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HANDBOOK FOR INT'L STUDENTS AND SCHOLARS
Banking and financial informationThe dollar ($1) is the basic monetary unit in the United States, and it is based on the decimal system. The coins in common use include the penny (one cent, 1% of a dollar); the nickel (five cents, 5% of a dollar); the dime (ten cents, 10% of a dollar); and the quarter (twenty-five cents, 25% of a dollar). US paper money is all the same size and is in denominations of $1, $5, $10, $20, $50, and $100. NOTE: A social security number is not necessary to open an account with the banks listed below, but they do require that you show at least your passport for identification, and many require two forms of photo identification. There are several banks near the Emory campus, including: Many banks will give you an ATM (automated teller machine) card, also called a debit card, when you open your account. This card allows you to get money from your bank account when you cannot get to your bank or use a check. While these cards are a great convenience, you should know that people have been robbed and hurt by criminals while using their cards at ATMs, especially at night. Do not tell anyone your PIN (personal identification number) that you receive with your card; do not write your PIN on your card; use ATMs that are in well-lit areas, during the day if possible; try not to let people see you enter your PIN or see how much money you are taking out of the machine. Try to go to the ATM with a trusted friend or relative - avoid going alone if you can. As for credit cards, you can inquire at your bank to see if you would qualify for a credit card through them. Bringing a credit card from home would be very useful to you here. If you are a full-time student, you may qualify for a special checking account with a low (or no) service charge. It is a good idea to compare the services offered by different banks so that you can find the account that best meets your checking and savings needs. Some things to ask about before selecting a bank account are: (1) What is the minimum balance required, and is there a penalty if my balance goes below that minimum? (2) Will my checking account earn any interest? (3) What will I pay in monthly service charges? (4) What is the per-check charge - how many free checks can I write each month? (Expect to write at least three to five checks per month.) (5) What other services does this bank offer, and how much does it charge for me to use them (for example, a safe deposit box, exchanging foreign currency, or getting certified or cashier's checks)? (6) Is is possible to pay bills online through my bank account? Opening a Bank AccountSuntrust Bank Bank of America, Wachovia Bank Fidelity National Bank Individual Taxpayer Identification Number (ITIN)-- if applicable A Word About Online Payments and ChecksOnline payments of bills through your personal bank account is becoming increasingly common in the US. Ask your bank about procedures and availability for using an online banking payment system. Whereas in many countries paying by check is no longer done, and even though it is becoming less common in the US, checks are still used somewhat frequently in the US. Here are some aspects to consider: Sales Tax and Income TaxIn the United States, when you purchase tangible goods, utilities or other services, you have to pay a sales tax (some states do not charge a sales tax, but unfortunately Georgia does). Sales tax is not stated in the price of an item; it is added to the price when you pay. Sales tax varies depending upon the state and sometimes, the county within the state. In the Atlanta area, the sales tax is generally 7% of the price (except for food tax which is generally 2-3%). Thus, if an item is priced at $1.00, you really pay $1.07 Beware of Financial Scams Unfortunately, international students and scholars can be a favorite target of “scam” or “con” artists, people who attempt to take your money using a variety of schemes, set-ups and false advertising. Please be very cautious when approached by strangers with stories or requests which involve putting up deposits or giving them your money. Please also do not respond to requests via e-mail or telephone to solicit personal financial information from you, such as your bank account number or your Social Security Number (SSN). For more information about scams and cons and how to avoid them, please see this website: http://moneycentral.msn.com/money.search?q=scams |