Money and Banking American paper currency (dollars) comes in denominations of $1, $5, $10, $20, $50, and $100. American dollars are all the same size and color. Coins or “change” make up the smaller units of money called cents. They come in the amounts of 1 cent (a penny), 5 cents (a nickel), 10 cents (a dime), 25 cents (a quarter), and 50cents (a half-dollar – these are rarely used). You should open a bank account at Trinity to have easy access to your money and to avoid keeping large amounts of money on your person or in your apartment or dorm room. To open a bank account, bring your passport, I-20 form, and another form of identification like your student ID. Basic banking services for most Americans include a checking account, a savings account, an ATM card, and sometimes a debit card.

Commonly used American cash

	<< One Dollar (100 cents) One Penny >> (One cent)
	<< Five Dollars (500 cents) One Nickel >> (Five cents)
	<< Ten Dollars (1000 cents) One Dime >> (Ten cents)
	<< Twenty Dollars (2000 cents) One Quarter >> (Twenty-five cents)

Checking Account

You open a checking account by depositing money into the account, which you access with checks. Checks are paper documents issued by your bank that have your name, address, phone number (if desired) printed on them and function as money when you write one for a purchase. Most stores require you to present some form of ID when you write a check that includes your address and picture.

Savings Account

A savings account is less active than a checking account. If you want to save money and gain interest on it, opening a savings account is your best option. The more money you deposit, the more interest you earn on it. This is ideal for money that you do not touch unless you really need it.

ATM (Automatic Teller Machine)

When you open a checking or a savings account with a bank, you can also get an ATM card attached to that account. An ATM card allows 24-hour access to your money. There are two ATMs on campus that you can use by inserting your ATM card and entering the amount you want to withdraw. The money is then deducted from your account and the cash is produced from the machine. .

Debit Cards

Debit cards function like an ATM card and a credit card combined. They can be used like credit cards for most purchases, but unlike a credit card, for which you receive a bill with interest, the debit purchase comes directly out of your bank account. This is a nice option especially if you are concerned about getting into credit trouble or would rather not pay interest to the credit card company for your purchases.

Expedia.com has an excellent currency converter online. Just go to www.expedia.com and click on Currency Converter on the left hand side of the web page. You can also call any local bank for exchange rates.

top of page