Banks & Money

A bank account is necessary in order to manage money, make deposits (useful if you find a campus job), transfer funds, and use a debit card.

In the US, it is considered extremely unsafe to keep large sums of cash at home.

Most college students must be cautious about their spending habits. Campus jobs typically pay minimum wage ($8.30 per hour). Funds are deposited biweekly (on a Friday) into your local bank account.

Selecting a Bank

New students: We will help you open a local bank account during International Student Orientation.

Some tips:

  • Consider the services offered by each bank and which bank location is most convenient. Bear in mind where a banking center and ATM machines are located.
  • If you deposit a check from a foreign bank into your US checking account, it may take several weeks before the funds are credited to your account and are available for you to use. Wiring money to your account (see below) is generally a better option.
  • You will need money for books and other incidentals when you first arrive in Wooster. You can also use this as the first deposit in your new bank account. We have some suggestions of how much to bring to get you started.

Bank Accounts

Checking account: Allows you to write checks and avoid carrying large amounts of cash. Very few checking accounts earn interest.

Savings account: You can deposit money into your account and accumulate interest on the balance. There are a variety of savings account options that pay different rates of interest.

Debit card: Most students request a debit card with their bank account. The bank will assign a Personal Identification Number (PIN) – you can choose your own with some banks – for use to withdraw or deposit cash or as a purchase card.

There is a Huntington Bank ATM on the lower Level of Lowry Center and a PNC Bank ATM in the Scot Center.

Wiring Funds

Wiring funds abroad can be done via an electronic funds transfer, which can take 3-10 days. The Business Office has directions for wire transfers.