Banks

1. To open a bank account, F-1 students will need to show the Bank their 1) I-20 document 2) passport with visa and 3) a proof of residency letter (ask your DSO for one). Some banks may require you to bring a minimum cash deposit as well.
2. Some banks will offer you a financial credit/bonus for opening an account with them. This credit/cash incentive is typically considered taxable income - that you will need to report when filing your federal/state taxes next year. This will require considerable time/effort for F-1 visa students who do not plan to work on campus (and therefore will not have a social security number) this year. For students with a social security number, or plans to get one due to on campus employment, reporting a bank credit/cash incentive with your taxes can be a much simpler task.