Banking Options for UCLA Students

Navigating the world of finance is a crucial step for anyone arriving in a new country or starting their college journey. For UCLA students, understanding the banking landscape is essential for managing their finances effectively. This article provides a comprehensive overview of banking options available to UCLA students, covering everything from opening an account to utilizing various financial services.

Why You Need a Bank Account

Opening a bank account is one of the first necessities when settling into the United States. It is essential for managing funds, making deposits, transferring money, and using a debit card. Some vendors may charge extra fees or not accept non-US cards, making a local bank account even more practical. Moreover, keeping large sums of cash at home is considered unsafe in the US. Using a debit card is generally more convenient than cash for most everyday transactions.

Types of Bank Accounts

When you arrive at the bank, you’ll typically encounter two primary types of accounts: checking and savings accounts.

Checking Accounts

A checking account is a payment account designed for everyday transactions. It allows you to store money and access it easily via checks, debit cards, or online bill pay.

Opening a Checking Account: To open a checking account, you generally need to visit the bank in person with your student identification card, passport, and the funds you wish to deposit.
Student Checking Accounts: Given that many bank accounts charge monthly fees, it's wise to inquire about "Student" checking accounts. These often come with better rates and may waive minimum balance requirements.
Checking with Interest: Some checking accounts accrue interest if a minimum amount of money is kept in the account. These are known as "Checking with Interest" accounts. Contact the bank for detailed information on available account types.
Online Banking: Setting up online banking or downloading the bank's mobile app is highly recommended. This provides easy access to your accounts, enabling you to make transfers, cancel cards, and set travel notices.

Savings Accounts

In addition to a checking account, consider opening a savings account to securely store your savings. Savings accounts are designed for additional cash that you don't need immediately.

Transferring Funds: While you can transfer money between your checking and savings accounts, most banks limit the number of transactions you can make from your savings account each month.
Debit Card Restrictions: Funds in a savings account cannot be used directly for purchases via a debit card.

Debit Cards

In the US, debit cards are used far more frequently than cash, even for small purchases.

PIN (Personal Identification Number): When you receive your debit card, you'll also get a PIN, usually a four-digit number, to access your account.
Overdraft Fees: Ensure that your account balance covers your debit card transactions. Spending more than you have in your account can result in overdraft fees, typically ranging from $30 to $50, depending on the bank. Always monitor your balance to avoid these fees.

ATMs (Automated Teller Machines)

Your debit card allows you to access cash, make deposits, transfer funds, and check your account balances at ATMs.

ATM Locations: ATMs are generally located at banks and various locations throughout the campus and city.
Immediate Withdrawal: Money withdrawn from an ATM is immediately deducted from your checking or savings account.
ATM Fees: Using an ATM that doesn't belong to your bank can result in charges, usually between $2 and $5. Whenever possible, use an ATM of your bank to avoid these fees.
International Cards: If you plan to use your international card at ATMs in the US, you will only be able to withdraw money in dollars. Most ATMs do not support other actions for foreign cards and bank accounts. Contact your bank in your home country for further details.

Checks

While checks are rarely used in the US, they are sometimes required for rent payments.

Rent Payments: Landlords often accept only checks as a form of rent payment, although some are starting to accept credit cards.
Ordering Checks: Upon opening your checking account, you will receive starter checks, but you will likely need to order more through your bank to cover rent payments throughout the year.
Bounced Checks: If there are insufficient funds in your account to cover a check, the check will "bounce," and your account will be overdrawn. The bank will refuse to honor the check and will return it to the depositor. You will also be charged a bounced check fee, typically between $25 and $50. Repeated attempts to deposit the check can result in additional fees. It's important to be aware of your balance to avoid these penalties.

Credit Cards

A credit card allows you to borrow money from the bank and pay it back, usually at the end of the month.

Credit Limit: The limit for how much you can borrow is determined by your credit score.
Credit Score Factors: Factors such as your employment status, income, and debts are considered when calculating your credit score.

Wescom Financial: A Partner for UCLA Students

Wescom Financial is the official banking partner of the UCLA Dashew Center and plays a vital role in supporting incoming international students at UCLA. They offer accessible and student-friendly banking services tailored to the unique needs of UCLA students.

