Banking
You have the option of using a bank of credit union. Be sure to tell the bank or credit union that you are an employee of the Partners health care system because most of the below banks offer discounted or free services for Partners employees.
Credit unions
Credit unions offer many of the services of a bank, but they are not-for-profit. This allows credit unions to pay dividends (profits) to their customers (not shareholders or outside investors) and offer lower loan rates, higher savings interest rates, and fewer service fees.
The following credit union usually generously offers many services to you even if you have not yet established a credit history in the U.S. For example, it might be easier for you to open a checking account, get a U.S. credit card, or get a loan from a credit union instead of a regular bank.
- Harvard University Employee Credit Union (requires an official ID from a Harvard Teaching Hospital like MGH, BWH etc., Partners HealthCare, or Harvard)
Banks
Banks offer many services, including checking and savings accounts. Debit cards (cards that look like credit cards, but directly withdraw the money from your bank account as you pay for things) and personal checks are accepted almost everywhere if you have appropriate identification (U.S. driver’s license, passport, other picture identification, or major credit card).
Banks vary somewhat in the types of services they offer. Popular banks in the Boston area include:
When You Go to the Bank or Credit Union
When You Go to the Bank or Credit Union account. A U.S. license, passport, other picture identification, or major credit cards
Read More...are usually acceptable. A Social Security Number may be required to open an interest-producing bank account.
You will also need proof your current U.S. home address. A letter of employment, or a bill addressed to you at your U.S. home address, or a copy of your lease agreement is usually enough to confirm your home address.
LessSavings Account
A savings account at a bank or credit union allows you to save money and accumulate interest on your savings.
Read More...Interest is usually paid monthly. The main difference between a savings account and a checking account is that you cannot write checks with a saving account.
LessChecking Account
A checking account will allow you to write personal checks, which is a form of payment that is paid directly from your bank account.
Read More...It is convenient to have a checking account at a local bank so that you can pay your bills with a check.
Banks offer different types of checking accounts designed to fit individual needs. The cost of each type of account varies from bank to bank. Some banks charge a fee for each transaction. Some have a basic monthly fee, while others offer services free of charge if you maintain a certain minimum balance in your account at all times.
Every month you will receive a bank statement that lists all of the transactions that took place the previous month. Some banks also will return canceled (used) checks to you. Be careful to keep an accurate record of each check you write so that you avoid “bouncing” a check (a check “bounces” when you do not have as much money in the account as the check was written for). If this happens, you will be charged a fee.
To keep track of the checks you are writing, use a checkbook that the bank will give you for free to record your checks and monitor your account.
Here are some questions to ask about a checking account:
- Is a minimum balance required?
- If so, what is the charge for going below the minimum balance?
- How much do checks cost?
Debit Cards/Automated Teller Machines (ATMs)
While a debit card looks like a credit card, it works more like cash or a personal check. You “pay now” with a debit card. With a credit card, you “pay later.”
Read More...Debit means “subtract.” When you use a debit card, you subtract money from your own checking or savings account. As with credit cards, you use it in stores for purchases. At check-out, the card reader electronically contacts your bank and subtracts the amount from your account.
The money you have in your bank account limits how much you can spend. However, if you are not careful in watching your daily account balance, you can over-withdraw your account. Some bank systems will allow you to use your debit card even when you don't have enough money in your account to cover the purchase. This can result in high over-withdrawal (“overdraft”) fees.
A debit card will also allow you to:
- Check the balance on your account
- Complete balance transfers between accounts
- Withdraw cash from your bank account at an automated teller machine (ATM)
ATM machines, which are commonly located outside the banks, inside shopping centers, at airports, and at other public locations, are very convenient. You can avoid waiting in line at the bank and have easy access to cash after the bank closes. Be aware that some banks have a service charge, up to several dollars, for these transactions.
LessDirect Deposit of Your Paycheck
If you receive a paycheck from BWH or MGH or any of the Partner affiliates, you may choose to have the check deposited directly
Read More...into your bank account so that you can get the money immediately. You will not have to take your paycheck to the bank and get the money. Instructions for direct deposit will be explained at your hospital orientation.
LessCashing Checks
If you receive a check from someone, you must endorse it (sign your name on the back).
Read More...After you endorse the check you need to show some form of personal identification (ID), such as a driver’s license or passport.
LessMoney Transfers
The cost of an international money transfer is about $20 to $40, plus the amount of money you wish to send.
Read More...The bank at which you have your savings/checking account can internationally transfer money for you.
Another option is to go to Western Union if you would like to pay by cash or check. There are many Western Union agents in the Boston area. To find a Western Union agent or for more information, go to the Western Union website: www.westernunion.com.
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