Banking and Credit Cards

GETTING STARTED
All you need to open a bank account is your passport, a U.S. address and some money to deposit. The bank will ask for your social security number (SSN) but you DO NOT NEED this number to open a bank account. If you are eligible for a SSN, just tell the bank you will give the number to them after you receive it. If you are not eligible for an SSN, that is fine. If you open up an interest-bearing savings account, you are eligible to apply for a Tax Payer Identification Number (ITIN). Please contact International House for more information about applying for the ITIN.

You will find it almost essential to have a bank account in the USA, unless you are here for a short period of time.  We (U.S.A. Americans) use debit cards for almost all our purchases these days.  We usually carry very little cash on us.

The only bank on campus is Wachovia Bank.  They have a branch office located in Duke Hospital South on West campus. All banks can arrange for an international transfer of funds from your bank at home.  In North Carolina, banks are typically open Monday-Thursday, 9am-5pm and on Fridays, 9am-6pm.  Banks are closed Saturdays and Sundays.

BANKS CLOSEST TO CAMPUS
Bank of America is located at 1058 West Club Boulevard (next to Northgate Mall), 956-2254 or 1-800-333-6262. For Duke employees: a checking account is free with a direct deposit. For students: it's free for the first 6 months. After that, it's $3.95/month unless your parents have a Bank of America account. No minimum balance is required, but a $30 deposit is required to receive a check card. This money stays in your account and is available for use. ATM machines are located in Bryan Center and Medical Center. Incoming international wire: $10 - $15.

SunTrust is located at 2714 Erwin Road (on the corner of Erwin Road and LaSalle Street), 683-7782. Free checking account with no minimum balance. Bring $25 deposit and 2 forms of I.D. to open a new account. ATM machines are in Duke Medical Center and Bryan Center. Incoming international wire: $50.

Wachovia Bank is located on the first floor of Duke Hospital South, 688-3261, AND at the Durham West Financial Center, 2000 West Main Street (the corner of Main Street and Ninth Street,) 416-6050. Free checking account with no minimum balance, but requires a $50 initial deposit to receive the check card. ATM machines located in Bryan Center, East Campus Union, Fuqua, Duke Hospital North and Duke Hospital South. Incoming international wire: $15.

WIRING MONEY FROM HOME
If you want funds transferred electronically from your home to your bank here in the United States, you will need (1) the name of your bank, (2) your bank account number, and (3) your bank's routing number.  Each bank charges for wiring funds in and out of the country.  Contact each individual bank for fees.

OBTAINING A CREDIT CARD
Many international students and scholars find it difficult to obtain a credit card because they do not have a "credit history." In order to build a credit history, one must have a credit card or have a history of paying off debts, such as a car loan, in the U.S. It is a frustrating situation. Many internationals apply for a credit card through their bank and have their application rejected.

It is not always necessary to have a Credit Card as your Visa Check Card can pay for many of the same items that a Credit Card does.  If you do decide to go ahead and apply for a credit card, be sure that you have enough funds to pay your monthly credit bill on time.  One of the biggest problems of U.S. citizens is getting into credit card debt. We do not want this to happen to you.  Use your credit card with caution.

SUGGESTIONS FOR OBTAINING A CREDIT CARD
• Obtain a "secured" credit card to build your credit history.  Ask your bank if they can offer you a secured credit card.  A secured credit card is just like any other credit card except that you secure your credit card with a deposit (for example, $500) which becomes your credit line and cannot be used.  The best part is that your secured card is reported as a regular credit card on your credit history report.  After several months of paying off your credit card bills in full each month (and thus building a reliable credit history) you are then in a much better position to apply for an "unsecured" credit card

For more information on how other students and scholars have obtained a credit card, go to our Banking handout.