Do you have children about to enter school in the United States? Understanding the U.S. education system is essential for adapting to a new culture and preparing for the differences compared with your country of origin.

Broadly speaking, the U.S. education system is divided into three stages: Elementary School, Middle School, and High School. Each plays a specific role in students’ academic journey. This system covers ages 5 through 18 and forms the central framework of schooling in the country.

In this article, we explain each of these stages and detail their purpose to demystify how students progress through the system and its educational levels in the United States.

Levels of the U.S. education system: Everything you need to know

In the United States, it is common for children to begin schooling around age 5. After kindergarten, it is divided into 12 grade levels.

Below, we show how the U.S. education system is structured.

Early childhood education

Early childhood education or preschool is not mandatory in the United States. However, it is common for children under age 5 to attend pre-K (preschool) or kindergarten.

These centers focus on young children’s cognitive development through play and early literacy activities. For this reason, there is no grading system. Kindergarten is offered through private and public options or via the Head Start social assistance program for low-income families.

Elementary school

After that, children will enter primary education or Elementary school starting around age 6, depending on the school district.

This level typically covers 1st through 5th grade and is characterized by the gradual introduction of more advanced knowledge, with the aim of building cognitive and social development through learning skills such as mathematics, science, and language, among others.

• Characteristics: students generally have the same teacher for almost all subjects, except for those requiring specialized knowledge, such as physical education.

• Grading system: it can vary by district, but it is common for students to be assessed using a letter scale—A, B, C, D, and F—or, alternatively, a numeric scale from 1 to 4.

• Approximate Ages: between 6 and 11.

Middle school (junior high school)

After finishing primary education, students continue with Middle school, which typically covers 6th through 8th grade. It is a transitional stage between primary and secondary education.

• Characteristics: students have a different teacher and classroom for each subject, which promotes independence and socialization.

• Grading system: the formal A through F system is typically being used.

• Approximate Ages: between 11 and 14.

High school

The next level is secondary school or High school, typically covering grades 9 through 12. It culminates in the High school diploma, a basic requirement to continue with higher education or enter the job market.

• Characteristics: in addition to required subjects such as English, math, and science, students can complement their education with electives and extracurricular activities.

• Grading system: both the A–F letter scale and the GPA (Grade Point Average) are generally used; GPA serves as an indicator of academic performance and is key for college admission.

• Approximate Ages: between 14 and 18.

Postsecondary education

Postsecondary or higher education in the United States includes different types of programs as well as private and public schools. Although it is not strictly mandatory, it provides more opportunities for good jobs and higher earnings.

These are the types of higher-education institutions in the U.S.

Public or private universities

• They offer a curriculum lasting approximately 4 years.

• Upon completion and passing of the program, graduates receive a Bachelor’s degree.

• The admission process depends on prior academic performance, reflected in the GPA.

• There are public universities funded by the government and private universities as well.

Community colleges

• These are public colleges offering educational programs that last 2 years.

• Upon completing this program, students earn an Associate’s degree, equivalent to a technical program.

• They are more accessible than a university, and admission rates are also higher.

If you need to send money to another country, explore some options and tips.

Technical or vocational institutions

• They focus on acquiring knowledge related to practical trades, such as nursing, graphic design, and programming.

• They also offer certificates to recognize completed studies.

The U.S. education system can be somewhat confusing compared with other countries, such as some in Latin America. Below is a comparison table to clarify general equivalencies, keeping in mind that there are variations in each country.

How does the school year work in the United States? Key aspects

The U.S. education system is characterized by flexibility to adapt to students’ abilities and interests in order to foster their full potential.

For this reason, it is common for students to be placed into specific classes according to their learning level, which may be more or less challenging.

• Placement depends on several factors, such as:

• How well the student understands English or their test scores—especially for foreign students

• Recommendations from parents/guardians

• Standardized test scores and prior academic performance

• Willingness to complete challenging assignments

• The student’s interest or motivation

• Teacher or counselor recommendation

• Examples of student work demonstrating their level of understanding and skills

Another relevant aspect to consider is the school calendar and schedule in the United States. These can vary by state and school district, but in general the school year begins in late August or early September and ends in late May or early June.

How to manage your finances in the United States with Común

As you can see, the U.S. education system is intentionally designed to guide students from basic education through higher studies and, afterward, into working life.

Each level has a clear function, which makes it easier for families, students, and educators to plan and provide support in order to make more informed decisions along the school path.

Without a doubt, your children’s education is one of the most important investments, because it is a way to secure their future.

Común is the ideal financial platform to help you manage tuition payments and handle school expenses for higher education.

Común is a financial platform with a mobile app that makes it easy to open accounts in the U.S. with a qualified official ID from your country of origin, send low-cost remittances, and provide bilingual Spanish and English language support for the immigrant community.

Learn about all the benefits of opening an account with Común for you and your family.

As an immigrant, Común allows you to open an account with a qualified official ID from your country, with no hidden fees and bilingual Spanish and English language support.

Frequently asked questions

If you still have questions, consult our Q&A section.

How do you enroll your child in school?

Go to the school district where you live to find out which school corresponds to your address. Complete the required documents and the enrollment application.

Requirements may vary by state or school district, so it is important to verify directly with your local school.

What is the difference between a public and a private school in the United States?

Public schools are funded by government tax revenues, while private schools are funded by tuition.

What do Freshman/Sophomore/Junior/Senior mean?

These are the terms used in U.S. high schools and universities to indicate year level

• Freshman: 1st year

• Sophomore: 2nd year

• Junior: 3rd year

• Senior: 4th year

What is needed to enter school in the United States?

• Minimum age depending on the level

• Birth certificate

• Up-to-date vaccination record

• Proof of residence in the district

Remittance services: sending money to Latin America

For millions of Latin Americans living in the United States, sending money back home is part of everyday life. For many, their families and friends back home often depend on fast and reliable remittances from the United States. Today, there are many service providers for sending money to Latin America available in the market, each offering different advantages and disadvantages and choosing the right one is key to make the most out of your hard-earned money. A useful approach is to understand how remittance pricing works, what factors affect the total cost, and how to compare the services based on your specific needs.

How to measure the real cost of a remittance?

The real cost of a remittance is determined by different elements:

• The transfer commission.
• The exchange rate being offered at the moment.
• Additional service fees.
• Delivery method.
• Transfer speed.
• Promotional pricing conditions.

In practice, the exchange rate often has the biggest impact on how much money the recipient actually receives. For example, two providers may advertise similar fees while delivering noticeably different final amounts because of the FX spread built into the exchange rate.

What is the FX spread?

The FX spread is the difference between:

• The real market exchange rate (this is also called the mid-market or interbank rate)
• The exchange rate the service provider gives you

This difference is where some remittance service providers generate revenue. The same reason why two services with the same "$0 fee" can have very different final costs.

The most popular remittance services used by Latin Americans in the U.S.

Different services work better for different types of users. Here you can find a general overview of the providers most commonly used by the Latino communities in the United States.

Western Union

Western Union is one of the largest remittance companies in the world, with an extensive cash pickup network across thousands of locations in Latin America.

Strengths:

• Large global network
• Cash pickup availability
• Multiple delivery methods

Limitations:

• Exchange rates may vary significantly
• Fees depend on payment method and destination

Ria Money Transfer

Ria Money Transfer offers payments from the US to more than 165 countries across the world, with delivery options including cash collection and delivery to either a mobile money wallet or bank account.

Strengths:

• Wide coverage
• Competitive options in some corridors
• Cash pickup availability

Limitations:

• Pricing varies depending on country and delivery method
• Exchange rate competitiveness changes daily

MoneyGram

MoneyGram is a service provider of international remittances that enables individuals to send and receive money internationally and domestically.

Strengths:

• Extensive cash pickup network
• Fast transfers in some cases
• Availability in multiple countries

Limitations:

• Fees and FX spreads can vary widely
• Final cost depends heavily on transfer method

Félix Pago

Félix Pago is a WhatsApp-based platform focused on servicing the Latino community in the U.S. to send money throughout Latin America.

Strengths:

• Mobile-first experience
• Speed and convenience

Limitations:

• Coverage and features may vary by destination
• Transfer economics depend on corridor and timing
• Not every user prefers chat-based transfers

Común

Común offers the possibility to open a debit account in the USA and send money home from Común's app or WhatsApp.

