NRI BANKING - US BANKING

Types of Financial Institutions
Banks, credit unions,have the same basic services. Before choosing an institution, compare what each has to offer and pick the one that best serves your needs.

Banks : Banks in the USA are local, statewide or regional. The system may seem complicated if you are accustomed to large, national institutions. Banks are for-profit businesses and will charge a fee for services such as checking accounts, debit purchases and other conveniences. Make sure to get a listing of the fees banks charge before opening an account.

Credit unions : Credit Unions on the other hand, are nonprofit, cooperative financial institutions owned and controlled by the people who use its services. They exist to provide a safe, convenient place for members to save money and to get loans and credit cards at reasonable rates. They provide all the services of a bank, but usually with fewer fees. The disadvantages of belonging to a credit union are limited locations and limited conveniences, such as online banking or ATM services.

You may join a credit union only if you are part of a group that has one, such as a company, profession or school. There are also credit unions that are formed by different nationality groups, each with its own set of guidelines for membership. For example, Polish Slavic Federal Credit in Brooklyn, N.Y., is federally chartered to serve the needs of people of Polish and Slavic origin and their relatives who are members of the Polish Slavic Center.

Savings and loans generally offer services that help customers invest and save. They usually don't offer the same conveniences as banks, but they sometimes offer better interest rates on loans and some interest-bearing accounts

Setting up Your Banking Services
Financial institutions will need some proof of identification that you are who you say you are before opening an account. Call ahead to ask what you need, but you may need to provide:


Your Social Security number. You can get a Social Security card for banking purposes from the Social Security Administration (1-800-772-1213) even if you don't have a green card to work
A photo ID such as a driver's license, passport or student ID.
A bill with your current address to verify your address.
Your signature on a card or form that will be kept on file by your bank.
Ask for the new accounts department. The bank representative will walk you through the simple procedure of opening an account.

Does the bank provide online access

Bank lets you only to pay bills electronically you're not getting full service.

What online security features does the bank offer?

The minimum is a password and a PIN (personal identification number), just like with your regular ATM account. And while security on the Net is getting better every day, ask your bank if it has ever had an online security failure. If it has, ask what it has done to correct the problem.