With so many financial institutions to choose from, choosing the right bank can be confusing, but whichever company you ultimately choose to go with, be sure that it is insured by the Federal Deposit Insurance Corporation (FDIC).
To open an account, you need the following:
●a form of ID for example a foreign passport
●proof of address,
●your Social Security number (SSN).
You may be able to open an account online with some banks although you will still need your SSN and activate the account at the bank’s branch in person.
Banks banking disclosures will include:
The interest rate and annual percentage yield of the bank accounts
Bank charges etc
Compare the following most common bank account features while deciding what bank to use
Bank Rates which includes the interest rates, interest compounding, annual percentage
●Interest Rate –expressed as a percentage, it is the amount of interest due per period say for a full year. You should inquire on the interest rate, starting interest rate after you open the account and the relationship between your bank account balance and interest. You will be told when you will start earning interest either from your ledger balance or from collected balance.
●Interest Compounding– When your money earns compound interest in a bank account, the interest earned is added to your balance on a regular basis. You will be told how often the interest is compounded.
●Annual Percentage Yield (APY) – Expressed as a percentage, it reflects the amount of interest you will earn for each deposit made on a yearly basis. You should know the minimum balance required before you can start earning interest.
Basically, there are five types of bank accounts you need to know:
● Checking Accounts (with or without an ATM card)
When you deposit money into a checking account, your bank will give you checks (in a small book form) giving you quick, convenient, and frequent access to your money. You can write checks to purchase items, pay bills, or to withdraw. You will be charged various fees on your account such as when you order a check, balance inquiry fee etc. Find out the fees your bank will charge. A regular checking account (at most banks) will not draw interest, although some will offer special rates or special accounts known as negotiable order of withdrawal accounts