Banking and Money Management
Budgeting
A simple budgeting template like this one can be helpful to people in managing their money.
General Banking Information
There are many banks to choose from in the greater Bangor area. Several banks such as Bangor Savings Bank, Key Bank and TD Bank are accustomed to working with immigrants and people who are not United States citizens. Other banks may not be as familiar with the special circumstances of the people we serve.
Accounts with no fees and the least restrictions on minimal daily balances are usually the best options for new immigrants.
It is also often smart to begin with a savings account only, and only open a checking account later once you are sure folks fully understand the consequences of over-drafting their account. In the interim, they can use money orders or bank checks for any situation in which a check is required. All banks will provide bank checks for a fee to their customers, and we have been told that Shaw's provides the cheapest money orders in the area.
Note that all accounts with TD Bank have fees, unlike other banks. This can often cause people to mistakenly overdraw their accounts, so be careful with choosing this option.
To open an account for residents that have a social security card (refugees and some asylum seekers) you will need to provide the following documents:
- Proof of Residency – The bank prefers a piece of mail with their address such as a bill (electric, cable, telephone, etc.) but they will accept a lease, paystub, or notification of SNAP/TANF benefits.
- Photo ID – a passport (can be their passport from their home country), driver’s license or Maine ID
- Social Security Number
- It is helpful to have the I-94 and Travel Authorization Forms as well when you go to the bank in case they are needed.
It is also possible to open a bank account without a social security number. See details at the bottom of this section.
No matter what banking service the person chooses, help them know what features to accept and decline. Inquire about overdraft protection and any associated fees. We usually recommend that when the account is open, they decline the overdraft protection if there are fees. This way if they do not have sufficient funds to withdraw money using the ATM card, the transaction will be declined, and they will not incur fees or debt. Also inquire about any fees that may occur if they write a check that bounces.
New immigrants will need to be educated about the many nuances of the American banking system including the importance of checking their bank balance and their account for any unexpected charges or fees. In many countries you CANNOT by law overdraw your account, so if they have an account where overdrawing is possible it is VERY important to explain all the fees they will incur if they do so.
If they have a checking account, they will also need to be shown how to write a check.
Usually, you will receive an ATM card at the bank the day you open the account.
It is important to show the person how to use the ATM machine. It may be helpful to write down the instructions for them in their native language or provide them with a simple diagram.
It is also helpful to check back with them later to assure that they remember how to use the ATM machine and are comfortable doing so.
Inquire about ATM fees at non-branch locations and educate the person about such fees if any.
Inform the person what to do if an ATM card is lost or stolen and the need to notify the bank right away.
They should download the banking app onto their cell phone. Have the bank representative explain how to use the app.
Remind them to keep a copy of their PIN in a safe place at home in case they forget it.
If they have recurring bills to pay you can teach them how to pay their bills online and discuss setting up automatic bill pay.
If the account charges for paper checks, some banks will supply “counter” checks to clients for free if there is only an occasional need for a written check.
Below is a list of some of the banks in the area and their locations. This is not an exhaustive list.
Bangor Savings Bank, Key Bank and TD Bank are all very accustomed to working with immigrants and people who are not United States citizens. Other banks may not be as familiar with the special circumstances of the people we serve.
Account details may change so clarify all the details about the accounts and discuss all options with a bank representative. Note: all account details are not listed in this document.
Make sure that the person has money to deposit into the new account. This amount needs to me the minimum amount required to open the account or the minimal daily balance required to avoid any fees.
Banks location and opening times can be found here: Link
Opening Accounts for People Without Social Security Numbers
In the past the TD bank on Exchange Street has opened accounts for people without a social security number. Bangor Savings Bank is also able to open accounts without a social security number. Inquire at each of these banks for details. Generally, you need to bring photo ID and proof of address. Simply tell them if they ask that the person does not have a Social Security number yet.
Other banks may require an Individual Taxpayer Identification Number (ITIN) and W-8 form. You can apply for an ITIN online. Note, that if a person applies for an ITIN for banking purposes, they will be required to file a tax return and pay taxes.
The link below explains how immigrants without a social security number can get an ITIN which can later be used to open a bank account, to prove time of residency in the US and in some states to get a driver's license as well (but not in Maine)