{"id":1342,"date":"2024-04-06T01:55:19","date_gmt":"2024-04-05T22:55:19","guid":{"rendered":"https:\/\/lnshah.com\/purdue\/?p=1342"},"modified":"2024-07-29T11:57:24","modified_gmt":"2024-07-29T08:57:24","slug":"bank-accounts-budgeting","status":"publish","type":"post","link":"https:\/\/lnshah.com\/purdue\/2024\/04\/06\/bank-accounts-budgeting\/","title":{"rendered":"Bank Accounts & Budgeting"},"content":{"rendered":"\n
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Be sure to have your kid’s US SIM number active before going to the Banks. You will need it to open the accounts!<\/p>\n<\/blockquote>\n\n\n

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Intro to Banks in Lafayette<\/strong><\/p>\n\t\t\t

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There are just two banks in West Lafayette- Chase <\/strong>and Purdue Federal Credit Union <\/strong>(PFCU). The other big ones in the US- Bank of America and Wells Fargo are not present. The closest BoA is in Indianapolis and you have to pay $3.00 if you have a BoA account to withdraw every time from Purdue ATM.<\/p>\n\n\n\n

To open a Bank Account with either- you have to visit the Bank<\/strong>. At BGRi, I did see the PFCU stall- but they weren’t opening accounts. Chase was not even there. If you land early into USA you should be able to open it anywhere else in the US, to avoid the rush at the banks in West Lafayette\u00a0during\u00a0BGRi. However, opening it West Lafayette has its advantage- your address will be local and can be used as an Indiana address proof for various purposes including getting a Real ID (State ID). So wherever possible, opt to open the account at the West Lafayette branches.<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n

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If you want only ONE Banking relationship<\/strong><\/p>\n\t\t\t

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If you wish to have just one banking relationship, make it with Chase<\/strong>. The reason is that to send funds from abroad to PFCU is virtually impossible- they don\u2019t have a SWIFT code. They just provide a routing code, which is rejected by banks back home. I tried talking to them thrice that a transfer was not working without the SWIFT code and they kept on insisting that a routing code should do. Chase also supports Zelle (which is similar to Google Pay) which kids will use for peer to peer transfer but PFCU does not. Finally, Chase is a national bank and has branches all over the US while PFCU is only local. So for a sole banking relationship, you have to opt for Chase! However, I would suggest you open an account at both places.<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n

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Why should I open an account with both banks?<\/strong><\/p>\n\t\t\t

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I recommend you open accounts with BOTH banks. Read on as to why! <\/p>\n<\/blockquote>\n\n\n\n

We did this for my son, and after hearing my reasoning, many of the fellow parents at the International Parents Welcome also decided to do the same. The reason is simple- security. I decided that I would transmit funds from abroad to my son’s Chase account. The bulk of his funds would be kept in Chase, and that debit card would stay in his room locker. The only debits to his Chase account would be transfers to PFCU i.e. the Chase debit card would not be used in any online or offline shopping, and also never swiped at any ATM\/ merchant or Point of Sale. This would protect it from being skimmed or be a target of any fraud. <\/p>\n\n\n\n

Generally in the US, any loss on a credit card is protected by the bank, but any loss on a debit card is entirely yours, unless you can prove otherwise. So we decided that he will use the PFCU account for all his day to day needs, and transfer small fixed amounts every few weeks from Chase to PFCU as and when needed. He would carry the PFCU debit card with him. In case he lost his wallet, or his PFCU card got skimmed, or his PFCU card details were misused online, the only funds at risk would be the small amounts at PFCU. Not only that, if he lost his PFCU card, he would have his Chase as a backup to tidy him over till he got a a replacement PFCU card or the PFCU account was unblocked after any untoward event. Finally, by transferring an amount from Chase to PFCU for spending, it would act as a psychological budgeting tool. If he was spending too much, the act of making a transfer would hopefully alert him to take a critical look at his spending habits.<\/p>\n\n\n\n

In fact you should open a checking and savings account with both banks. Opening checking accounts are free- zero cost! ( but with Chase savings account- you need to transfer $25 to savings monthly from your checking in order for a zero cost account. Tip- <\/em>note that there is no stopping you transferring $25 right back immediately so you can get the zero cost without actually saving!). Since the Savings account is not directly linked to the checking account, in case your checking account and\/or debit card is fraudulently accessed, the funds on the Savings account would be safe!<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n

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Opening a Chase Bank account<\/strong><\/p>\n\t\t\t

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You need to physically visit the Chase Chauncey Branch and book an appointment for opening an account (you can try to call for an appointment or try and book it online here<\/a>). What will not<\/strong> work is a walk-in… They turned everyone without an appointment when we were there. They are located on 210 W State St, Phone: (765) 423-0201; open Mon-Fri (9:00 AM – 5:00 PM); Sat (9:00 AM – 1:00 PM) and closed Sundays. <\/p>\n\n\n\n

