Checking Accounts

Basic Checking – Limited to 10 transactions per month. This account has a flat monthly fee of $4.00. If the 10-transaction limit is exceeded during a given month, the service fee is increased to $9.00, and there will be an additional fee of $0.50 per check, Point of Sale, and all ATM withdrawals.

Balance Checks – Requires a $2000 average monthly balance in order to avoid a service charge. If the monthly average balance requirement is not met, there will be $0.50 per check and Point of Sale purchase fee, as well as a $1.00 non-Bank of New York ATM fee.

ATM Card

You may use the Card in any Action Banking Center of the Bank of New York, to do the following:

1. Withdraw cash
2. Make a deposit
3. Check your balance
4. Make transfers

To accompany the Card, you must select a PIN number. The PIN number is a four-digit code to gain access to your account.

There is no charge to use any Bank of New York ATM’s within the limit requirements of the type of Checking account you open.

If you use another Bank’s ATM, you may incur a charge from that institution. The Bank of New York will also charge your account $1.00 for each non-BNY ATM withdrawal fee. International ATM withdrawal charge is $3.00.

Debit Card

If the ATM card you receive bears the MasterCard logo, you may make purchases from any merchant displaying the MasterCard logo. This is a debit card Purchase Transaction. These transactions are POS, Debit Card Purchases Transitions, which will NOT require you to use your PIN.

A credit history is necessary in order to receive the Bank of New York Debit Card. Not all applicants are approved.

The Maximum daily dollar limit for withdrawals per Account Card, is as follows: Classic Debit Card and Regular ATM Card, $500 per day, the Gold Debit Card, $1000 per day.

Credit Card

The Bank of New York has a Credit Card, which requires a completed application in order to process. You must make application, and a credit history approval process must be complete, prior to the card being issued. This is not an ATM or Debit Card. This Credit Card will have a credit limit with monthly billing statements, based on your activities.

The Bank of New York does not offer a Secured Credit Card.

Travelers Checks

The Bank of New York will cash up to $500 per day in Travelers checks, payable in U.S. Dollars, and drawn off The Bank of New York or any other U.S. bank. Proper Identification is required from all individuals wishing to cash travelers checks, whether or not they are customers of The Bank of New York.

Opening an Account

The Bank of New York can open an account for any student with two of the following Identifications.

• Non U.S. Citizen
  • Passport/Visa
  • International Driver’s License
  • College ID
• U.S. Citizen (Not Living in the U.S.)
  • U.S. Passport
  • Driver’s License
  • College ID
• U.S. Citizen (Living in the U.S.)
  • U.S. Passport
  • U.S. Driver’s License
  • College ID

U.S. Citizens must have a Social Security Number and sign a W-9 form at the Bank when the account is opened.

Non U.S. citizens will sign a W-8 form at the Bank when the account is opened.

Funds Availability

Federal and State Regulations require banks to make deposits available within a reasonable amount of time. The policy of The Bank of New York is to delay the availability of your funds while your deposited items clear. During this delay period, the funds you deposit are not immediately available for cash withdrawal or for the payment of checks.

The number of days it takes for your deposit to become available is counted in business days. The Bank of New York’s business day is from the time the branch opens, on any given day, until the branch closes, or 3:00pm, whichever is earlier.

Cash, checks drawn on The Bank of New York and Putnam Trust, or Wire Transfers will be available in one business day.

Checks drawn on the U.S. Treasury, Federal Reserve Bank, Federal Home Loan Bank, and U.S. Postal Money Orders will be available in one business day.

Cashier’s checks, Certified checks, and Tellers checks (each item must first be endorsed and deposited with a Special Deposit Ticket approved by a Bank Officer) will be available in one business day.

Checks drawn on Local Banks will be available in three business days.

Checks drawn on an Out of State Bank will be available in five business days.

Exceptions

The following circumstances may delay the availability of your funds:

1. There is a reason to believe that the check you are depositing may not be able to be collected.
2. Your total deposit in one day exceeds $5000.
3. You redeposit a check that has been returned unpaid.
4. You have overdrawn your account repeatedly in the last sixth months.
5. Emergency conditions, such as a computer breakdown, acts of God, etc.

Special Rules for New Customers

If your account has been open for less than 30 days, and you have no other transaction accounts with The Bank of New York that have been open for more than 30 days, the following will apply.

1. U.S. Government checks, checks drawn on New York State and local governments, Federal Reserve checks, Federal Home Loan Bank checks, U.S. Postal Money orders, Certified checks, Cashier’s checks, Teller’s checks, and Travelers checks up to $5000 limit, will be available the next business day after the day of deposit.
2. Any of the above items in excess of $5000 deposited into your account, will be available on the ninth business day after the day of deposit.
3. Checks drawn on The Bank of New York will be available on the second business day after the day of deposit.
4. All other checks deposited will be available by the ninth business day after the day of deposit

These rules apply to new accounts only for the first 30 days in which an account is open.

Any checks upon which the College’s stamp is placed will have no cashing or depositing delay, as long as the student initiating the check receives approval from a bank officer.

Wire Transfers

To send a wire transfer to your account with The Bank of New York, the following information is needed. Please send all wire transfers to – The Bank of New York – ABA number 021000018, to credit your name and your account number with The Bank of New York. The Bank of New York charges a $12.50 incoming wire transfer fee.

Below you will find information on several banks and the banking options pertinent to you as an international student/scholar. Although many other banks are open to your service, we have included only few major ones, which we think will be relatively more accessible to you from Sarah Lawrence.

JP MORGAN CHASE BANK

Tina Scanlon, Asst. Branch Manager

Bronxville
132 Parkway Rd.
Bronxville, NY 10708
(914) 337-2200

Yonkers
2195 Central Park Ave
Yonkers, NY 10710

Yonkers
565 Warburton Ave
Yonkers, NY 10701-1801
(914)478-1800

White Plains
123 Main Street
White Plains, NY 10602

Manhattan
530 Fifth Avenue
New York, NY 10036

Additional Bank Information

WACHOVIA
Barbara Carlsson, Branch Manager
Cross County Financial Center
10 Xavier Drive
Cross County Shopping Center
Yonkers, NY 10704
(914) 963-8705

HSBC
Tonya Norris, Branch Manager
74 Pondfield Rd.
Bronxville, NY 10708
(914) 779-4400