Strengths:

• Spanish-first app and customer support
• Convenient with a mobile-focused experience
• Promotional FX rate available on the first transfer
• Accepts more than 100 Latin American IDs to open a debit account
• Transparent fees

Limitations:

• Exchange rates and transfer costs vary daily
• The final recipient amount depends on the destination country, transfer method, and market conditions

Remittance services: a general comparison

Today, the remittance service provider market in the U.S. can be divided into two major categories:

Traditional remittance agencies

Companies that offer physical networks and cash pickup infrastructure. For example: Western Union, Ria Money Transfer or MoneyGram.

Fintech alternatives

These platforms focus on mobile experience, transparent pricing, digital account management, accessibility for immigrants in the U.S. and some offer Spanish-first experiences. Examples: Común and Félix Pago.

Why do comparisons matter?

Exchange rates change every day and promotional offers can also change. This is why it's important to compare what's the best service provider for your current situation. If possible, it is recommended to use a tool to have a better perspective on your remittance costs. For example Común has a live calculator at comun.app/compara designed to help you understand the exact conditions of your transfer.

Beyond the exchange rate

For many immigrants in the United States, choosing the best remittance services is not just based on who offers the best exchange rate. The accessibility to the services can shape the entire experience of sending money. Some people may not have a Social Security Number, a traditional U.S. bank account, or an easy way to verify their identity through conventional financial systems. Language can also play an important role for navigating financial apps especially with customer support and understanding the specific transfer policies. Being able to do financial transactions in a native language can make transactions feel less stressful.

The competitive market landscape in the U.S. makes it possible for Latin American immigrants to compare options for their remittances. Today, you can look beyond the exchange rate and consider factors like Spanish-language support, flexible identification requirements, mobile accessibility and transparency around fees and/or transfer conditions. The best remittance service provider is the one that offers pricing, services and access that fit your needs. Común's app is available in Spanish, accepts more than 100 Latin American IDs and offers transparent fees.

How to choose the right remittance service for your situation?

There is no universal "best" remittance provider. The right option depends on how often you send money, where you are sending it, how your recipient receives the funds, and what kind of financial access you have in the United States. Choosing based on your own priorities is often the best path.

If this is your first transfer

Many remittance services offer promotional pricing or preferred exchange rates for first-time users. These promotions can temporarily improve the amount received by your family, but they do not always reflect the long-term cost of using the platform.

For example, some digital services may offer stronger FX rates on the first transfer, while traditional providers occasionally waive transfer fees for new customers. However, the total value still depends on the exchange rate, transfer speed, and delivery method.

Before sending your first remittance, it is important to consider:

• The final amount your recipient will receive
• If the promotion applies to your destination country
• Delivery times
• Bank deposit vs cash pickup options

To compare exchange rates you can always use a tool, for example, comun.app/compara is designed to help people understand the cost of their transfer.

If you do not have an SSN

Access to financial services can vary significantly for immigrants in the United States, especially for people who do not have a Social Security Number. This can make onboarding slower or more complicated for recent immigrants, ITIN holders, or people primarily using foreign identification documents.

Some remittance service providers have adopted more flexible verification models. Común, for example, accepts more than 100 Latin American IDs. It is recommended to check with every institution their specific verification requirements.

If you send money regularly

People who send remittances every month can benefit more from consistency than from temporary promotions. For frequent senders, it can be useful to review:

• Ongoing exchange rates
• Fee transparency
• Recurring transfer options
• Convenience: for example mobile app or WhatsApp transfers
• Customer service availability

If your family depends on cash pickup

Cash pick-up continues to play a major role across many parts of Latin America, especially in smaller cities or rural communities where bank access may be limited.

Traditional remittance companies like Western Union, Ria Money Transfer, and MoneyGram offer large physical networks that allow recipients to collect money in person at supermarkets, convenience stores, banks, and local partner locations.

Before choosing a provider, it is helpful to verify:

• Whether cash pickup is available in the destination city
• Pickup hours and accessibility
• Transfer speed
• Identification requirements for recipients
• Maximum transfer limits

In some cases, the best service is simply the one your recipient can access easily. Común offers cash pick ups with options in some stores and banks.

If you prefer convenience: mobile-first experiences

Over the past years, mobile-first experiences have become popular given the convenience of being able to send remittances from one's mobile phone.

Digital-first services can offer:

• Faster onboarding
• Mobile transfers
• Real-time notifications
• Simpler account management

Platforms like Común and Félix Pago are examples of services designed around mobile experiences for Latino immigrants. For people who feel more comfortable managing their transfers from their phones, these platforms can feel faster and more convenient.

FAQ

What is the cheapest service to send remittances to Latin America?

There is no single service that is always the cheapest. Costs depend on exchange rates, transfer fees, destination country, payment method, and whether you qualify for a first-transfer promotion. The best way to verify your exact case is to compare providers.

What is the FX spread and why does it matter when sending remittances?

The FX spread is the difference between the real market exchange rate and the exchange rate offered by the remittance provider. A weaker exchange rate can reduce the amount your recipient receives.

How can I verify the real cost before sending a remittance?

The best way is to compare the total recipient amount, exchange rate, fees, and promotional conditions before sending money. Some service providers offer tools that calculate the costs before sending the remittance. Común's live comparison calculator is designed to help users verify this information in real time.

Do all remittance services offer cash pickup options?

No. Some remittance providers specialize in bank deposits or digital wallet transfers, while others maintain extensive cash pickup networks across Latin America. Before sending money, it is important to confirm how your recipient prefers to receive funds and whether pickup locations are accessible in their area.

Why do exchange rates change between remittance providers?

Each provider sets its own exchange rates based on market conditions, operating costs, transfer corridors, and promotional strategies. Because rates can change daily, comparing providers before each transfer can help users better understand the total cost of sending money.

Final thoughts

The remittance industry has changed significantly over the past decade, today sending money to Latin America is no longer limited to one type of service or provider. Immigrants in the United States can choose between traditional cash pickup networks, digital-first platforms, and hybrid financial services depending on what works best for their families.

For many people, the real value comes from the full experience from the convenience of usage, accessibility to the services and knowing exactly how much money will arrive can matter just as much as costs. Común offers transparent pricing, an app available in Spanish and a comparison tool that helps users review transfer costs before sending money.

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Banks that support Zelle in 2026: sending and receiving money in the U.S.

Zelle is built directly into many bank accounts in the U.S., which is why it has become one of the most widely used ways to send money. Today, more than 2,000 banks and credit unions offer access to the service.

Understanding how that network works is key to knowing whether you can use it with your account. That distinction matters more today than it did a few years ago. Since April 2025, Zelle is no longer available as a standalone app. Access depends entirely on whether your bank is part of the network.

What Is Zelle?

Zelle is a peer-to-peer payment network owned by Early Warning Services LLC (EWS), a company co-founded by seven of America's largest banks: Bank of America, Capital One, Chase, PNC, Truist, U.S. Bank, and Wells Fargo. It allows you to send money directly from your bank account to another person's bank account using only a phone number or email address. Transfers are typically completed within minutes.

What are the benefits of Zelle?

The main appeal of Zelle is its speed, simplicity, and convenience. Transfers are typically completed within minutes and move directly between bank accounts without the need to load funds into a separate app or digital wallet. In most cases, there are no fees for sending or receiving money, making it a practical option for everyday payments such as rent, shared expenses, or paying friends and family.

Because Zelle is integrated into your bank's app, there is usually no additional setup beyond enrolling your email address or mobile number. Funds are deposited directly into your account and are generally available quickly.

Why does bank support matter?

As of April 1, 2025, Zelle can only be accessed through participating financial institutions. If your bank or credit union does not support Zelle, you generally can't use the service.

Zelle supported banks list

Zelle partners with more than 2,300 financial institutions. To search for a specific bank or credit union, visit zellepay.com/get-started.

Below is a representative, not exhaustive list of financial institutions that currently offer Zelle:

Please note that Zelle limits often depend on factors such as account age, transaction history, recipient details, and other risk-based criteria established by the financial institution. Please refer to your financial institution for the most up-to-date information.

How to enroll in Zelle with your bank?

