Opening an American bank account - JP morgan Chase (with $225 coupon)

Introduction

 

This article introduces how to open a bank account in the United States for J-1 visa holders.
In addition, Woojoodream will introduce you to how to receive additional money as an account opening event.

 

The need for a bank account

 

You'll need a bank account to get paid and pay utilities (water, telecommunication, electricity, etc.).

It is recommended to open the bank account as soon as possible because the longer the opening of the bank account, the later the payment may be.

 

SSN is not required for account opening in the United States.

 

The account can be opened on the day of entry to the United States, so it will be advantageous to proceed with other procedures if you leave it early.

When you open an account, you can also get a debit card and a check.

 

A debit card or check will be the basis of payment in the U.S., so it's good to have it ready.

 

Essential documents for a bank account

 

For J-1 visa holders, the documents required for the U.S. bank account are as follows.

1. ID card (passport)
2. DS-2019
3. A document that can verify the address (a document that the employer certifies the address).

 

Which bank?

 

Decide which bank to open an account with.
You can select a local bank such as JP Morgan Chase, Bank of America, Wells Fargo, etc.

 

Generally, there is not much difference, so you can choose a place close to home or work.
In addition, each bank has a promotion, which should be considered.

 

Cash payment promotions have separate requirements, such as maintaining a minimum amount or setting it as a payroll account.
The higher the minimum retention conditions, the more cash you will receive.
For example, in the case of JP Morgan Chase, if you open a new account and set it up as a payroll account within 90 days, you will be paid $225.

 

For promotions, the person in charge may not notify you when you open your account.
It's better to check in advance, and even if you don't, it's better to ask the person in charge if there's a promotion and get benefits.

 

Fig. 1. Chase promotion

 

Which type of bank account?

 

A US bank account consists of a checking account and a savings account.

It can be understood that the checking account corresponds to a free bank account in Korea, and the saving account can be considered as a fixed deposit.

The checking account has no interest, the saving account has an interest.

 

For promotional benefits, opening both the check and the saving accounts will increase, but you can apply for both if you have enough US dollars.

Woojoodream only requested the checking account.

 

Chase Account Opening Procedure

 

Woojoodream has opened accounts in Chase near home and work.

 

The procedure is as follows:

When you entered the bank, visited the window, and came to open a checking account.
'I want to open a checking account'

Then the person in charge will guide you to a separate room and open an account.

I'll check the required documents I've given you earlier.
Fill in your name, address, personal information, etc.

Afterward, the specific conditions of the account and the issuance of a debit card are determined.
You will decide on the mobile app ID and password.

Then, they will text you the link to install the mobile app (Fig. 2).

 

Fig. 2. Chase Mobile app installation link

 

After opening a bank account

 

After opening your account, you will receive documents on the procedures.

First, Woojoodream received a description of today's procedures and a summary of the subsequent procedures (Fig. 3).

 

Fig. 3. Account summary

 

Next, Chase provided documentation that guides you about promotion and requirements (Fig. 4).

Fig. 4. Promotion document

 

Woojoodream will be provided with the necessary documents to set up my payroll account (Fig. 5), as there is a condition to set this account as your payroll account.

 

Fig. 5. Direct deposit set-up form

 

 

Outro

 

You can open a bank account in the United States through the above process.

If you arrived in the U.S., please open your account without delay and get enough promotional benefits.