Banking in Monterey
The following information provides a minimum of services offered at some of the banks within walking distance of the Institute. If you would like more detailed information, you should contact the bank directly or/and search in the "Banks" section of the local phone directory. To open an account, you will need to provide two forms of identification. Most banks require that you show student ID and registration information to receive student rates.
Bank of America
200 East Franklin St, Monterey (831-646-5711)
601 Lighthouse Ave, Pacific Grove (831-655-4183)
Checking: Different Accounts available but to open an account there is a $25 minimum. International students need (1) Passport (2) A social security number (SSN) or a second piece of identification such as a student card or a driver's license.
Wire Transfers: $45 outgoing to foreign bank, international incoming: $15; $30 outgoing to US bank and $10 incoming
First National Bank
495 Washington St, Monterey (831-657-1145)
Checking: $100 to open an account, standard checking account is free and no minimum balance is required. Free debit card; free unlimited check writing. International Students need to show a passport.
Wire Transfers: International Wire Transfers are $42.00 for outgoing and incoming international transfers are $18.00. Domestic wire transfers are $30.00 and incoming wires are $11.00.
JP Morgan Chase (formerly Washington Mutual)
291 Alvarado St, Monterey (831-373-8402)
Chase Checking: Minimum deposit for Chase Checking Account is $25.00. The account does not have a minimum balance requirement. In order to avoid the monthly service fee you would need to have Direct Deposit or make 5 debit card purchases per statement, otherwise there is a monthly $6.00 charge.
Documents: Photo ID (passport, Driver's license, ID card) as well as proof of residence or income (lease, utilities bill).
Wire Transfers: All incoming wire transfers are $15.00, outgoing international is $45.00 ($40.00 if done on chase.com), and outgoing domestic is $25.00 ($20.00 if done on chase.com).
Pacific Valley Bank
498 Alvarado St, Monterey (831-645-6560)
422 Main St, Salinas (831-771-4330)
Checking: Various accounts available. All checking accounts have minimum opening deposit of $100.00. The Freedom Checking account has no daily minimum balance requirement, no monthly service or per check fees and free online banking and bill pay. Photo ID required (passport, driver’s license or ID card).
Wire transfers: All incoming wire transfers are $10.00. Outgoing domestic wire transfers are $25.00, outgoing foreign wire transfers in US funds are $30.00, and outgoing foreign wire transfers in foreign funds are $20.00.
Union Bank of California
580 Lighthouse Ave, Pacific Grove (831-658-4680)
1400 Munras Ave, Monterey (831-373-3755)
Checking: Free checking account has no monthly service charge, free on-line banking and free bill pay. There is no minimum balance or direct deposit requirements nor a per check charge. Most accounts require $100 to open and 2 forms of identification. Primary form of ID can be Drivers license, passport, major credit card, etc. Secondary form of ID can be a Visa or Student ID Card.
Wire Transfers: $40.00 outgoing to overseas bank, $28 outgoing to US bank. Incoming is $13 from overseas bank and US bank.
Wells Fargo Bank
399 Alvarado St, Monterey (831-655-0280)
815 Canyon Del Rey Blvd, Del Rey Oaks (831-394-4425)
College Checking Account: Free, show ID to set up, no minimum balance ($100 initial deposit required),No-annual-fee Wells Fargo Check Card, Free Online Banking with Free BillPay, No-annual- fee Wells Fargo College Visa Credit Card, 24/7 access to Online Banking and Wells Fargo Phone Bank, unlimited access at over 60,000 Wells Fargo ATMs, Optional Overdraft Protection on checking account. All students need primary ID (1) Passport (or US drivers license) (2) MIIS student ID card or credit card. Foreign currency exchange and student loans available.
Wire Transfers: $30.00 ($20.00 if sent in foreign currency) outgoing to overseas bank, $10.00 for incoming from overseas bank. Domestic Wire Transfers are $20.00 outgoing to a US bank and $10.00 for incoming.