Chase allows anyone aged 17+ when applying in person if you open a College Checking account- no need of an adult or a co-signer. No monthly fees for 5 years or as long as you\u00a0continue studying\u00a0at\u00a0university.<\/p>\n\n\n\n

Their website says non-U.S. students (without a Green Card) can open a Chase College Checking account in any Chase branch by presenting one primary ID (Passport w\/photo), one secondary ID (see acceptable forms of ID below) and proof of college or university student status with the expected graduation date (i-20). All such students must be living in the U.S. and have a U.S. residential address to open a Chase College Checking account in branch.<\/p>\n\n\n\n

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However when we went, we didn’t need anything apart from a passport <\/strong>and i20<\/strong>. No proof of address was asked so I assume they used the i20 for that. <\/p>\n\n\n\n

Chase offers Checking and Savings accounts. They don’t have any lockers\/ safe deposit boxes.<\/p>\n\n\n\n

In the unlikely event that you will require an additional proof of local address for opening bank accounts, pease ask for guidance by submitting\u00a0MyISS<\/a>>General Services>Ask Student Counselor<\/strong> <\/p>\n\n\n\n

For those without Social Security Number or ITIN (which is the case for most international students); only a debit card is given.
For those with only ITIN but no\u00a0SSN- A credit card called freedom card is available.
For those with SSN but no credit history- a basic credit card is offered.
if you have a good credit history and SSN then you can get a higher level\/limit\u00a0credit\u00a0card.

Chase always ships the Debit card after 1-2 weeks to your dorm address.<\/p>\n\n\n\n

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Don’t forget to activate your $100 cash back bonus offer with Chase when you open your account! See below for details..<\/p>\n<\/blockquote>\n\n\n

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The Chase Cashback $100 offer<\/strong><\/p>\n\t\t\t

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Chase runs a promo- to get a $100 welcome cash back bonus after 10<\/span> qualifying\u00a0transactions within 60 days. Collect the offer code online <\/span>https:\/\/account.chase.com\/consumer\/banking\/studentLPchampion<\/span><\/a><\/span>\u00a0<\/span>then give to the Chase banker at the branch when opening and they load<\/span> this offer on your account.<\/span> Checkwhether the same is available this year . A tip…in case you want to score the 10 faster..if your kid goes to walmart… they can split the items at self checkout and make 3 or 4 separate purchases instead of 1 purchase…thats\u00a0what\u00a0we\u00a0did<\/span>\ud83d\ude04<\/span><\/span><\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n

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Sending Funds from abroad to Chase Account at West Lafayette<\/strong><\/p>\n\t\t\t

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Once an account is open and active, you can remit funds from abroad; provide info to your bank in the following format <\/p>\n\n\n\n

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Bank Name- JP Morgan Chase Bank N.A
Bank Address- 450 Washington St, Indianapolis, IN 46277
Bank Swift code- CHASUS33
Bank ABA Routing no- 074000010

For Final Credit to:
Account Holder-Full name as per bank opening docs
Checking Account Number- xxxx
Residential Address: Rm No, Dorm name, Dorm Address, West Lafayette, INDIANA 47906, United States
Mobile-\u00a0+1\u00a0xxxxx
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – <\/p>\n\n\n\n

Chase charges incoming wire transfer fees of $15 per transaction. If you want your kid to get a fixed amount say $10,000 then don’t manually add a figure say $10,015 and try to send as they will not get the exact $10,000 (there ae correspondent bank and other charges also while funds en-route).\u00a0Instead just mention the net amount, say $10,000, and\u00a0then choose OUR <\/strong>in the charges field of the Swift (default is SHA – which means shared charges). This should ensure they get the net $10,000 and ALL charges (your banks\/correspondent bank\/levies\/their bank charges etc) are all charged\u00a0to\u00a0your\u00a0account.<\/p>\n\n\n\n

(if you also spotted it, yes the Indianapolis address for the bank above is not a mistake- even I asked why does it not have the West Lafayette branch address and the banker explained that it was always to be sent to their regional\u00a0HQ- I have always sent it using this format and the money has never failed to reach- so use this!)<\/p>\n\n\n\n

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Opening a PFCU account<\/strong><\/p>\n\t\t\t

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PFCU is a financial cooperative that serves the Purdue University community. Students and scholars are able to apply for accounts without social security numbers at any of the two on-campus branches at Northwestern Ave. or Purdue Memorial Union. If you are interested in renting a safe deposit locker, you need to go the larger Northwestern Ave branch at 516 Northwestern Ave, Suite 1900 Tel- (765) 497-3328; open Mon-Fri (9:00 AM – 5:30 PM); Sat (9:00 AM – 12:00 PM) and closed Sundays.

In contrast to Chase, PFCU doesn’t accept appointments during the busy BGR\/BGRi period. You have to walk-in and wait your turn<\/strong>. This can take a lot of time so arrive early! We went to PFCU first thing in the morning to beat the rush and it took us about 45 mins for the formalities. <\/p>\n\n\n\n

Student accounts are zero monthly fee accounts and they allow anyone 17+ to open one. They say you need to bring:<\/p>\n\n\n\n