Having a U.S. bank account is a great way to manage your finances while studying at the University of Hartford. Opening a bank account is not complicated. Many banks offer free checking to students. These accounts typically come with an ATM card or debit card, the ability to write checks, and the ability to access your account online to review the balance and transaction history.
When you open an account, most banks will require two pieces of identification, such as your passport and University of Hartford ID card. Before you go to the bank, you need to be familiar with the basic customer identification programs that financial institutions must follow in opening any new accounts.
Bank Customer Identification Programs (CIP)
In an effort to reduce money laundering, U.S. financial institutions are required to verify the identity of every individual who opens a bank account. In compliance with federal regulations, all banks operating in the U.S. have established Customer Identification Programs (CIP) that they are to follow for anyone who seeks to open an account.
Establishing your Identity
Documentation to bring with you
Documents you should take with you to open your account include:
Banks offer different types of checking accounts designed to fit individual needs. The cost of checking varies from bank to bank. Some banks charge per transaction, some have a basic monthly fee, and others offer free services if you maintain a certain minimum balance in your account at all times. You should be able to access information regarding your personal account, including all transactions and deposits, through the bank's website.
A debit card, also known as a check card, allows you to withdraw or deposit money to your bank account using an automatic teller machine (ATM) and to make purchases at stores that accept the card. Debit cards are not credit cards.
A savings account enables you to save money and accumulate interest on your savings. Interest is paid either monthly or quarterly. The difference between a savings and a checking account is that you cannot write checks on a savings account.
Many banks issue cards that enable you to deposit and withdraw money 24 hours a day by use of an Automated Teller Machine (ATM). These machines, frequently located outside the bank, are very convenient. By using a bank card, you can avoid waiting in line at the bank and can have access to money after the bank closes. Banks that are members of a national ATM network allow you to access your funds with your bank card at selected ATM’s throughout the country. There are many ATMs located on campus.
Credit cards may be convenient, especially if you unexpectedly have major expenses. You can pay University and medical fees, airplane tickets and car repairs with any major credit card. You must understand that you can easily accumulate large bills with credit cards, and before you know it, you may be in debt. Before you accept a credit card, you must be sure to understand all your obligations. Most banks charge an annual fee. If you are unable to pay your full balance each month, you will be charged high interest rates (usually 18 percent or higher) on the remaining balance and any additional charges you make. Make sure you stay within your budget when making credit card purchases.
Local banks in our area include:
836 Park Ave, Bloomfield, CT 06002
315 Cottage Grove Rd, Bloomfield, CT 06002
48 Jerome Ave, Bloomfield, CT 06002
Please note that the University does not recommend financial institutions to our students.