Banking

One of the first things you have to do when you arrive is getting a bank account. What you would want is a free checking account (no maintenance fees) with a VISA or MasterCard debit card associated with it (not a credit card!) and some dozen free personal checks. You should be able to get that at any bank. Take your passport and other IDs such as the BuzzCard or driver's license with you. If you already have your Social Security Number (SSN) be sure to have it handy - you don't need the card, just the number itself. Generally the SSN is not absolutely necessary, though.

You are getting the most convenient banking if you choose one of the banks that put their ATMs (Automated Teller Machine, a banking machine where you get cash etc.) in the Student Center. These are SunTrust, Wachovia, and Bank of America. Wachovia is present along the whole east coast, Bank of America you can find across the whole country. Another advantage you may have with Bank of America is that if you're already a customer of one of their partner banks in your home country, you can access your home account via Bank of America's ATMs with no fees at all. Partner banks are: Deutsche Bank, Commerzbank, Dresdner Bank, HypoVereinsbank, and Postbank in Germany; BNP Paribas in France; Scotiabank in Canada, Chile, and Mexico; Westpac in Australia and New Zealand; Barclays in the UK, Kenya, Mauritius, Tanzania, and Zimbabwe.

Getting money from your home country

The author of this page has set up a Deutsche Bank account in Germany before leaving, obtained a Bank of America account in Atlanta, and can now use his Deutsche Bank Maestro/EC card at the Bank of America ATM to get money without any fee from the German account, at the daily exchange rate. At this time, the system cannot make balance inquiries, and it is also not yet possible to make free wire transfers between the accounts. The usual procedure is to withdraw cash from your foreign account, and deposit that cash into the same ATM, but to your American checking account.

Other large banks should have similar cooperations, but you would have to inquire about that yourself. In any case it it possible to make international wire transfers but the cost is too high to make this a regular option. You can bring travelers checks with you and deposit them in your new account, but they also require a fee payment of course.

Making deposits

Of course you can always go to one of your bank's branch offices to make a deposit. But it is more convenient to use the ATMs in the student center for deposit. This works simply like this: you fill out a deposit ticket (not every bank requires it) that you got when you opened your account, put the cash and/or endorsed (signed on the back!) checks in an envelope that is in a box at the ATM, seal the envelope, insert the ATM card and go through the menus, enter the deposit amount, and insert the envelope in the appropriate slot. One or two working days later the bank will have verified your deposit amount and it shows up on the balance. Done!

Making payments

You can use your debit card that comes with your checking account just like a regular credit card. Unless the vendor explicitly requires you to have a credit card - those cards do not feature the word "debit" above the VISA/Mastercard logo. This is the case if you want to rent a car or get a cell phone contract. If your card does not have a picture of you on it, you should carry a picture ID with you because a lot of vendors verify your identity before purchase.
Most online Shops require a US Credit Card: Although your US VISA/MasterCard debit card will work fine, International Credit Cards are not accepted in most cases! This is because Online Shops can check delivery address against the address known to your bank to prevent fake orders.

Unlike in other countries, personal checks are still widely used in the US. You should be able to shop with a personal check, but it is not regarded as the safest way, so vendors prefer that you use something else, or have check numbers above 500 which makes you more credible (apparently). Checks are most often used in a more private context like paying your rent, or reimbursing your friend. When writing a check you should make sure that at the time when the person cashes it, you have sufficient funds in your account - otherwise you pay fees as high as $30.

There is a free and very convenient service called "Bill Pay" at Bank of America and similar at other ones. With this service you are able to advice your bank via Online banking to send a check via mail to a specified person or company. The receipient can handle this computer generated check like a normal one. This is for you as easy as Online bank transfer you are used to from Europe, only the receipient has still to bring the check to the bank.

Credit Cards

Real credit cards are needed as soon as the vendor requires a "credit history". However, if you are new to the US, you cannot just get any credit card that is being advertised here. That is, because you do not have a credit history. It's a bit like the hen-and-egg-problem, but you are able to get introductory cards meant just for building or re-building a credit history. Bank of America and Wachovia, among others, offer that. You will definetly need a SSN (Social Security Number), and also very helpful are utility bills on your name, the BuzzCard, and a letter from your scholarship indicating that tuition/fees etc. are covered. If you don't have the latter, have some other financial statement available that shows you have sufficient funds for your tuition and living expenses.
Your first credit card will have a limit of $500-$1000 and the bank decides what you are going to have. The amount can be increased later, either by filling out an application form or the bank does it automatically if you've been paying on time. Your punctuality in payment determines the quality of your credit history - and for a purpose like renting a car you definetly want a good credit history, so do your best and pay on time. Automatic payment options from your checking account are usually available.

Problems

Do not expect that any bank around here will open a checking account or issue you a credit card without some major hassle. Wrong spelled names are the commonest mistakes, as well as wrong account types, late arrival of checks or check cards, or unnecessary or hidden fees. People will generally be very friendly to you and apologize, but that is no guarantee that you get what you are asking for. So again, do your banking business on time and always double check, especially the spelling of your name and adress when opening an account.