Banking

• It is advisable that you open an account (checking and/or savings) in a local bank as soon as possible after your arrival to ISU. You could choose the bank located in the Hulman Student Center, or any other bank in the vicinity of the campus, or close to where you reside while studying at ISU. Sums of money left in rooms are not secured, whereas in a bank account they are.
  
  You should check with the bank of your choice to find out the services they offer you, their client. The services could be free checking, safety deposit box at the bank, good interest rate for your savings account, a telephone line for inquiries about your account, or for money transfers between your accounts. The bank might also offer you other free services depending on the sums you deposit with them.
  
  The bank can also issue you a card you can use to withdraw cash from their Automated Teller Machine (ATM).
  
  If you need to access and withdraw money from your bank in your home country, you can use your Visa card, your American Express card or use the Western Union to cable your request from your bank in your home country. If you need to compute the value of your home country currency in U.S. dollars, one website you can look at is http://www.xe.com.
  
  We strongly recommend you take this instructional lesson on Using a Checking Account in the US before you arrive on campus.
• Finances: Always check the accuracy and details in your bank statements when you receive them from the bank. Make sure that the bank's statement of expenses (such as the numbers of checks, the amounts of withdrawals, etc.) all correspond to your details records. If your checks are lost or stolen, immediately report it to your bank.
• Taxes: You will be required to pay taxes on any interest you earn from your savings account at the U.S. bank. The bank will inform you on this matter. Every time you purchase non-food items at any store, you are charged a "Sales Tax." If you are employed while living in the State of Indiana, you are required to pay a "State Income Tax." Your employer will give you the needed information and the forms to file. You are required by the U.S. Internal Revenue Service (IRS) to file your income tax returns by April 15 of each year on Form 1040 NR-EZ, which is available at the U.S. Post Office or at your place of employment. The Controller's Office at ISU offers free income tax workshops for all international students each year.
• Credit Cards: You might have one or more credits cards issued to you in your home country, or you might have been issued one by a local U.S. bank. In either case, you should always keep track of your expenses, receipts, etc., in order to check them for accuracy with the statement you receive from the bank issuing the credit card. It is always possible that someone has charged a purchase or used your card for a cash withdrawal from your account without your knowledge or permission. Your credit card will supply you with the needed information for such cases of fraudulent usage of your credit card. Keep your cards in a safe place and do not give your account number to telemarketers or unknown people asking you to give them your number on the telephone, even if the person calling claims to be an employee in your bank. If your credit card is lost or stolen, report it immediately to the bank issuing the card (you have their 800 phone number with the information they sent you with the card).