Since the standalone Zelle app has been discontinued, you must enroll through a participating bank or credit union app. The following steps generally apply to most participating financial institution apps:

• Open your bank's mobile app and locate 'Zelle' in the payments or transfer section
• Select 'Enroll with Zelle' or 'Send Money with Zelle'
• Enter your U.S. mobile number or email address
• Verify your identity using a one-time verification code
• You're then able to send and receive money using a recipient's phone number or email address

Please note that both the sender and recipient generally must be enrolled with Zelle through participating financial institutions for transfers to be completed. If the recipient isn't enrolled, they may receive instructions on how to enroll. If enrollment is not completed within the applicable timeframe, the transaction may be canceled and refunded.

Is Zelle Safe? Common scams to avoid

Zelle uses bank-level encryption and security protocols and operates within participating financial institution apps. However, many reported issues involving Zelle are associated with fraud or social engineering scams rather than technical failures.

Because Zelle transfers are typically processed quickly and may be difficult or impossible to reverse once authorized, scammers may attempt to pressure users into sending funds.

Common Zelle Scams in 2026:

Fake bank fraud alerts:

Scammers may send text messages appearing to come from your bank asking whether you authorized a transaction. After you respond, you may receive a call from someone falsely claiming to represent the bank and instructing you to transfer funds to 'reverse' fraud. In reality, the funds are being sent to the scammer.

Impersonation scams:

Scammers may claim to represent a bank, government agency, utility company, or another trusted organization and pressure victims into sending money immediately.

Marketplace scams:

Fraudsters on platforms such as Facebook Marketplace or Craigslist may request payment through Zelle. After funds are sent, the item may never arrive or the payment may later prove fraudulent.

Overpayment scams:

A scammer may claim to have 'accidentally' sent money and ask for it to be returned. Their original payment may later be reversed or determined to be fraudulent.

How to stay safe:

• Use Zelle primarily with people you know and trust
• Never send money to 'verify' your account or reverse fraud
• If you receive an unexpected call claiming to be from your bank, hang up and contact the bank using the number on the back of your debit card
• Enable transaction alerts through your banking app
• Treat every Zelle payment as potentially final before authorizing it

Are there alternatives to Zelle for people without a traditional bank account?

Zelle's transition away from a standalone app in April 2025 created challenges for individuals who do not have accounts with participating financial institutions.

Venmo and Cash App

Remain popular alternatives for domestic transfers and may not require a traditional bank account to get started. However, they generally do not support international money transfers.

Wise

Allows users to receive and send funds internationally using local bank details in many currencies. It is commonly used for international transfers and is known for transparent pricing and exchange rates based on the mid-market rate.

Común

Is a financial platform that promotes financial inclusion for individuals who may face barriers with traditional U.S. banks, offering user-friendly, Spanish-language support. With Común you can make transfers within and outside the U.S. and send money to friends and family throughout Latin America, with fees starting at $2.99 per transfer. Visit comun.app to learn more.

FAQ

Does Zelle charge fees?

Zelle itself generally doesn't charge fees to send or receive money. However, your financial institution may have its own fee structure for the underlying account. It is important to check the specific details with your financial institution.

What if my bank doesn't use Zelle?

Since the standalone Zelle app was discontinued in April 2025, your options may include opening an account with a participating financial institution or using an alternative service such as Venmo, Cash App, Wise, or Común.

Can I use Zelle without a U.S. bank account?

No. Zelle generally requires a U.S. bank or credit union account at a participating financial institution.

Can I send money internationally with Zelle?

No. Zelle supports transfers only between U.S. bank or credit union accounts at a participating financial institution. For international transfers, consumers may consider alternatives such as Wise, Remitly, or international money transfer providers.

What happens if I send money to the wrong person?

Contact your financial institution immediately. Once funds are delivered, cancellation or recovery may not be possible.

Access Matters When Choosing a Bank for Zelle

Choosing between banks that supports Zelle ultimately comes down to access and convenience. While the network is broad, access depends on maintaining an account with a participating financial institution. For some consumers, a traditional bank or credit union may meet their needs. Others may prefer platforms designed to support individuals who face barriers to accessing traditional banking services. If Zelle access is important to you, it may be helpful to consider not only which financial institutions support the service, but also which ones best fit your individual needs.

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ITIN vs SSN: What's the difference and why does it matter?

If you are authorized to work in the United States, you need a Social Security Number (SSN). If you are not eligible for an SSN but still need to file taxes or access certain financial services, you may need an Individual Taxpayer Identification Number (ITIN).

If you recently moved to the United States, you have probably heard the terms 'ITIN' and 'SSN' many times already. They often come up when opening a bank account, filing taxes, applying for work, or trying to build credit.

Understanding the ITIN vs SSN difference matters because each number serves a different purpose in the US financial and tax system.

What is an SSN?

A Social Security Number (SSN) is a nine-digit identification number issued by the Social Security Administration. It is primarily used to track earnings, taxes, and eligibility for certain federal benefits.

SSNs are generally issued to:

• US citizens
• Permanent residents
• Certain noncitizens authorized to work in the US (for example: people with work visas, some asylum applicants or refugees)

An SSN is required for legal employment, payroll reporting, and access to some government programs.

What is an ITIN?

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service, known as the IRS. ITINs are designed for people who are not eligible for an SSN but still have US tax filing obligations or need access to certain financial services.

An ITIN can be used by:

• Immigrants without SSN eligibility
• Dependents or spouses of US residents or visa holders
• International students or temporary visa holders in certain situations
• Individuals required to file US taxes

It is important to note that an ITIN does not authorize someone to work in the United States.

ITIN vs SSN Comparison Table

Which one do I need?

You need an SSN if:

• You are a US citizen
• You are a permanent resident
• You are legally authorized to work in the United States
• Your employer requires it for payroll and tax reporting

You may need an ITIN if:

• You are not eligible for an SSN
• You still need to file taxes in the United States
• You want to access and open financial accounts
• You want to begin building a financial history

Many recent immigrants apply first for an ITIN while they are still navigating the US financial system or while they're waiting for changes in their work authorization status.

Can I have both an ITIN and an SSN?

Yes, in some situations a person may have both at different stages of their life. For example, someone may initially receive an ITIN because they are not eligible for an SSN at the time. Later, if they become eligible for work authorization or permanent residency, they may receive an SSN. When this happens, the SSN becomes the primary identification number used for taxes and financial reporting.

What can I do with each?

An SSN can be used to:

• Work legally in the United States
• Receive wages through payroll systems
• File taxes
• Access certain federal benefits if eligible
• Open debit card and checking accounts
• Apply for loans and credit products
• Build credit history

An ITIN can be used to:

• File taxes with the IRS
• Open debit card and checking accounts at institutions that accept ITINs
• Build credit with lenders that report ITIN activity
• Establish financial history in the US

Can you work with an ITIN?

An ITIN itself does not authorize employment in the United States. It is primarily a tax identification number used for IRS reporting purposes.

Does an ITIN build credit?

An ITIN may help some people begin building credit history in the United States. Certain banks, lenders, and financial platforms report account activity linked to ITINs to credit bureaus. Policies vary by institution.

How can I apply for an ITIN?

Applying for an ITIN generally involves submitting:

• A completed IRS Form W-7
• A valid federal tax return (unless you qualify for an exception)
• Proof of identity and foreign status

The IRS may request original documents or certified copies depending on the situation. Processing times may vary.

How can I apply for my ITIN with Común?

If you need or want help with the application process, Común offers ITIN application support for $199 with a money-back guarantee if the application is not approved. Visit comun.app/itin to learn more.

Requirements to apply for an ITIN with Común:

• You must live in the U.S.
• You must have a valid passport with an expiration date more than 6 months from the date of your application
• You will need to file your taxes to apply for an ITIN

The process:

• We recommend you open a debit account with Común from your mobile phone
• Complete the application form at comun.app/itin and submit your payment
• Upload a scan of your passport
• If you choose to file your taxes along with your ITIN application, upload documentation of your income from the previous tax year
• Común's agents will contact you via email if they have any questions
• Print, sign, and submit your completed official ITIN application (Form W-7)
• Común's agents will submit your application to the IRS

The application process does not consider your immigration status, and your status will not be reported to any government immigration authority.

Open your Común Account

A debit account can be a great first step to building your financial future in the United States. Común allows customers to open a debit account using ITIN, passport, country-of-origin ID, or more than 100 accepted Latin American valid IDs. You can open your Común account from your phone. The app is available in Spanish. Visit comun.app to learn more.

