Student Life

Banking & Money

Most students live on a limited budget. It is important that you learn how to manage your money well. Familiarize yourself with the value of the dollar and never carry large amounts of cash with you or leave it in your room or apartment.

It is recommended that you open a bank account as soon as you arrive in the U.S. This will give you access to your money easily and safely for paying any bills by check. There are several commercial banks within walking distance of the University. Most banks offer similar services although the service fee might differ. The following banks are located within walking distance of Marymount’s Main Campus:

PNC Bank, MU’s student banking partner
4401 Wilson Blvd.
Arlington, VA 22203
(703) 387-3070

Arlington Federal Credit Union
2130 North Glebe Road
Arlington, VA 22207
(703) 526-0200

Bank of America
5226 Lee Highway
Arlington, VA 22207
(703) 538-3870

4707 Lee Highway
Arlington, VA 22207
(703) 284-0525

Wells Fargo
2213 North Glebe Road
Arlington, VA 22207
(703) 284-6395

Bank Customer Identification Programs (CIP)

In an effort to reduce money laundering, U.S. financial institutions are required to verify the identity of every individual who opens a bank account. In compliance with federal regulations, all banks operating in the U.S. have established Customer Identification Programs (CIP) that they are to follow for anyone who seeks to open an account. While the specifics of the CIP may vary from one bank to another, Department of Treasury regulations found at 31 CFR § 103.121 set forth the following minimal information that the banks must obtain from you before allowing you to open an account:

  • Your name
  • Your date of birth
  • Your street address – no P.O. Box
  • An identification number

The regulations 31 CFR § 103.121(b)(i)A)(4)(ii) clarify that for a non-U.S. person the identification number shall be one or more of the following:

  • a taxpayer identification number
  • passport number and country of issuance
  • alien identification card number
  • number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.

It is important to remember that banks establish their own customer identification programs and may ask for additional documentation because they are ultimately responsible for establishing the identity of their customers.

Documentation to bring with you to open your account

  • Your unexpired passport
  • Your I-94 card
  • Your I-20
  • Any secondary form of identification you may have
  • Form W-8 BEN if you are a student not eligible for a Social Security Number or an Individual Taxpayer Identification Number

The banks in the area have automatic teller machines (ATM) and also provide safe deposit boxes, traveler’s checks, and international money orders. If you obtain an ATM card, keep it in a secure place and do not allow other persons to use it on your behalf.