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The United States’ currency is based on the metric
system. The symbol for dollars is $. The symbol for
cents is ¢. The coins are of different sizes and types
of metal. The size of the coin does not necessarily
determine the value of the coin in relation to other
coins. All of the paper bills are the same size and are
similar in color.
▪ 1 penny = 1 cent
▪ 1 nickel = 5 cents
▪ 1 dime = 10 cents
▪ 1 quarter = 25 cents
▪ 1 half dollar = 50 cents
▪ 1 dollar = 100 cents
Paper Money
$1, $2, $5, $10, $20, $50, $100, etc. bills are paper
money with the number in the corners designating their
value.
Banking Services
When opening a bank account, we suggest you deposit
cash, traveler's checks, or money orders. Most banks
will not allow you to draw upon a personal check until
it clears. Cleveland banks will clear checks drawn on
local banks in three business days. Out-of-state and
non-local checks will generally take seven business days
to clear. Students may also cash checks at the Lee
University Business Office. The Student Life Office has an
Automatic Teller Machine (ATM) through AmSouth Bank.
http://www.amsouth.com
or by calling 1-800-743-3262 The ATM enables students to
receive funds from the Super Teller System (will take
the following cards as well, HONOR, PLUS, MASTERCARD, VISA,
DISCOVER, AMERICAN EXPRESS, PULSE OR CIRRUS) 24 hours a
day.
Types of banking Services:
▪ Checking Accounts
▪ Savings Accounts
▪ Travelers Checks (available at all banks)
▪ ATM (Automated Teller Machine) cards.
NOTE: Treat your ATM card like money. Do not leave
it out in the open. Memorize your personal
identification number (PIN), and do not carry your PIN
with your card. Never tell anyone your PIN.
Services Not Provided
- American banks do not have the responsibility
for being certain you have enough money in your checking
account. This is your responsibility. You will be
charged for an overdraft.
- American banks will not take money from your
savings account to pay for your checks. Only you can
change money from your savings account to your checking
account.
- Loans are almost impossible for foreign students to
obtain.
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Banking and Currency 