FAQ

What is the difference between ITIN and SSN?

An SSN is issued by the Social Security Administration primarily for employment, taxes, and federal benefits eligibility. An ITIN is issued by the IRS for people who are not eligible for an SSN but still need to file taxes or access certain financial services.

Can I have both ITIN and SSN at the same time?

In some situations, yes. A person may first receive an ITIN and later become eligible for an SSN. Once an SSN is assigned, it generally becomes the primary number used for taxes and financial reporting purposes.

Can I work legally in the US with an ITIN?

An ITIN alone does not authorize employment in the United States. It is primarily used for tax identification and reporting purposes through the IRS.

Do I need an SSN to open an account?

Not always. Some financial institutions, including Común, allow customers to open debit accounts using an ITIN, passport, or other forms of identification.

How do I apply for an ITIN?

Applying for an ITIN generally requires completed IRS Form W-7, identity documentation, and a filed federal tax return. The IRS may also request certified supporting documents.

How long does the ITIN application take?

Processing times can vary depending on the time of year and the completeness of the application. In many cases, ITIN applications may take several weeks to process after submission to the IRS.

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Driver’s license in the United States for foreign nationals: steps and requirements

Having a driver’s license makes everyday tasks easier, such as going to work, the supermarket, school, medical appointments, and more. This process is especially important for immigrants living in the United States, as it gives them independence and stability in the country.

Although the process to obtain a driver’s license varies in each state, foreign nationals do have the possibility and the right to obtain one. Below, we explain all the details so you can get this permit soon.

Can you drive with an international license in the United States?

If you have recently arrived in the United States and need to get around in your own car, you may temporarily use the driver’s license from your home country, as long as it is issued in English or accompanied by an international driving permit.

As a new driver in the United States, you must understand the difference between an international license and a local one: the former supplements your national license and allows you to drive in the U.S. for a few months; the latter is issued by the Department of Motor Vehicles (DMV) in each state and grants you a permanent permit to operate a motor vehicle in the country.

Regulations differ in each state: for example, in California you can drive with a valid foreign license until you become a resident. In contrast, in Texas your national license is valid for 90 days, and you must always carry your passport or visa.

Allowed period to drive with a foreign license

The maximum time allowed to drive with a foreign license varies depending on each state’s local regulations. In general, the period can range from 30 days to one year, from the day you arrive until you establish yourself as a permanent resident.

When is it necessary to apply for a U.S. driver’s license?

If you plan to live in the United States for a longer period, you need a U.S. driver’s license to drive. It is also essential if you plan to buy a car.

Also, remember that in some states the period to drive with a foreign license is limited, so you should consider applying for a U.S. license before that deadline expires.

Requirements to obtain a driver’s license in the U.S. as a foreign national

The requirements to obtain a driver’s license also vary by state, although the general structure is similar.

This is the documentation needed to obtain a driving permit in the United States.

• Valid passport or official identification: used as proof of identity.

• Proof of residency: can be a utility bill, rental agreement, or official letter showing your address.

• Immigration status or proof of legal presence: such as the Employment Authorization Document (EAD) or the I-20 form for students.

• Social Security Number (SSN) or an SSA ineligibility letter.

Keep in mind that states such as New York and Illinois allow applicants to obtain a driver’s license without considering immigration status.

Learn here how to send money without a bank account.

5 steps to apply for your U.S. driver’s license

Getting your driver’s license may seem like a complex and tedious process. In reality, you only need to stay organized and take the time to understand the guidelines.

Step 1. Gather your documents

Before going to a DMV office, make sure to prepare the required documents. In the previous section we outlined what you generally need, but remember to check for variations in the state where you live.

Step 2. Schedule an appointment at the DMV

Then, visit the DMV website and book an appointment. On the scheduled day, your documents will be reviewed and you will be given a date for the written exam.

Step 3. Take the written exam

The written exam evaluates your knowledge of traffic rules and road safety. Each state offers a driver’s manual to study for the test, and some are available in other languages, such as Spanish.

If you pass, you will receive a learner’s permit that will allow you to take the driving test under the guidance of an instructor.

Step 4. Take the driving test

The next step is probably the most challenging, as you must apply your theoretical knowledge in real driving practice. During the test, the instructor will evaluate your ability to follow traffic signs, park, turn, and follow safety rules.

Step 5. Pay the corresponding fees

Once you pass your driving test, you must pay a fee that varies by state. Initially, you will receive a temporary license and later receive your permanent license by mail.

Costs, timelines, and validity of a U.S. driver’s license

The cost of a driver’s license in the United States depends on each state, but generally includes the cost of the written exam, driving test, and issuance. The validity also varies by state, but it is usually between 4 and 8 years.

Additionally, a positive update for immigrants is that more states are removing immigration status requirements to issue a driver’s license; this is the case in California, New York, and Illinois.

If you have questions about the specific requirements in your state, check the updates on the official DMV website.

Drive toward your financial independence with Comun

Having a U.S. driver’s license represents another step toward achieving financial independence and making it easier to move around your city. Therefore, it is essential to understand the process to obtain one, as well as the differences in each state.

In other words, having a license simplifies and improves your life by making everyday tasks more accessible. Likewise, Comun is the financial platform that helps you manage your money safely and without complications.

Open your account with Comun and take the next step toward your independence in the United States. Manage your money with confidence, clarity, and support at every step.

Frequently Asked Questions (FAQ)

If you still have questions, check the following section.

How long can I drive with my foreign license in the U.S.?

The duration varies depending on the state you are in, but generally ranges from three months to one year.

What happens if my immigration status changes after I obtain my license?

If your immigration status changes after you obtain your driver’s license, it is recommended to update your information at the DMV. You may need to apply for a new license or present updated immigration documentation.

Is it valid to use an international license in all states?

Although the international driving permit (IDP) is accepted in most states, it must be accompanied by a valid national license. Additionally, there may be restrictions on how long it can be used in each state.

Can I get a driver’s license without a Social Security Number (SSN)?

Yes, it is possible to apply for a driver’s license without an SSN in several states. In this case, you must present an ineligibility letter issued by the Social Security Administration (SSA).

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The shift from physical to digital checks marks a significant transformation in financial services, driven largely by technological advances and the widespread adoption of mobile devices and online banking platforms. This shift reflects a broader trend in the digital era, where convenience and efficiency come first. The importance and benefits of having a checking account in this context can't be overstated, since it enables direct deposit and check deposit through ATMs, saving users significant time and money.

How Banks and Financial Institutions Are Adapting

Banks and financial institutions have been at the forefront of this digital shift. Recognizing their customers' needs and preferences, these institutions have invested heavily in developing secure, user-friendly online banking services and mobile apps. These platforms let users complete a wide range of transactions that traditionally required a visit to a bank branch. Now, customers can access their bank accounts and manage payroll checks through direct deposit — a feature that improves the efficiency of receiving paychecks and issuing personal checks directly from their smartphones or computers. This functionality doesn't just simplify the process — it also makes it accessible anytime, anywhere, removing the physical limitations of traditional banking.

Convenience and Accessibility

The integration of online and mobile banking solutions has made financial services more accessible, letting users complete transactions remotely. One example is the PayPal app, which lets users deposit checks into their PayPal account using a photo, accessing their money for free within 10 days or instantly for a fee. This is particularly beneficial for users who need to deposit payroll checks without the delay of mail services or the inconvenience of visiting a physical bank or check-cashing store. For people living in areas without easy access to traditional banking facilities, or those with mobility issues, these digital options provide essential financial access, improving their ability to manage personal finances efficiently.

Enhanced Security Features

Along with convenience, security is a priority in the evolution of digital check processing. Financial institutions have implemented sophisticated security measures to protect users and their transactions. These include encryption, two-factor authentication, and secure sockets layer (SSL) technology, which protect data transmitted during online and mobile banking sessions. Additionally, features like automated fraud detection systems monitor unusual activity, helping prevent unauthorized access and transactions.

Verification processes for digital check transactions have also become more robust. Digital checks often require multi-factor authentication, which can include biometrics (like fingerprint or facial recognition), security questions, or mobile code confirmation. These layers of security help ensure only authorized users can issue, cash, or deposit checks, significantly reducing the risk of fraud.

