United States Currency
U.S. Currency is based on the decimal system, with 100 cents to each dollar. Metal coins include pennies ($ .01), nickels ($.05) dimes ($.10), quarters ($.25), half-dollars ($.50), and dollars ($1.00). Paper currency comes in $1.00, $2.00, $5.00, $10.00, $20.00, $50.00, and $100.00 denominations. The $2.00 bill and $ .50 coin are very rare, but there you may see them from time to time. All U.S paper currency and most coins have an image of a former president. There are two versions of the $1.00 coin, and both have images of women: Susan B. Anthony, or Sacagawea. Both women are heroes to the American people.
Most Americans do not keep large amounts of cash with them or in their homes. Americans prefer to keep their money in the bank, where it is much safer.
Banking
Banks offer many services, including checking and savings accounts. It is advisable to open an account at a commercial bank. This will give you access to your money easily and safely for paying any bills by check. Also, all banks can accept wire transfers from your family overseas, and automatically post the money to your account. There is usually a charge for this service, and you should check with your bank to find out how much it is.
Your bank will send you a statement every month. Your bank statement will contain copies of checks you have written, plus a list of all transactions you made that month. It is important to check your statement every month. You must let your bank know about any mistakes you find, so the bank can correct them. Banks in the United States have a responsibility to protect your account, and mistakes are very rare. However, they will quickly correct any mistakes once you report them.
Most banks in the Atlanta and Macon area offer the same general services, but many Mercer students choose Wachovia Bank, as Wachovia has an ATM, or bank machine located on campus.
Opening an Account
You will need to show at least two forms of identification with your photograph. You should take your passport and I-94 card with you to open your account. YOU DO NOT NEED A SOCIAL SECURITY NUMBER to open a normal savings or checking account, however, you do need one to obtain an ATM, Check Card, or Credit Card. If you deposit a large amount of money in a savings or some checking accounts, the bank will usually pay you interest. Consult with the bank personnel about the different kinds of accounts available to you.
Writing Checks
Checks are essential in conducting business in the United States. If you lose your checks and quickly notify the bank, the bank will protect your account. Also, your cancelled checks serve as receipts, and your monthly statements from the bank will indicate how you are spending your money.
NEVER sign a blank check and give it to another person. Make sure that everything is filled out properly.
When you are writing checks at stores, you will be asked for some form of ID, usually a driver’s license with current address.
ATM
Most banks offer the computerized services of a 24-hour Automated Teller Machine, also known as an ATM. You will be given a small plastic card to use this service. This card, along with your Personal Identification Number (PIN) will allow you to conduct transactions with the bank (deposits, withdrawals, check your balance, transfer money between accounts, etc.) DO NOT GIVE YOUR PIN NUMBER TO ANYONE! EVEN THE BANK!
If you use your ATM card at your bank, there is no charge for the service. If you use your ATM card at another bank’s ATM, you will be charged a fee, usually between $1.50 and $2.00.