Campus Services and Resources

Financial Matters

Most students live on limited budgets, and it is important to be cautious about spending money until you have become accustomed to the value of the dollar and have developed a thorough realization of what your living expenses will be. We recommend that you do not carry large amounts of cash with you or keep cash at your room. Instead, deposit it in a bank. Please notice that all U.S. paper money is the same size and same color (with the exception of the $20 bill which has shades of pink and peach with the green). Denominations include $1, $5, $10, $20, $50, $100, and larger amounts. Pictures and numbers differentiate bills. It is strongly suggested that you have some cash available when arriving on campus (about $100 in small bills--$1, $5, $10, $20--and some coins). Please note there are some $1.00 coins which are about the same size as quarters ($.25).

Local banks such as PNC Bank (the only bank with an ATM on campus), Citizen Bank and National City Bank all have branches in Meadville. You will receive information on each of the banks that offer student accounts once you arrive.

Money Management

To open any kind of bank account, go to the bank of your choice and tell the receptionist that you would like to open an account. Usually, representatives from local banks will be on campus during orientation week to help you open an account. It will take about three weeks to open an account with an international money order or check, and you cannot draw money from your account until the check or money order clears. There are two main types of accounts: checking accounts and savings accounts.

Note: feel free to ask for help. People will be happy to help you.

Checking Account

Also known as a "current account" in many countries. Some banks may charge a monthly service fee to the account, unless you keep a specified minimum monthly balance (however, such restrictions may not apply to student accounts at most banks); no interest is paid on balances; and you will receive a debit card (or check card) with the account. The bank representative will explain to you more specifically the characteristics of the checking accounts offered by the bank. It is very important to keep a running balance of your account each time you write make a deposit, withdraw money, or perform any operation that will affect your account. Immediately after you do so, you should record all the information from it on your check register. Of course, you should be able to check your balance online, so recording it may not always be necessary. No matter how you choose to do it, you should be certain how much money you have at any given time. A charge is levied each time you overdraw your account. An overdraw is when you make a purchase or a withdrawal which is not covered by the current balance of your account.

Savings account

A savings account earns interest at relatively low rates (currently around 1-2%), and the funds in it are not accessible on purchase basis. If you have several hundred dollars above your routine living expenses, a savings account is a safe way to invest it. If you have a savings and a checking account in the same bank, you can ask the bank to transfer funds from your savings to your checking account when you need those funds. You may also do so on an ATM or online if your bank offers online banking.

Automatic Teller Machines (ATM) and Money Access Centers (MAC)

The automatic teller is a computerized device through which bank customers can make deposits or withdrawals at any time of the day, any day of the week. To operate an ATM, the customer needs a bankcard and a personalized identification number (PIN) that the bank provides. Never disclose your PIN to anyone. ATMs and MACs are located at banks, shopping malls, gas stations, and other stores. There is a PNC MAC on campus at the Campus Center, situated on the first floor. There is a $2.00 surcharge when the card being used belongs to a bank other than PNC (the local bank that operates the ATM). Your bank may also charge you for using another bank's ATM or MAC card.

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Updated on 4-28-06*

*The information on this page changes frequently. To ensure that the information you receive on this page is current, please note when the information was last updated. Thank You.