The shift to digital check processing through online banking and mobile devices illustrates a broader trend in financial transactions toward greater technology integration, prioritizing user convenience and security. As this trend continues, we can expect these platforms to evolve even further, offering more features and efficiencies for managing financial transactions in the digital age.

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Navigating Check-Cashing Services and Fees in the Digital Age

Traditional banks continue to offer check-cashing services at their branches, but the rise of digital platforms has diversified how consumers can cash a check and access their money. For those without a bank account, a check-cashing service provides a vital option for turning checks into cash, often at physical locations. Digital services like PayPal let users deposit checks directly into their PayPal accounts just by taking a photo of the check, making a PayPal account an essential tool for digital check deposits. Mobile apps like Ingo Money offer similar services, allowing check deposits directly to prepaid cards, PayPal accounts, or even as Amazon credit. These tools offer a level of convenience and speed traditional banks often can't match, since they skip the need to visit a physical location.

Understanding Check-Cashing Fees

Each check-cashing option has its own set of fees. Traditional banks may charge non-customers a fee to cash checks, and these fees can be particularly high for personal or third-party checks. Grocery stores and check-cashing stores typically charge a percentage of the check amount, which can vary widely depending on the type and amount of the check. Services like Western Union also facilitate check cashing, but often with higher fees, especially for instant-cash services.

Digital platforms vary in their fee structures. PayPal, for example, offers free check deposit if the user is willing to wait a few days for funds to settle, but a faster-access option is available for a small fee. Ingo Money also charges fees for instant access but offers a fee-free option if the user is willing to wait for funds.

Reducing Costs and Increasing Convenience With Digital Solutions

Digital solutions offer significant advantages in terms of reducing check-cashing costs and increasing convenience. By enabling direct deposits into checking accounts or onto prepaid cards like the Walmart MoneyCard, these digital platforms eliminate the need for physical check-cashing locations. This not only saves on the cost associated with cashing checks at physical locations, but also reduces the time spent processing transactions.

Additionally, the ability to deposit checks anytime, anywhere via a mobile device or computer means funds are available faster and without the inconvenience or expense of traveling to a bank or check-cashing store. This accessibility is particularly beneficial for people in remote areas or those with mobility issues, for whom visiting a physical location is a challenge.

In summary, the digital transformation of check-cashing services has given consumers a wider range of options for accessing their money quickly and securely, often at lower costs than traditional methods. The convenience of digital platforms extends to the ability to send money quickly and securely, further improving the user experience in managing financial transactions. As technology continues to advance, we can expect further innovations that will improve the efficiency and convenience of these financial transactions.

The Role of Third-Party Checks in Modern Financial Transactions

Handling third-party checks and pre-printed checks is critical within the digital banking framework. These checks, essential for numerous transactions like payroll payments and government payments, must be managed with strict security measures to ensure the integrity of financial processes.

Handling Third-Party Checks

Third-party checks involve transferring funds from the payer to an intermediary recipient, who then endorses the check to another party, known as third-party check endorsement. This process is particularly useful when the original recipient needs to endorse a third-party check to someone else, either because they lack valid ID or face limitations that prevent them from cashing the check themselves. The complex nature of these transactions requires rigorous verification processes. Financial institutions require valid ID from anyone attempting to cash or deposit third-party checks to verify their legitimacy. Both the original recipient and the endorser must sign, explicitly authorizing the transfer of funds. This verification helps mitigate risks like fraud, which are higher with third-party checks due to the multiple parties involved.

Managing Pre-Printed Checks

Pre-printed checks are commonly used for direct deposit of payroll and government benefits. They include fixed details like the issuing bank's name, the amount, and the recipient's account information, which are printed by the financial institution or company issuing the check. These checks are usually processed through specialized check-cashing services, which use advanced digital scanning technology to validate the check's details against secure databases, ensuring the payment comes from a legitimate source and is deposited into the correct bank account.

Modern Solutions in Check Cashing

Digital solutions have revolutionized how checks are processed, improving convenience and reducing check-cashing fees. Online banking platforms and mobile devices enable check deposits through mobile check deposit services. These platforms, like those offered by banks and financial services like PayPal and Ingo Money, let users cash checks by taking a photo and uploading it through an app. This method not only streamlines the processing of two-party personal checks and government checks, but also speeds up the availability of funds in checking accounts or on prepaid cards like the Walmart MoneyCard.

In conclusion, the digital transformation in handling third-party and pre-printed checks is improving security, reducing fees, and increasing convenience across the board. This shift doesn't just respond to growing demand for more efficient financial services — it also reflects broader trends toward digitization across every aspect of banking and financial transactions.

Embracing Digital Change in Check Management

The transformation of check management in the digital age is a clear reflection of the broader trend toward technology-driven financial services. This evolution presents a unique mix of challenges and opportunities. As we've explored, the shift from physical to digital checks brings improved security, greater convenience, and significant cost savings, making it an essential trend for both consumers and financial institutions.

The future of check management depends on deeper integration of innovative technologies. Banks and financial institutions are continually improving their digital services to offer users smoother experiences. Innovations like blockchain and artificial intelligence are poised to redefine security and efficiency in financial transactions, offering even more robust protections against fraud and errors.

For individuals, the ability to manage checks through mobile devices and online platforms means easier access to their finances, less time spent on manual processes, and reduced fees associated with traditional check-cashing services. For businesses and financial institutions, digital check processing reduces administrative burden and speeds up capital flow, improving economic efficiency.

In summary, managing checks in the digital age involves a dynamic mix of adapting to current technologies and anticipating the future needs of the financial market. This ongoing evolution promises to make financial management more accessible, secure, and efficient for everyone involved.

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Protecting your information in online banking starts with simple good habits: use unique passwords, turn on two-factor verification when available, and check your activity often. With Común you can lock your card instantly from the app if something looks suspicious.

The convenience of managing your financial transactions online through digital banking has become increasingly popular. However, with the rise of digital banking comes the need for greater security to protect personal and financial information. Here's how you can safeguard your bank account information while enjoying the benefits of online and mobile banking. Aiming for the most secure online banking possible is essential, since it involves implementing industry-standard security technology, multi-factor authentication, alert notifications, and encouraging people to take proactive security measures.

Understanding Online Banking

Online banking, offered by most traditional banks, credit unions, and online-only banks, lets customers pay bills, transfer funds, and manage their financial accounts over the internet. Whether you're dealing with a large bank or a local credit union, these institutions offer secure online banking services tailored to their customers' needs. This can be accessed through a bank's website or a mobile banking app, offering the convenience of banking anytime, anywhere. As banking has evolved, security measures to protect online bank account information must also advance.

Common Threats in Online Banking

Online banking security is paramount, since various threats could compromise your bank accounts. Common online threats include:

• Phishing Scams: Identity thieves send fraudulent communications, often by email, to access your online banking information.
• Malware: Malicious software designed to infiltrate your device and steal data related to your financial accounts.
• Identity Theft: Criminals can use personal information to open new accounts or access existing ones.
• Data Breach: A significant risk where sensitive information is accessed without authorization, potentially affecting numerous accounts.

Understanding these risks is crucial to maintaining online banking security. Banks and credit unions often update their security features to protect against such threats, making it important for users to follow recommended security measures. Keeping online banking secure is a collective effort involving secure banking technology, vigilant fraud monitoring, and informed users who are aware of risks like phishing scams and hacking attacks.

Regain Control and Peace of Mind With Común's Security Measures

• Log In Easily and Securely: Use Face ID or Touch ID for quick access to your Común account.
• Get Instant Notifications: Stay on top of your purchases with instant alerts from Común.
• Manage Your Card With Ease: Freeze and unfreeze your Común card whenever you need to.

Open your bank account¹ in 3 minutes with your country's ID²

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Your Money Is in Good Hands With Común

• FDIC-Insured: Funds in your Común account are insured up to $250,000 by Community Federal Savings Bank, Member FDIC.
• VISA Protections: Your Común card is protected by VISA's guarantee against unauthorized charges.

Monitoring and Protecting Your Accounts

Regularly monitoring your account balances and transactions is vital. Set up banking alerts through your financial institution to notify you of any unauthorized transactions. When banking online, especially on public Wi-Fi networks, it's a good idea to use a Virtual Private Network (VPN) to secure the connection and protect your data from being intercepted. Also, make sure all devices used for online banking have secure software and are regularly updated.

