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New to the U.S.

Alert: New Omni Bank will be closed on Thursday, November 28, 2024, in observance of Thanksgiving Day.

Banking in the United States

Banking in the United States

Mastering U.S. banking basics: A newcomer's guide.

Navigating a new banking system can be one of the most daunting aspects of moving to the United States. At New Omni Bank, we’re committed to making this transition as smooth and straightforward as possible. Our guide is designed to help you understand and take advantage of the banking services available to you.

Types of Bank Accounts in The U.S.

Account Type
Basic Checking
Purpose
Daily transactions such as depositing paychecks, paying bills, and transfers.
Features
Check-writing capability.
Benefits
Easy access to funds, low monthly fees.
Account Type
Interest Checking
Purpose
Everyday use with the added benefit of earning interest on balances.
Features
All features of basic checking, plus interest earnings.
Benefits
Combines checking account convenience with earning potential.
Account Type
Savings Account
Purpose
Save for short- or mid-term needs or emergencies.
Features
The number of withdrawals is usually limited, which helps encourage saving habits.
Benefits
Secure storage for savings with interest earnings.
Account Type
Money Market Account (MMA)
Purpose
Higher interest earnings with some checking features.
Features
Savings and limited check-writing abilities, tiered interest rates.
Benefits
High flexibility and interest earnings.
Account Type
Certificates of Deposit (CDs)
Purpose
Long-term savings with higher interest rates.
Features
Fixed term deposit, early withdrawal penalties.
Benefits
Guaranteed return on investment with higher interest rates for money you can set aside.
Account Type
Trust Account
Purpose
To manage assets for the benefit of a third party, such as a minor child or a dependent.
Features
Managed by a trustee, may earn interest, tailored to meet the specific needs of the beneficiaries.
Benefits
Provides financial security for beneficiaries and offers controlled distribution of assets according to the terms set by the trustor.

Types of Bank Accounts in The U.S.

Account Type
Purpose
Features
Benefits
Basic Checking
Daily transactions such as depositing paychecks, paying bills, and transfers.
Check-writing capability.
Easy access to funds, low monthly fees.
Interest Checking
Everyday use with the added benefit of earning interest on balances.
All features of basic checking, plus interest earnings.
Combines checking account convenience with earning potential.
Savings Account
Save for short- or mid-term needs or emergencies.
The number of withdrawals is usually limited, which helps encourage saving habits.
Secure storage for savings with interest earnings.
Money Market Account (MMA)
Higher interest earnings with some checking features.
Savings and limited check-writing abilities, tiered interest rates.
High flexibility and interest earnings.
Certificates of Deposit (CDs)
Long-term savings with higher interest rates.
Fixed term deposit, early withdrawal penalties.
Guaranteed return on investment with higher interest rates for money you can set aside.
Trust Account
To manage assets for the benefit of a third party, such as a minor child or a dependent.
Managed by a trustee, may earn interest, tailored to meet the specific needs of the beneficiaries.
Provides financial security for beneficiaries and offers controlled distribution of assets according to the terms set by the trustor.

When moving to a new country, it is recommended to start by opening a checking account.

With a checking account, managing finances becomes significantly more convenient, allowing for online bill payments, easy access to cash, and the ability to transfer funds both within the country and internationally via online banking. 

Additionally, direct deposit of paychecks into your checking account can be set up, avoiding the fees associated with cashing checks through external services.

What You Need to Open a Bank Account​

To open a bank account in the U.S., you’ll need:

  1. Valid Government-Issued Photo ID: Passport, driver’s license, or state ID.
  2. Basic Personal Information: Birthdate, Social Security number (SSN) or Taxpayer Identification Number (TIN), and contact details.
  3. Initial Deposit: Some banks require an initial deposit.

For joint accounts, all co-owners need identification and personal details. Minors require a parent or guardian to co-sign.

Choosing the Right Bank

For international newcomers, choosing the right bank can significantly impact your ease of settling in and connecting with your new community. Consider the following factors:

  • Location and Accessibility: Proximity to home or work.
  • Fees and Charges: Understand the fee structure for account maintenance and transactions.
  • Services Offered: Online banking, international money transfers, and investment advice.
  • Bilingual Services: Banks offering services in your native language.
  • Community Connection: Banks involved in local events and offering financial literacy programs.
  • Experience with Newcomers: Banks that understand the challenges faced by international clients.

Bank Safely and Securely

  • Fraud Prevention: Learn to protect yourself from banking fraud and identity theft.
  • FDIC Insurance: Learn what FDIC insurance is and how it protects your deposits up to $250,000 per depositor, per insured bank, for each account ownership category.

A Bank Specialized in Serving New Immigrants​

At New Omni Bank, we’re more than just a bank. We’re your partner in navigating your financial journey in the U.S. Whether you’re opening your first account or building your credit, we’re here to provide the support and services you need. Connect with one of our Relationship Managers today.

Building Credit in the U.S.

Read our guide to learn how to start building your credit history when you first move to the U.S.

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