Read also: Colleges in the Outer Banks Area

Bank of America

Bank of America provides guidance about your goals From your personal accounts, To planning for large purchases, Investing for your future with Merrill,And even helping you start and grow a business Your future moves at your schedule, so whenever you’re ready, we’ll work with you at a time and location that’s right for you.

Wescom Bruin Edge Debit Card

UCLA students, faculty, staff, and alumni can earn up to $200 and get a new UCLA Debit Card for opening a new checking account. Build your credit like a true Bruin-with a card that reps your pride and keeps up with your money moves, from ramen nights to graduation goals. Not a member yet? You can still apply for either credit card - then we’ll establish your membership during the application process by opening a savings Account and depositing $1 into that account on your behalf.

$200 bonus offer is available to new members who are current UCLA students, faculty, staff and Alumni. Not applicable with any other offer. A "new Member” is defined as a person who has never been a primary owner of an account with Wescom.
To quality for bonus, new member must: establish membership with Wescom using the promotional code “BRUINS” and open a new checking account with a minimum $100 deposit by 6/30/2026 ; and during their new member period either 1) utilize the Zelle® transfer service at least two times per month, for three consecutive months; OR 2) use their new UCLA Debit Card to make at least two point-of-sale transactions each month, for three consecutive months.
The New member period is the first three full calendar months after the date of joining Wescom ranging from 90 to 120 days. The number of Zelle® and debit card point-of-sale transactions to qualify for bonus cannot be combined. Bonus will be deposited to the new member’s Wescom Checking Account the first week of the month after all qualifications have been met. Not valid with any other offer. Must be 18 years of age or older with a valid US Tax Identification Number. Bonuses may be subject to IRS reporting. Consult your tax advisor. Subject to change or end without notice. Terms and conditions apply.

Wescom Technology Loan

Wescom Technology Loan is not being offered or made by UCLA, but by Wescom Financial. APR (Annual Percentage Rate) is accurate as of 8/1/2025. Your monthly payment on a 24-month term with 0% APR would be $41.67 per $1,000 borrowed.

CU Student Choice Private Student Loan Program

Borrow responsibly. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments and how much the student expects to earn in the future, before considering a private student loan. Wescom has partnered with CU Student Choice to provide the Private Student Loan Program. Wescom is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.

Additional Wescom Benefits

The paper statement fee is waived with eStatements, for Platinum Signature Members, Youth Accounts, Primary Account Holders age 60 and older, Fiduciary Accounts, and for the first 90 days for new accounts.
Wescom will post your direct deposit when it is received, regardless of the settlement date. Early access to your direct deposit of funds is not guaranteed and is dependent on the timing of funding by the payer. Wescom does not control when the direct deposit is received.
The Introductory APR for purchases and balance transfers will apply to transactions posted to Your Account during the first six billing cycles following the opening of Your Account. On the first day of the month following six billing cycles, the APR will revert to a standard variable APR of 17.40% - 27.40% on all balances. The APR will vary with the Market based on the Prime Rate. Any existing balances on Wescom Central Credit Union loans or credit card accounts are not eligible for the Intro APR for balance transfers. Terms and conditions apply.
Cash back offer is available through the redemption of MyRewards Points. MyRewards is a free program that awards you 1.5 points for every dollar you spend on purchases. Select UCLA, ASUCLA, and Rose Bowl Stadium venue purchases may be eligible to earn 5 points per dollar spent at select merchants. Visit wescom.org/bruincardbenefits for a list of eligible merchants. MyRewards Points can be redeemed for cash back, gift cards, merchandise, travel, and other rewards, which may be changed without notice. Redemption values may vary. Balance transfers and cash advances do not earn MyRewards Points. Terms and conditions apply.
The one-time 50,000 Bonus Points offer (redeemable for $500 cash back) is earned when you spend $2,500 within the first 90 days, starting on the account opening date. Cash advances and balance transfers do not qualify for the $2,500 purchase amount, and activation date of card does not extend the 90-day eligibility period. Cash back offer is available through the redemption of MyRewards Points. Redemption values may vary. The Bonus Point offer is available for new Wescom cardholders who have not received a new cardholder bonus points offer from Wescom within the last 24 months. Existing cardholders are ineligible to receive this offer.

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