Most banks, including credit unions and traditional banks, use robust banking security measures to protect online and mobile banking operations. However, responsibility also falls on the customer to use trusted mobile banking apps, available from sources like Google Play or the App Store, emphasizing the importance of security when choosing apps, and to contact the bank right away if any suspicious activity is detected. The Federal Deposit Insurance Corporation (FDIC) plays a crucial role in improving online banking security and protection by insuring money at online banks and protecting customer data security, thereby safeguarding customer funds and privacy.

The Importance of Strong Passwords

Online banking security starts with strong, unique passwords. Creating strong passwords means using a combination of at least 12 characters, including uppercase letters, lowercase letters, numbers, and symbols. Avoid using the same password across multiple online accounts, and update your passwords regularly to protect your bank account information. A password manager can help generate and securely store these passwords. It's crucial to apply this practice to all accounts, especially your savings account, to protect it from unauthorized access and potential hacking threats.

The Role of Encryption in More Secure Online Banking

Encryption serves as a critical layer of security to protect your account information while banking online. When you access your bank account through a bank's website or a mobile banking app, your personal and financial information is encrypted. This encryption makes it harder for hackers to intercept and decode data during transmission between your device and your bank's servers, keeping online banking secure.

Technologies like SSL (Secure Socket Layer) and HTTPS (Hyper Text Transfer Protocol Secure) are fundamental to ensuring a secure connection when banking online. These security measures are used by most banks and credit unions to protect financial transactions. To verify a secure connection, users can look for the lock symbol in their browser's address bar on banking websites, confirming the presence of HTTPS, which indicates web communication is protected by encryption.

Staying Educated on the Latest Security Trends

Staying informed about the latest security features and trends is crucial for anyone using online and mobile banking platforms. Traditional banks, online banks, and credit unions continually update their security protocols to counter emerging threats and ensure secure online banking. By regularly reading updates from your financial institution and taking advantage of resources like banking alerts and advice from bank representatives, you can improve your ability to protect your bank accounts from unauthorized transactions and identity theft.

Additionally, using a Virtual Private Network (VPN) can add an extra layer of security when accessing your financial information on public Wi-Fi networks. A VPN creates a secure, private connection over a less secure network, like public Wi-Fi, ensuring your online banking activities are protected from prying eyes.

Enrolling in two-factor authentication (2FA) or multi-factor authentication (MFA) is another strong security measure recommended by most banks. This approach requires more than one form of verification to access your online bank account, significantly reducing the risk of unauthorized access.

By understanding the importance of these security practices and adopting measures like using strong, unique passwords, regularly updating them through a password manager, and monitoring your account balances, you can safeguard your financial life and enjoy the benefits of digital banking with confidence. Whether you need to transfer money, pay bills, or simply check your savings or money market accounts, being proactive about online security can protect you from potential cyber threats and improve your overall online banking experience.

Protect Your Account

In conclusion, the growing popularity of online and mobile banking requires robust security practices to protect sensitive personal and financial information. By understanding various threats like phishing, malware, and data breaches, and using strong security measures like strong, unique passwords, encryption, and multi-factor authentication, people can significantly improve their online banking security.

It's also crucial for users to stay informed about the latest security trends and updates provided by their financial institutions. Taking proactive steps, like using a VPN on public networks and regularly monitoring account activity, helps ensure a secure, efficient digital banking experience. By adopting these practices, users can protect their financial transactions and personal details, maintaining peace of mind while enjoying the convenience of modern banking technology.

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What are good security practices for online banking?

Use unique, hard-to-guess passwords, avoid accessing your account over public wifi, and review your activity regularly.

What security features does Común offer?

Instant card lock from the app, PIN or Face ID login, and 24/7 support through chat, email, phone, or WhatsApp.

How do I recognize a fraud or phishing attempt?

Be wary of urgent messages asking you to confirm information or click links. Común will never ask for your password or access codes by message or phone call.

Frequently asked questions

What is two-factor verification and why does it matter?

It's an extra layer of security that requires a second code beyond your password, making it harder for someone else to access your account even if they have your password.

Is it safe to use public wifi to check my bank account?

It's not recommended — use mobile data or a secure network when accessing financial information.

How do I lock my Común card if I suspect something's wrong?

Directly from the app, instantly, with no need to call support.

Will Común ask for my password by phone or message?

No, never. If someone asks for it claiming to be from Común, it's a fraud attempt.

How often should I check my bank activity?

Ideally every few days, to catch any activity you don't recognize as early as possible.

What do I do if I get a suspicious message asking for my information?

Don't reply or click any links — contact Común support directly through the app's official channels.

Managing your bank account efficiently means checking your activity regularly, avoiding unnecessary fees, and using digital tools. With Común there's no monthly fee, no minimum balance, and you can do almost everything from the app.

Managing your bank accounts efficiently involves understanding best practices for handling them, using your bank or credit union’s resources, and making informed financial decisions. This article will explore essential strategies from choosing the right type of bank and balancing your checking account to taking advantage of your bank’s mobile banking app for optimal account management.

Understanding Your Account

Explore different types of bank accounts, such as checking accounts, savings accounts, and money market accounts at various financial institutions. Learn about their specific uses, from everyday spending with a debit card to saving money for future goals through a high-yield savings account. Master how to monitor checking account balances and track financial transactions using your bank’s mobile banking app, ensuring effective cash management.

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Setting Up Account Alerts

Mobile banking alerts are essential tools in the digital banking era, as they increase your awareness of account activity and help with financial management. Use strong security practices to manage your online account, such as using secure passwords and enabling two-factor authentication. Use your bank’s mobile app security features to protect against unauthorized access and ensure the safety of your financial transactions.

When setting up alerts, you can receive notifications for various events, such as when your balance falls below a certain threshold, which helps prevent overdraft fees. Alerts for large deposits or withdrawals can also help monitor fraudulent transactions, especially important across multiple bank accounts at different financial institutions.

In addition, many banks and credit unions now offer customizable alert options, allowing you to receive updates on account balances at set times or even unusual card activity, further securing your financial transactions and helping maintain good cash flow management.

Budgeting and Tracking Spending

An effective budget is crucial for financial stability, and modern money management tools are designed to meet this need by providing detailed insight into your variable and fixed expenses. These tools sync with your bank accounts to automatically categorize transactions, making it easier to track where your money goes and identify areas for potential savings.

Using direct deposits strategically can automate much of your financial planning, ensuring essential expenses such as monthly bills are covered automatically, while also directing money into separate savings accounts designated for specific goals such as saving for an emergency fund or building up a down payment. This direct deposit setup not only simplifies financial management, but also helps maintain discipline in achieving your financial goals.

Using Automatic Savings Tools

Automatic savings tools are vital for building financial resilience without requiring constant manual intervention. Setting up transfers between your checking account and high-yield savings accounts can significantly improve your savings efforts by taking advantage of the higher interest rates offered by these accounts. These tools can be programmed to transfer a fixed amount or a percentage of your monthly income directly into a savings or investment account, ensuring that saving becomes a continuous part of your financial routine.

In addition, some banks offer features such as “round-up” programs, where everyday transactions are rounded up to the nearest dollar and the difference is transferred into a separate savings account, effectively turning every purchase into a savings opportunity. Discussing these options provides a clear view of how automatic savings tools not only help achieve long-term financial goals, but also more effectively manage day-to-day financial health.

Minimizing Fees

Understanding and minimizing the fees associated with bank accounts is crucial to maintaining your financial health. Monthly service fees, minimum balance requirements, overdraft fees, and other charges can quickly erode your savings if not managed properly. It is important to regularly review the terms and conditions of each bank account, as banks often change their fee structures. One effective strategy is to keep a certain balance in the account that exempts some of these fees.

Also consider using a bank or credit union that offers fee-free checking and savings options. Tools like fee-analysis apps can help identify potential savings by suggesting changes in how you manage your accounts or even recommending a switch to a different financial institution that offers lower fees. This proactive approach ensures that you are always ahead of unnecessary expenses, preserving more of your hard-earned money.

Common Fees:

• Monthly Service Fees: Charged for account maintenance, applicable to many checking and savings accounts.
• Minimum Balance Requirement Fees: Incurred when account balances fall below a specified threshold.
• Overdraft Fees: Charged when transactions exceed the account balance.
• ATM Fees: Applied when using ATMs outside your bank’s network.
• Transaction Fees: Some accounts charge fees for certain types of transactions, such as wire transfers or even excessive withdrawals.

