Community Orientation

Banking and Financial Information

The following list of local banks is for your convenience only and does not imply any special recommendation or endorsement. Students may wish to choose a bank closest to where they are living. This is not a complete list.

Local Banks

Opening a Bank Account
Once you have arrived in the United States, you may want to open a bank account at a local bank. When you do so, bring your student identification card from Moraine Valley, your passport, Social Security card, and the funds you wish to deposit. 

You must have a Social Security number, or a Taxpayer ID number, to open a savings account at a bank. If you don't have a social security number, you may  apply for a Taxpayer ID number.  Please ask the bank official.  You do NOT need a Social Security number to open a checking account; your passport document should be sufficient.

The following is a brief description of the most useful banking services.

• A checking account will permit you to write checks to make purchases and pay bills. Most retailers and service providers will accept a personal check drawn on any United States bank as long as you can show appropriate identification (passport, driver's license, or State Identification card). By using checks, it is easy to keep records of your purchases and payments.

• A "debit card," also known as a checking card, or a cash 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. Some debit cards carry a credit-card logo (such as MasterCard or Visa), and can be used in place of a check or credit card. Debit cards are not credit cards, however, and they can be used only to the extent that you have funds in the account to which they are linked.

• Savings accounts. Unlike most checking accounts, savings accounts earn interest on the balance of the account. If you plan to bring money for the entire academic year or for your entire academic program, you may wish to put your money in an account that earns interest. You can withdraw money from an ordinary savings account, but you can't do so by writing a check. 

• Many banks offer so-called NOW (notice-of-withdrawal) accounts that combine the features of checking and savings accounts. With a NOW account, you may write a certain number of checks each month; such accounts can be very handy for students who maintain a relatively high balance and write relatively few checks.

• Most banks offer similar services and fees, so it is recommended you find a bank that is most convenient. Downtown Chicago banks may provide more international services, but they are further to travel to if you must visit the bank.