Finances

Opening an Account

To open any kind of bank account, simply go to the bank or credit union of your choice and tell the receptionist that you would like to open an account. The receptionist will direct you to a person who can explain the kinds of accounts that are available and can open one for you.

Married persons can open a "joint account" which both husband and wife use. Banks have "customer service" personnel whose job is to answer customers' questions and assist with problems that have to do with banking services.

Students desiring to open a checking account in Roseville may do so at any of the several banks or Savings and Loan Institutions in Roseville. Listed here and on the following page are some of the banks available with the information you might need to open a new student account. Banks also send representatives to campus during orientation so that students may inquire about options and set up an account.

NOTE: Banking institutions may make changes from time to time without our knowledge. Ask if this information is correct when you call them.

You may cash a check (up to $100) in Riley Hall at the Cashier's Office week days from 8 a.m. to 4:30 p.m. It is closed from 10:30–11 a.m. for chapel.

Cash Cards

A cash card can be a credit or debit card, with a magnetic strip on one side. It allows you to withdraw money from your checking account 24 hours a day from machines at many locations. Each bank system has its own policy on charging for transactions, and daily withdrawal limits do apply. Be sure to find out what your bank’s fees may be for each transaction. Generally, you can only withdraw money in designated increments. Some machines take deposits too. If you have only a savings account, however, you may not be able to get a cash card. Be sure to record all transactions (withdrawals or deposits) and any applicable fees in your check register, in order to maintain proper balances and avoid overdrawing.

Institutions have different names for their cards, like INSTANT CASH, FASTBANK, DEBIT, etc. Cash machines often serve several institutions. Just place the card in an ATM (Automated Teller Machine) and enter a personal identification number (PIN) to activate the machine. Do not tell anyone else your PIN number.

Cash cards may also be used in most stores in place of cash. If you choose to use your card in this way, make sure you track your transactions on your account online and keep track of your balance to make sure you are not spending or charging more than you have in your account. If you charge more than is in your account most banks have an overdraft fee that can amount to up to $38.

Make sure that with every withdrawal you subtract the amount in your checkbook register immediately, otherwise you may forget.

Checking Accounts (Called CURRENT ACCOUNTS in Many Countries)

The kind of account you open should depend on the number of checks you will write each month and/or the amount of money you will retain in your checking account, although some banks now require no minimum balance or charge a check-writing fee. Fees vary from one bank to another.

Using Your Checking Account

It is very important to keep a running balance of your account each time you write a check. A charge is assessed each time you "overdraw" your account, that is, each time you write a check or make a charge and do not have enough money in your account to cover it.

Most people pay their bills by means of personal checks, sometimes delivered personally, but usually sent through the mail. (Cash should not be sent in the mail). Sending checks through the mail or on-line payment are both acceptable ways to pay your bills.

Banking and paying bills on-line are also possible options. Ask your banker about this service.

If not comfortable with this, paying by check and banking in person are very acceptable options.

Immediately after you write a check you should record all the information from it on your check register. This includes the check number, the date that check is written, the name of the payee (that is, the person or business to whom the payment is being made), amount of the check, and the fee. In the following example, a check for $5.25 was written on an account with a balance of $50.00. Note: If there was a $.10 fee for the check, the new balance would be recorded as $44.65 for the new balance.

When you add money to your account ("make a deposit"), you should, of course, record that also. Be sure to record all checks and deposits in your check register immediately, and keep an accurate account of your transactions, so that you don’t overdraw your checking account. Some check books automatically provide duplicates as you write your checks, so you don’t need to record each check separately in a check register.

Savings Accounts

A savings account earns interest, even if minimal. If you have several hundred dollars above your routine living expenses, a savings account is a safe way to invest it. You can withdraw any amount from a regular (or passbook) savings account whenever it is necessary. If you have a savings and checking account in the same bank, at some banks you can simply telephone and ask them to transfer funds from your savings to your checking account, or go to the bank’s internet site.

Travelers Checks

Most banks don’t offer traveler’s checks any more. Ask about traveler’s cards—like a credit card.

Banking Hours

Banks usually open between 7 and 9 a.m. and close between 4:30 and 7 p.m. on Monday through Friday and are generally open from 9a.m. to 1 or 2p.m. on Saturday. Check with specific banks (online or by phone) to be sure of the times. Banks generally are closed on Sundays. Also, check with individual banks on the services they offer.

If you have foreign currency to exchange into U.S. Dollars while you are in the U.S., it would be advisable to make the exchange before leaving the MSP airport. However, if you are unable to do this, there are a few local agencies that will provide this service, but you may need transportation to travel a short distance into one of the Twin Cities to make your transaction. The following U.S. Banks in the cities offer this service free of charge:

U.S. Bank - U.S. Bank St. Paul Center Office
101 5th St E
Saint Paul, MN 55101

(651) 466-8330

U.S. Bank - IDS Center Minneapolis Office
80 S 8th St # 224
Minneapolis, MN 55402

 (612) 337-70