Strategies to Avoid Fees:

• Maintain Minimum Balances: Keep your account above the required minimum to avoid monthly fees.
• Use In-Network ATMs: Withdraw cash from ATMs within your bank’s network to avoid fees.
• Set Up Alerts: Monitor your account balances and receive notifications to prevent overdrafts.
• Choose the Right Account Type: Opt for bank accounts that fit your financial habits, such as accounts with no monthly fees or accounts that offer fee waivers with direct deposit.
• Link Accounts: Link your checking and savings accounts to automatically cover shortfalls and avoid overdraft fees.
• Review Account Terms Regularly: Stay up to date on any changes to your bank’s fee structure and terms of service.
• Negotiate Fees: Some banks may waive fees if you discuss your account options with them, especially if you are a long-time customer with multiple accounts.

By implementing these strategies, you can minimize or even eliminate many of the fees typically associated with managing bank accounts. This proactive approach not only helps save money, but also improves your overall financial health.

You Can Open Your Checking Account at Común with a VISA Card¹ and No Absurd Charges

Open your checking account¹ in just 3 minutes with your country’s ID².

Accepted documents from across LATAM:

• Passport
• ID card
• Driver’s license
• Consular ID
• Visa
• And many more!

Unmatched benefits:

• $0 opening fee
• $0 minimum balance
• $0 monthly fee

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We explain how to open a checking account in the United States

Regular Review and Reassessment

Consistently reviewing and reassessing your financial goals and bank account setup is key to adapting to changes in your financial situation and market conditions. This should include checking whether savings account interest rates are competitive, evaluating the benefits of having multiple accounts, and assessing whether your current bank meets your needs.

Regular reassessment can help identify opportunities to consolidate accounts, thereby simplifying finances and potentially reducing fees. In addition, consider setting reminders to review all direct deposits and automatic payments annually to ensure they align with your current financial goals and cash flow needs. This regular review helps avoid financial complacency, ensuring your banking arrangements are always optimized for your current financial situation and savings goals.

Linking Accounts for Simplified Management

Linking your various bank accounts, whether at the same financial institution or across multiple ones, can greatly improve your ability to manage finances smoothly. This can make transfers between accounts easier, such as moving funds from a checking account to a savings account, which can be essential for managing monthly cash flow or saving for planned expenses like vacations or holiday spending.

In addition, many financial institutions now offer sophisticated online and mobile tools that provide a unified view of all your accounts, even if they are at different banks. This integration can help you better understand your overall financial picture, making it easier to make informed decisions about where to allocate funds. Also, having a central hub for managing multiple accounts can reduce the time spent logging into several separate accounts and improve the accuracy of your budgeting and financial tracking.

Conclusion

Efficiently managing your bank accounts is not just about protecting your funds, but also about optimizing your financial operations to support your personal and financial goals. Throughout this article, we explored a variety of strategies, from choosing the right type of account to taking advantage of advanced mobile banking tools. These practices are designed to improve your financial understanding, reduce unnecessary fees, and enhance overall cash flow management.

Finally, as we discussed, using alerts, understanding your bank’s fee structure, and employing automatic savings tools are all fundamental aspects of maintaining strong financial health. Regular reviews and strategic account linking further simplify the management process, allowing for a smoother financial journey. By implementing these best practices, you can make your bank accounts work harder for you, turning everyday banking into a powerful tool for achieving long-term stability and success.

How can I manage my bank account more efficiently?

Check your activity often, avoid avoidable fees (like overdrafts), and use your app's digital tools to track your spending.

What fees should I avoid?

Monthly maintenance fees, minimum balance charges, and out-of-network ATM fees. With Común, none of these apply, and you get free withdrawals on the AllPoint+ network.

What Común tools help me manage my money?

Mobile check deposit, cash deposit at over 88,000 locations, and real-time activity notifications from the app.

Frequently asked questions

How do I avoid unnecessary bank fees?

Choose an account with no monthly fee or minimum balance, like Común's, and avoid overdrafts by checking your balance regularly.

How often should I check my bank account?

Ideally every few days, to stay on top of your spending and catch any unexpected charges.

Does Común charge a monthly fee?

No, there's no monthly fee and no minimum balance required.

How do I deposit cash with Común?

Through the network of over 88,000 locations available on the app's map.

Can I withdraw money without paying a fee?

Yes, at AllPoint+ network ATMs you get 3 free withdrawals a month.

What tool helps me track my spending?

Real-time activity notifications inside the app show you every transaction instantly.

If you lost a check or it was stolen, contact your financial institution right away to request a stop payment. With Común you can lock your card instantly from the app and reach support 24/7 by chat, email, phone, or WhatsApp.

What do I do if I lost a check or it was stolen?

Contact your financial institution right away to report the loss and request a stop payment. Also let the person who issued the check know, since they may need to issue a new one.

How do I lock my card if I suspect fraud?

You can lock your card instantly from the Común app, no phone call needed. Review your recent activity and report any transaction you don't recognize.

How do I contact Común support for an urgent issue?

Común offers 24/7 support through in-app chat, email, phone, and WhatsApp.

Frequently asked questions

What should I do first if I lost a check?

Contact your financial institution right away to request a stop payment, and let the person who issued it know.

Can I lock my Común card myself?

Yes, you can lock it instantly from the app without needing to speak with support first.

How do I report a transaction I don't recognize?

Contact Común support through chat, email, phone, or WhatsApp, available 24/7.

Am I liable if someone cashes a stolen check with a forged signature?

Generally not, if you report it right away to your financial institution; exact protections vary by case.

What do I do if my lost check was already cashed by someone else?

Contact your financial institution and the check issuer right away to start a claim.

How do I prevent losing checks in the future?

Consider receiving payments via direct deposit or electronic transfer instead of paper checks, and store any checks you do receive somewhere secure.

Saving on groceries without sacrificing quality is possible with simple strategies: comparing unit prices, taking advantage of seasonal deals, and using a fee-free account so you don't lose money to bank charges while you shop.

How do I save money on groceries without buying lower-quality products?

Compare the price per unit (not just the total price), buy seasonal produce, and take advantage of weekly deals instead of always buying the same items out of habit.

Do bank fees affect my grocery budget?

Yes — a monthly fee or out-of-network card charges reduce the money available for your shopping. With Común there's no monthly fee or charges for using your debit card.

What other habits help save on weekly shopping?

Make a list before you go, avoid shopping while hungry, and check your transactions after each shopping trip to catch duplicate charges or errors.

Frequently asked questions

How do I compare prices more effectively at the grocery store?

Look at the unit price (per ounce, per pound) printed on the shelf tag, not just the package's total price — sometimes the "bigger" package costs more per unit.

Is it worth buying in bulk?

Only if you'll use the product before it expires; otherwise the savings are lost to wasted food.

How do I avoid overspending on groceries?

Make a list before you leave and avoid shopping while hungry, since it increases impulse purchases.

Does Común charge anything for using my debit card in stores?

No, there are no charges for using your Común debit card on purchases.

How do I know if I was overcharged on a purchase?

Check your activity in the app after each purchase — real-time notifications help you catch errors quickly.

Does saving on groceries really make a big difference?

Yes — small weekly savings add up over time; cutting $20-30 a week can add up to over $1,000 a year.

Understanding Money Transfer Scams

Money transfer scams are fraudulent schemes designed to trick people into sending money or sharing sensitive financial information. These scams can happen through various channels, including emails, phone calls, text messages, and even social media. Scammers often pose as legitimate entities, like banks, government agencies, or trusted companies, to earn the victim's trust and prompt immediate action.

Common Tactics Used in Money Transfer Scams

• Impersonation: Scammers often pose as credible entities to make their requests seem legitimate. They may pretend to be from your bank, a government agency, or even a friend or family member in trouble.
• Urgency and Fear: Scammers create a sense of urgency or fear, insisting immediate action must be taken. This tactic pressures victims into making hasty decisions without proper verification.
• Emotional Manipulation: Many scams exploit the victim's emotions. For example, a scammer might claim a loved one is in trouble and needs money right away.
• Phishing: Scammers use emails or messages that appear to be from legitimate sources to steal personal information, like login credentials or bank details.

