Banking 101
Welcome to your first college class: Banking 101! Banking in the U.S. can be different than in other countries, so here is a
list of suggested questions to ask any bank, and use it with the summary chart of services and fees. The more you know, the
less you will be surprised by any extra fees.
Things to note:
1. Given the size of the U.S. and federal banking regulations, there is no one bank that operates in all states and territories.
2. If you are working on campus, you should set up direct deposit with your banking account in the United State. Instead
of your employer issuing you a paper check which you must physically deposit into your account, Macalester will
deposit it electronically. To set up direct deposit, log into 1600grand; select the Employment/My Job tab; choose Direct
Deposit link to add your bank account information.
Location and Hours
● What are your hours of operation? Are ATMs open 24 hours? Do I need an appointment to talk with a banker?
● Is there a 24-hour customer service number in case I have a financial emergency?
● How many bank branches and ATMs do you have in my area? Are there locations in other states?
Opening an Account and Types of Bank Accounts
● What are the differences between a saving, checking, or other accounts?
● What is the minimum amount I have to put in to open an account?
● If I open an account, how much interest will I earn? How is that interest compounded?
● Is my checking account an interest-bearing account? What are the restrictions?
Service Fees
● What are the transaction or monthly fees? Is there a minimum balance or something else I can to avoid paying a fee?
● Will I be penalized if I don’t keep my money in the account for a certain amount of time?
● Can I get an ATM (debit) card? If so, are there any fees or restrictions associated with this?
● If I use the ATM card at another bank’s ATM machine, is there a fee? What is that amount?
● Are checks free or discounted?
● Does the bank provide free money orders or money transfers? If not, what are the fees?
Maintaining a Bank Account
● Update phone numbers and address as needed
● Open deposit and maintenance fee
● Never share account information through email or phone with anyone unfamiliar.
Online Banking
● Do you have free online banking? Does your bank have an App for my device?
● Can I get online statements, or are paper statements mailed to me?
● Is online bill pay available? Is there a fee associated with this service?
Other
● What can your bank offer me that others cannot?
● Does your bank provide free notary services (proof of signature on legal documents)?
● What is your funds availability (account balance versus available spending amount) policy?
● What is my liability for unauthorized transactions on my account, including identity theft?
● What are the overdraft (writing a check for more money than is in the account) protection options?
● How soon are deposited funds available?
● If I need to close my bank account, how do I do so and what documents do I need? Must I go to the bank in person?
Bank Options
Macalester has been cooperating with several banks(US Bank, Wells Fargo etc.) near the campus to provide convenient
experience for incoming international students. This year US Bank staff will attend the PO4IS and assist students in creating
their banking accounts on August 24th.
However, there are many other banking options that also provide great services, and it is up to you which bank you prefer to
work with. The most important thing is to make sure that you read the questions listed above and get clear answers from the
bank you choose. It’s always a good idea to keep extra caution on banking since a small violation may lead to severe
consequences.
US Bank
Wells Fargo
Where is the nearest bank?
1701 Grand Ave, St Paul, MN
55105 (10 blocks east - about 25
minute walk)
1827 Grand Avenue, St Paul, MN
55105 (3 Blocks west - about 10
minute walk)
Where is the nearest ATM? Is
there an ATM fee?
Student Center at Macalester,
also at Holiday Station Stores.
Non-US Bank ATM's will not
receive a fee for the first 4
transactions in each statement
cycle.
5 ATMs within 1 mile (or 1.6 km) of
Macalester. Super America gas
stations such as one on 56 Snelling
Avenue N; 1827 Grand Avenue
What documents are needed to
open a checking, savings, or other
bank account?
Passport or State Issued
Identification, e.g. Driver's
License or State ID. Foreign
customers will also need to
complete W-8 BEN tax form.
One primary I.D.: Intl Passport or
U.S. State Issued ID, (ex. Driver's
License or State ID). One
Secondary I.D. (ex. student I.D.,
membership card, or a VISA)
Is there a minimum amount
required to open a bank account /
maintain an account?
No minimum balance required
for student checking account.
$50 minimum to open checking
account.
What happens on an overdraft to
a student account? Note -
overdraft is when the payment
you make or the money you
withdraw exceeds the balance in
your account.
If overdraft is more than $5
negative, the customer may
receive an overdraft fee of $36
per transaction if the account is
not brought positive during the
same business day.
Fees may apply, depending on
account package. There are many
ways to avoid fees. *Please see
banker for details.
Is there a fee for account
inactivity?
No fee for inactivity.
Fees may apply, depending on
account package.
What fees can students with
student accounts expect?
Student Checking Account is free
for all active students who sign
up for online bank statements. If
the student prefers paper
statements, there is $2 monthly
fee.
Dependent upon type of account
and other factors. There are many
ways to avoid fees. *Please see
banker for details.
How much do international wire
transfers cost?
Incoming Foreign Wires $25;
Outgoing wires: $45 for US
currency transfer; $35 if sent in
foreign currency. Incoming
domestic wire $15, incoming
international $16
Can students exchange currency
at your bank?
Yes, fee of $10. Currency is
ordered or shipped same-day
and typically available within 24
Yes, free with account at Wells
Fargo. Foreign currency can also be
ordered, arrives within 48 hours.
hours.
Others?
Mobile/Remote deposits are
now free for consumer/student
accounts! The first $200 is
available right away, the rest is
typically available the next
business day. US Bank customers
can now also send money
through Zelle.
Wells Fargo is an industry leading
bank with advanced security,
amazing mobile banking
technology, and with many tools to
help make your banking
convenient and to save you time.
Can now also send money through
Zelle.
Other Banks Near Campus (not all listed):
● Chase Bank
1039 Grand Ave, St Paul, MN 55105;
Mon-Sat, 9AM-5PM;
(651) 365-2154
● Sunrise Bank
200 University Ave W Suite 100, St Paul, MN 55103;
Mon-Fri, 9AM-5PM;
(651) 265-5600
● Associated Bank
202 Snelling Ave N, St Paul, MN 55104;
Mon-Sat 9AM-5PM;
(651)646-8681
