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Opening A Bank Account

Information for International Students, Scholars & Employees

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Download this presentation to find out what you should know about bank accounts.

As you begin to settle into your academic life or employment at UB, you will probably need to open a bank account. Before you go to the bank, however, you should be familiar with the documents you will need and requirements that financial institutions must follow when establishing new accounts.

Customer Identification Programs (CIP's)

Financial institutions in the U.S. are required to verify the identity of every individual who opens a bank account. In compliance with federal regulations, all banks operating in the U.S. have established Customer Identification Programs (CIP) that they must follow for anyone who seeks to open an account. While the specifics of the CIP may vary from one bank to another, Department of Treasury regulations set forth the following minimal information that the banks must obtain from you before allowing you to open an account:

  1. Proof of your name
  2. Proof of your date of birth
  3. Proof of your street address
  4. An Identification number *

* The regulations clarify that a non-U.S. citizen must provide one of the following identification numbers:

  • Individual Taxpayer Identification Number (ITIN)
  • Passport number and country of issuance
  • Alien identification card number
  • Number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or other similar safeguard.

Please note that each bank establishes its own customer identification program and may ask you for more documentation than is described above.

Documentation to Bring With You

You should take the following documents with you to open your bank account:

  • Your unexpired passport
  • Your I-94 card
  • Your I-20, DS-2019 or H-1B approval notice (I-797)
  • Any secondary form of identification you may have (e.g. your UB Card)

In addition, you should fill out Form W-8 BEN. The W-8 BEN form is necessary to establish that you are not a U.S. citizen and determine if taxes should be withheld from your account. This form is available at the bank itself or on the Internal Revenue Service website: www.irs.gov

Directions

Directions to local banks: