Madison Friends of International Students

MONEY / BANKING / FINANCIAL INFORMATION

There are a number of financial institutions in the University area that offer services to students. Consult the Yellow Pages ("Banks" and "Credit Unions") for others. Many students use the U. W. Credit Union for their banking needs. Take your passport for identification. When you open an account, you also may need an Individual Taxpayer Identification Number (ITIN) or a Social Security Number.

ATMs (Automatic Teller Machines), also called TYME machines, make it easy for you to get cash. If you have an ATM card with your checking or savings account, you can withdraw funds at any time. There is usually a fee for having the card, and there may be an additional fee for each use of the card. Make sure you know your financial institution's rules for using your card, especially regarding fees. Cards can be used in any machine that is part of your financial institution's ATM network. Wisconsin financial institutions use the TYME network, but most Wisconsin ATMs also honor cards from other ATM systems. The following ATM systems can be found here in Madison: Cirrus, Honor, Magic Line, Fast Bank, Star System, Shazam, Express Teller, VISA Plus, Pulse, American Express, and Instant Cash. This list changes from time to time.

Debit cards use one of the major credit card networks to access and withdraw funds from your account. You can use your debit card instead of writing a check at many stores. The card is not a credit card; if your account balance is too low for the purchase, your card will be rejected. Most financial institutions offer dual-purpose ATM/debit cards with checking accounts.

In addition to an ATM/debit card your financial institution will give you a small "check book," in which you can keep a record of the checks that you write and the balance of money that is in your account. All checks should show the date, the name of the payee, the amount, and the signature. The amount should be written twice, once in figures and once in words, beginning as far left as possible. You may arrange to have your university salary checks sent directly to your financial institution.

You can cash checks at financial institutions for a small fee Your own bank will not charge you a fee but you will need identification. You can also cash small checks at the University Bookstore, 711 State Street. Third party checks, made out to you by another person, can only be cashed at your own bank.

The most common denominations of paper money are $1, $5, $10 and $20.

During Welcome Week you will see many credit card offers (Visa, Mastercard, American Express, Discovery) for UW students around campus. As a student you will be eligible for most of them. You could also ask your bank or credit union for a credit card.

Using credit is a promise to pay at a future date; you are committing your future income. Using a credit card is a loan with a different name-it has terms like a loan and you are paying a high percentage of interest to use someone else's money.

Consider getting a credit card with a low credit limit so you aren't tempted to overspend. Beware! It is easy to overspend.

If you lose your credit cards or checks or fear that they have been stolen, contact your financial institution immediately. If you notify the institution that issued your credit card promptly, any charges over $50 made after you lose your card will not be honored. It's always a good idea to keep your credit card account numbers written down somewhere at home. In case you lose your cards, it will be easier to cancel them if you have the numbers handy.

You can get help in planning your family budget at the Office for Student Financial Services, 432 N Murray St. (262 3060).

To send money through the mail, the safest ways are to use a personal check, or to purchase a bank draft money order. You can buy a bank draft or money order at most post offices or banks.

Be sure to close your bank accounts before you leave the United States.