Money & Banking
When planning your stay in Hammond, it is important to consider all the costs including rent and utilities, food (or room and board), health care and insurance, transportation, cell phone, etc.
Southeastern utilizes BankMobile Disbursements, a technology solution, powered by BMTX, Inc. to make refunds easier after you pay your tuition and fees. Please go to this link to find out more. You may receive an email from BMTX, Inc to help select your refund preference in the coming weeks.
Initial Expenses
While it is never a good idea to travel with large amounts of cash, you will need some U.S. Currency or a credit card when you enter the U.S. for getting to the airport to Hammond, for food and groceries, setting up your room/apartment, and unexpected expenses.
Most people set up their bank accounts in their first days in Hammond. It may take a few days before large amounts of funding are available so be sure to have cash or a credit card for initial expenses. Note that individuals entering the U.S. with cash exceeding $10,000 must complete a Currency Report Form in addition to a Declaration Form.
Gross Pay vs. Net Pay - U.S. Taxes
If you are receiving a salary, stipend, or scholarship funds you may have federal and/or state taxes withheld from your pay (14%-30%) unless you benefit from a tax treaty. U.S. regulations for non-residents are complicated and will be address during orientation, including information about applying for a U.S. Social Security Number. Additional information about U.S. tax obligations can be found here
Banking
When looking for a bank, shop around a bit since fees can vary and be sure to select a bank that has ATM’s near you. Ask your friends for recommendations. Always inquire about no fee accounts and special offers.
When ready to open a bank account, should the bank request a verification letter from the school, make the request using the Student Online Request Form. Be sure to list your current address and the bank you will be opening the account with.
Debit Cards and Credit Cards
Most banks issue a debit card with the opening of a bank account. A debit card not only looks like, but functions like a credit card; the main difference being that charges are directly taken from your bank account. Paying with a debit card can help you budget your expenses since you must always be careful you have enough funds in your account to cover any charges.
You need a credit history to get a credit card, so initially it might be difficult to obtain one. Many students and scholars will use their debit card as an alternative before they have established a credit history. Once you have begun to establish credit, your credit card company will periodically raise your credit limit and it will not necessarily correspond to what you can actually afford. That is why, you should be very careful while spending with credit cards. U.S. credit card companies offer greatly varying arrangements - from cards that require security deposits, a membership fee, and high monthly interest rates (APR), to cards with no membership fee, and low to no interest rates at all. Once you have established some credit history by owning a card for six months or more, you may wish to shop around or call your credit card company and ask for a better arrangement such as lower interest rates or no membership fee. The U.S. Federal Trade Commission provides consumers helpful information about choosing and using credit cards. You will need a U.S. Social Security Number to apply for a credit card.
