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Resources - Life in Portland - Banking

Money Matters:

Checking Accounts - You deposit money in these accounts, then write checks to buy things so you do not have to carry a lot of cash with you. There are various kinds of checking accounts with different types of privileges and restrictions; therefore, you should ask many questions, and make sure you understand what the person at the bank is telling you.

Savings Accounts - You can deposit any amount of money into a savings account, but the purpose is to keep it there to let it grow. You can make withdrawals, but can't write checks on most of these accounts. Some banks may require you to keep a minimum amount of money in these accounts to avoid a service charge, but they all pay interest.

To open a bank account, you will need identification (I.D.). You will need both your passport and Portland State I.D., or a second piece of photo identification. Most banks open at either 9:00 AM or 10:00 AM and close at either 4:00 PM or 5:00 PM. For a complete listing of bank information, look in the Yellow Pages under Banks.

Important Banking Language

• Withdrawal Taking money out of your bank account.
• Deposit Putting money into your account.
• Transaction Any withdrawal or deposit you make on your account.
• Clear When you deposit a check into your account, you cannot use the money immediately. You cannot use the money until the bank is sure that the person who wrote the check has enough money in his or her account. This process is called clearing a check. It can take weeks for overseas checks to clear. When the check clears, you can use the money.
• Balance The amount of money in your account.
• Interest The amount of money a bank gives you for keeping your money in their bank. Rates vary from bank to bank and from account to account.
• Service Charge The amount the bank charges for a service or services. The amount depends upon the type of account you have and the service you receive.
• Bounced Check You have spent more money than you have in your account. This can happen if you have not kept a careful record of how much money you have spent. Banks charge you a lot of money if you bounce a check. Know how much money you have, and do not overspend.