Opening a bank account is an important way to safeguard your money while living in the United States.  The information below provides instructions for how to successfully open a new account.  For additional information, please contact OIPS.

 

Customer Identification

U.S. financial institutions are required to verify the identity of every individual who opens a bank account. The following minimal information that the banks must obtain from you before allowing you to open an account are:

• Your name
• Your date of birth
• Your street address (post office box addresses are not accepted)
• An identification number (e.g. I-94 number, passport number)

Banks may ask for additional documentation because they are ultimately responsible for establishing the identity of their customers.

Documentation to Bring with You

Documents you should take with you to open your account:

• Your unexpired passport
• Your I-94 card
• Your MIAD I-20 form
  
• Any secondary form of identification you may have (e.g. U.S. driver's license)
• Form W-8 BEN if you are a student not eligible for a SSN or ITIN (contact OIPS for more information)

To assist you, MIAD's OIPS office can provide you with a letter confirming your status as an enrolled student and asking for their assistance in opening your account.  Please contact us for more information.

Taxpayer Identification Numbers

Banks are required to report any earnings you receive on interest earned on your account. For this reason they will ask you for a taxpayer identification number such as the Social Security Number (SSN).

If you are eligible for a Social Security Number, we recommend that you apply for your Social Security Number as soon as possible. You are eligible for a Social Security Number if you are an F-1 student approved for curricular practical training, optional practical training or have already secured on-campus employment.If you have already applied for the SSN before you try to open a bank account, you should take a copy of the receipt notice with you. The receipt notice can serve as additional documentation that can help establish your identity. As soon as you receive your SSN, you should inform your bank.

Please contact OIPS for more information about opening a bank account, obtaining a status letter from OIPS or obtaining a Social Security Number.

 

The contents of this document are drawn from a resource developed by the Association for International Educators