and time deposit accounts (interest on certificates of deposit, time deposits). As competition in the U.S. banking industry is very fierce, so each type of account offered by banks and bank accounts in all types have provided different. For example, a large bank in the United States currently offers five different diversity --- they have regular checking account checking account, student checking account, checking account older people. If you always maintain a certain minimum amount deposited in your checking account, then the number of banking services are provided free of charge to your checking account, checking account and these are not the minimum amount of deposits, but also provide some free services.

In the U.S., checking account is the most common type of bank account. This gives you the most efficient way to access your money, you can write checks to withdraw your money, in order to pay bills and purchase goods and services. Usually you will use the account to receive a debit card, check card or ATM card (debit card) to use the electronic payment of goods and services. This depends on the bank and checking account type, you are to be charged in the various types of check processing before you can write per month may be limited to the number of checks. If your account balance drops to a certain level, some banks may charge you a monthly fee. And some banks will charge with or without the balance of your fees. When you check the time expires, the bank must print a new, you may have to pay this fee. Banks may be because your account has a considerable amount of money that may interest you pay each month. Daily life in the United States, this type of bank account is necessary.

Financial market deposit account (MMDA) is used to deposit a higher amount of deposit accounts, while interest rates are higher. They pay higher than the interest checking account. And you usually write checks from these accounts, but most banks will limit your monthly bill a very low number, sometimes only three times, three times after, they will receive a check in the extra high the amount of costs. They may limit you to move money from these accounts to other types of account number. In addition, in this type of bank account, some banks may charge you the cost of other types. This type of bank account for some of the people usually have a checking account, but some of them extra money, perhaps the future may need to use. But now you want to save some money somewhere to win more than than the checking account may pay interest.

Savings account is just for this - deposits. It is usually paid more than (MMDA) higher interest rates, but do not allow you to use such accounts to write checks. And they usually will limit you to transfer money from the account number and charged to the outside of the other types of service fees. The benefits of this type of account is that some people may have more than they will use (MMDA) in more money, but he does not need it any time soon with the amount inside, and want to win than the (MMDA) higher interest rates .

Bank of America account type --- Part 2

Deposit accounts (interest certificates of deposit, time deposits) is a special account, you agree to hold your money in there for some time, and during this period banks agreed to pay you some interest, the bank will provide all their rates are usually highest different types of bank accounts. During this period, banks will never allow you to extract all of the amount. How do you do, then the bank will take the charge very high fees to punish you, usually you deposit in the account to offset earned money until the account expiration date. Some banks will only let you withdraw from this account regularly on the interest they pay you, but you had not the total amount deposited into this account. Bank available to you at different times of the period to hold your deposit. Time period may be 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 5 years, and so on. You choose the longer time period, then the bank pays you higher interest. The benefits of such an account only for some people, they have a lot of money, and they know they will not need to use at any time soon to the deposit, so they want to earn more money on deposit of interest. The following table outlines the case of these four types of bank accounts.

Bank Type - Summary

Because the banking industry in the United States is very competitive, it is best to check the account before the payment of the contents of several different banks and compare the different types of accounts, restrictive and penalties, the charges and interest payments.

You choose to use a bank account and what types of services, depending on your needs. Everyone should have at least one checking account. Checking account is required for daily living in the United States, essential. If you have a small amount of extra money, and you do not intend to use in daily life, then you can re-open any (MMDA) or savings account. If you have a very huge sum of money, and for a longer period of time did not expect the need to use, you might as well open a fixed deposit (interest certificates of deposit, time deposits), to earn more than the (MMDA) or savings account higher interest. When you open any bank account, be sure to fully understand your account will affect all restrictions, penalties and fees and so forth, because if you use your account is not the same with the proposed content of those restrictions, penalties and charges will be added quickly costs.,