Impact of Money Transfer Scams

The consequences of falling victim to a money transfer scam can be severe:

• Financial Loss: The most direct impact is losing money, which can range from a few dollars to substantial sums.
• Identity Theft: Scammers can use stolen information to commit identity theft, leading to further financial and legal complications.
• Emotional Stress: Victims often experience significant stress and anxiety after realizing they've been scammed.

Understanding these tactics and their potential impact is the first step to protecting yourself from money transfer scams. Learn about Común account security

Types of Scams

Money transfer scams come in several forms, each with unique methods for deceiving victims. Below are two common types of scams to be aware of:

They Send You a Check in Exchange for a Return Payment

In this scam, the victim receives a check, often for a large amount, with instructions to deposit it into their bank account. The scammer then asks the victim to send part of the money back to them or to a third party, usually under the pretext of covering fees, taxes, or another made-up reason.

How It Works:

• Receiving the Check: The scammer sends a check that looks real, often claiming it's an overpayment, a prize, or some other reason.
• Depositing the Check: The victim deposits the check into their account. Initially, the bank may credit the amount to the victim's account, making it appear the funds are available.
• Return Payment Request: The scammer then asks the victim to send back a portion of the funds before the check fully clears.
• Returned Check: Eventually, the check is returned as fraudulent, leaving the victim responsible for the full amount, including the money they sent to the scammer.

Warning Signs:

• Receiving a check from an unknown source.
• Instructions to send money or gift cards in return.
• Pressure to act quickly before verifying the check's authenticity.

They Ask for a Confirmation Code Before Withdrawing Funds

In this scam, the scammer poses as a legitimate company or financial institution and contacts the victim, asking them to provide a confirmation code to verify their identity or complete a transaction.

How It Works:

• Initial Contact: The scammer contacts the victim, often through a phone call, text message, or email, posing as a representative of a trusted entity.
• Confirmation Code Request: The victim is asked to provide a confirmation code, usually sent to their phone or email.
• Unauthorized Access: Once the victim provides the code, the scammer uses it to access the victim's bank account or complete an unauthorized transaction.
• Withdrawal of Funds: The scammer withdraws funds from the victim's account, leaving them with financial losses.

Warning Signs:

• Unexpected requests for confirmation codes or personal information.
• Calls or messages claiming urgent verification needs.
• Requests to share codes sent to your phone or email, especially if you didn't initiate any transaction.

By understanding these specific types of money transfer scams, you can better protect yourself and recognize warning signs when they come up.

How to Avoid Money Transfer Scams

Avoiding money transfer scams requires vigilance and following certain best practices. Here are some essential tips to help protect you from falling victim to these fraudulent schemes.

Never Send Money to Someone You Don't Know

One of the most important rules to remember is to never send money to someone you don't personally know. Scammers often pose as legitimate businesses or people in urgent need, but once the money is sent, it's nearly impossible to get it back.

Key Points:

• Verify Identity: Always verify the identity of the person or organization requesting the transfer. Use official contact information to confirm their legitimacy.
• Question the Request: Be skeptical of any request to send money, especially if it comes from someone you haven't dealt with before or don't know in person.
• Consult Trusted Sources: Before sending money, check with friends, family, or financial advisors for a second opinion.

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Remember: Money Transfers Are Like Sending Cash

Money transfers are a convenient way to send money, but they're also irreversible and can be easily exploited by scammers. Treat money transfers with the same caution you'd use with cash transactions. Learn how to make international transfers

Key Points:

• Understand the Risks: Money sent via transfer is money that's gone. Unlike credit card transactions, money transfers don't have fraud protection or dispute mechanisms.
• Use Alternative Methods: For transactions with unknown parties, consider using payment methods with better security and fraud protection, like credit cards or payment platforms like PayPal.
• Double-Check Details: Before completing a money transfer service, double-check all the recipient's details to ensure accuracy and legitimacy.

Verify Identity and Authenticate Transactions

Verifying the identity of the parties involved in a transaction and ensuring the transaction itself is authentic are crucial steps to preventing money transfer scams. Scammers often rely on impersonation and fake transactions to deceive victims.

User Authentication at the Point of Purchase

Implementing strong user authentication methods at the point of purchase can significantly reduce fraud risk. This involves verifying the buyer's identity before completing the transaction.

Effective Authentication Methods:

• Biometric Verification: Use biometric data, like fingerprints or facial recognition, for added security during transactions.
• Secure Payment Gateways: Use secure payment gateways that offer robust authentication processes.
• Verification Codes: Require verification codes sent to the user's mobile device or email before completing the purchase.

Be Cautious When Transferring Money

Exercising caution and diligence when transferring money is essential to avoid scams. Here are some tips to keep in mind:

• Double-Check Recipient Details: Always double-check the recipient's information before starting a transfer. Make sure the name, account number, and routing or control number are accurate.
• Avoid Public Wi-Fi: Only complete financial transactions on secure, private networks. Public Wi-Fi can be easily compromised by scammers.
• Limit Transfer Amounts: If possible, limit how much money you transfer at once, especially when dealing with new or unknown parties.

Protect Your Bank Account

Protecting your bank account from unauthorized access is vital to preventing financial losses due to scams.

Security Measures:

• Strong Passwords: Use complex, unique passwords for your bank accounts. Avoid easy-to-guess information, like birthdates or common words.
• Regular Monitoring: Regularly monitor your bank statements and account activity for suspicious transactions.
• Account Alerts: Set up account alerts to notify you of large withdrawals, suspicious activity, or login attempts from unrecognized devices.
• Secure Devices: Make sure your devices are protected with up-to-date antivirus software and that you use secure browsers for online banking.

By following these guidelines and putting these security measures in place, you can significantly reduce your risk of falling victim to money transfer scams.

Recovering From a Money Transfer Scam

If you suspect you've fallen victim to a money transfer scam, it's crucial to act quickly to limit any potential damage and increase your chances of recovering lost funds. Here are the steps to take to address the situation:

What Are the Steps to Recover Funds From Money Transfer Scams?

Contact Your Bank Immediately

The first and most critical step to recovering from a money transfer scam is contacting your bank. Here's what to do:

• Provide Details: Give your bank all the information about the transaction, including dates, amounts, and any communication with the scammer.
• Request an Investigation: Ask the bank to investigate the transaction. They may have specific procedures for handling fraud cases.
• Follow Up: Stay in regular contact with your bank to stay updated on the investigation's progress and any action they take.

Report to Authorities

• File a Report: Report the scam to your local law enforcement agency. Give them all the details and any evidence you have.
• Contact Federal Agencies: In the United States, report the scam to the Federal Trade Commission (FTC) and the Internet Crime Complaint Center (IC3). These agencies can help investigate the fraud and potentially recover funds.

Notify Your Employer

If the scam involves your workplace or business accounts, notify your employer right away. They may have additional resources or protocols to help mitigate the impact.

Monitor Your Accounts

• Watch for Unauthorized Activity: Closely monitor your bank accounts and credit reports for any signs of unauthorized transactions or identity theft.
• Set Up Alerts: Enable alerts on all financial accounts to get notified of any suspicious activity.

Change Security Details

• Update Passwords: Change the passwords on all your financial accounts and any other accounts that may have been compromised.
• Enable Two-Factor Authentication: Improve your account security by enabling two-factor authentication wherever possible.

Seek Professional Advice

• Legal Advice: Consider consulting with an attorney specializing in financial fraud to understand your legal options and rights.
• Financial Advisor: A financial advisor can help you assess the scam's impact on your finances and advise you on steps to prevent future occurrences.

By following these steps, you can take proactive measures to recover from a money transfer scam and protect yourself from future incidents. Staying informed is key to safeguarding your financial well-being in an increasingly digital world. Learn more about the immediate actions you can take if your account has been compromised

Conclusion

Money transfer scams are pervasive threats in today's digital landscape, targeting both individuals and businesses with sophisticated tactics. However, armed with knowledge and vigilance, you can protect yourself against these fraudulent schemes. By understanding common tactics, recognizing warning signs, and implementing preventive measures like verifying identities and protecting your bank accounts, you can significantly reduce your risk of falling victim to scams.

In the unfortunate event that you're scammed, quick action is crucial. Contact your bank immediately, report the scam to authorities, and monitor your accounts for unauthorized activity. By staying cautious and skeptical of unsolicited requests for money or personal information, you can navigate financial transactions with confidence and security.

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