Banking - What to do in the USA (Information supplied on this topic is from experience only, and in no way reflects policies, regulations, or laws from either Canada, USA, Manitoba, or Minnesota.

General:
The banking system in the USA is so similar, yet so different from that in Canada. The banks in the USA will offer, for the most part, similar services such as chequing (oops - checking) and savings accounts, car loans, and mortgages. If you had built up a great credit history in Canada, and knew your banker on a first name basis, look out! You are in for quite a shock.

Choosing your Banker:
The three largest banks in the Twin Cities area are probably Wells Fargo, US Bank, and TCF Bank. After that, there are hundreds of independent banks, credit unions, and trust companies. Choose a bank that:

• Will accommodate the fact that you have just arrived from Canada, and will provide you with some trust and credit
• Will grant you the use of a banking card
• Will allow you to immediately open a chequing (oops again - checking) account
• Will help you apply (and obtain) a VISA or Mastercard credit card
• Has a wide network of Bank Machine (ATM) access.
• Wells Fargo (for example) has full service ATM's in all the SuperAmerica Gas stations in Minnesota.  TCF has "express" cash-only machines in all the Cub Foods stores in the Twin Cities area.
• Can accept automated payroll deposits (not all banks can!)
• Has convenient hours and Saturday banking.

We elected to open our first account at Wells Fargo in Eden Prairie. We were in general satisfied with the service we were provided.

Meeting with your Banker:
I would strongly recommend making an appointment to meet with a representative of the bank you have selected. They may state that no appointment is needed, but explain you are new to the country, and have a variety of different banking needs and accounts that need to be opened, and were prefer to set up an appointment ahead of time. To this meeting, bring:

• Your letter of reference/introduction that you received from your Canadian Banker.
• Your Social Security card (you can still open up an account without, but you will eventually have to provide the number to them)
• Your letter of employment (showing salary)
• Identification (Passport, birth certificate, etc)
• Current major credit card (ex: VISA or MasterCard)
• Pay stubs of previous job from Canada, and current pay stubs from current job in USA

At your meeting, you immediately want to set up banking so that you will be able to function in the USA, from a banking perspective. Brenda and I in Canada virtually never went inside our bank - instead we relied almost solely on bank machines (ATM's). Ask what network you can use their bank machines without getting a surcharge.

Bank Machines (ATM's):
There are about 3 major networks in Minnesota. Wells Fargo runs to what we believe to be the largest. They have banking machines in all SuperAmerica gas stations, and at most malls. We find the convenience of being able to use your banking card to get money our number one priority.  Look around your work and where you are living to locate where the ATMs are.  If you sign up with a smaller bank, be aware that there is no such thing as "interact".  VISA actually run a similar network for a big fee.

Debit Cards:
Unlike Canada, where the "Interact" systems was developed to service all banks, credits unions, etc, there is no common system in the USA. However, once you obtain your ATM card from your US bank, you will be able to use this card in many locations, such as Target, Walmart, and grocery stores. You will find the use of such cards is nowhere near that of Canada, where you can use your debit card almost anywhere. US debit cards do have a unique feature that is not being used yet in Canada. You can present your debit card to a merchant who does not have an actual debit machine, and he will treat your debit card like a VISA transaction - and your account is debitted immediately upon authorization. The money is then removed automatically from your cheque or visa account (which ever is set up as the "primary" account).

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