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:

Valid Government-Issued Photo ID: Passport, driver’s license, or state ID.
Basic Personal Information: Birthdate, Social Security number (SSN) or Taxpayer Identification Number (TIN), and contact details.
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.