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BAFF - Baltic-American Freedom Foundation

Living in the U.S.

Banking

Receive your scholarship stipend by direct deposit at the end of each month.

Banking

A local bank account will be very useful and is required to receive monthly scholarship stipends. The U.S. Program Manager will disburse by direct-deposit scholarship stipend payments after you confirm your arrival in the United States and U.S. bank account information.

Opening a Bank Account

Requirements to open a bank account vary from bank to bank. In general, to open a U.S. bank account, you will need to take with you the following documents and forms of identification:

  • Passport
  • DS-2019 Form
  • Proof of address, such as rental lease

Types of Bank Accounts

The two main types of bank accounts available to you are checking and savings. Specific services provided by these types of accounts vary from bank to bank. A checking account allows you to deposit and withdraw money from your account with great ease. You can write checks to pay bills, and make purchases as well. Most banks also offer online banking. And most offer Automated Teller Machine (ATM) cards as a service (ask for it when you open an account). With this card, you can access your account to check your balance or withdraw money 24 hours a day from any ATM owned by your bank. You also can withdraw money from nearly any ATM of a competitor bank, but these ATMs will charge a small fee for this service (usually no more than $5 per transaction).

Managing Your Money

Your scholarship will be generous by most standards. In general, it is intended to cover basic living expenses for a comfortable standard of living on a student budget. You’re expected to budget responsibly and make conscientious decisions if you plan on saving money for personal spending, including traveling.

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Baltic-American Freedom Foundation (BAFF)
Valdemara Centrs
Kr. Valdemara 21
Riga, LV-1010
phone: +371-67035270
email: info@balticamericanfreedomfoundation.org

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