Banking

If you have secured a paid training program, you should seriously consider opening a US bank account in which to deposit your salary or wages. There are many reasons to consider opening a bank account. First, it is possible to have your Host Company deposit your earnings directly into either a savings or a checking account, which will spare you the burden of having to travel to your local branch to cash or deposit a check. Additionally, most banks now allow you to check your statement and manage your funds online.

Opening a Bank Account
In order to open a US bank account, you will need to take with you the following documents and forms of identification:

• Passport
• Driver's license or state identification card (not required for all banks)
• Social Security card
• Proof of where you are living. While your official lease is your best option, banks generally accept a piece of mail addressed to you, such as your telephone or electricity bill, as proof of address.
• Letter from your Host Company verifying your status as a Trainee

Types of Bank Accounts
The two main types of bank accounts available to you are checking and savings. The specific services provided by these types of accounts will vary from bank to bank.

• Checking Account: a checking account allows you to deposit and withdraw money from your bank account with great ease. You can write checks to pay bills, and make purchases as well. Most banks offer Automated Teller Machine (ATM) cards as a service (ask for it when you open a bank account). With this card, you can access your account to check your balance or withdraw money 24 hours a day from any ATM owned by your bank. You can also withdraw money from nearly any ATM of a competitor bank, but keep in mind that these ATMs will charge a small fee for this service.
• Savings Account: you can choose to open a savings account, which is somewhat more limiting than a checking account. A savings account earns interest over time, but may restrict the amount of your withdrawals.