Tuesday, February 17, 1998
The University Daily Kansan
Section A · Page 3
e5
ATMs sap students' accounts
By Gerry Doyle gdoyle@kansas.com Kansan staff writer
Until the University of Kansas smart cards are issued, students are stuck writing checks and using ATMs to get cash.
And as any businessman will say,handing out money does not nav.
Commerce Bank, Mercantile Bank and Capitol Federal all have ATMs on campus. Although students with any ATM card can get cash at these machines, fees and restrictions can sap a student's pocketbook.
Capitol Federal Bank charges ATM cardholders who use machines not in Capitol Federal buildings a 75-cent surcharge, including the machine in the Kansas Union.
The bank also charges Capitol Federal cardholders a 75-cent surcharge for using other banks' machines.
Although the charges might seem inequitable, these help the bank pay for maintaining its ATMs, said Frank Wright, senior
vice president of Capitol Federal's home office in Topeka.
"That essentially pays for 90 percent of the external fees on the machine," Wright said.
"The fees that are charged when a transaction is made on the network are just a little bit beyond us breaking even on cost," Wright said.
Mercantile Bank charges card-
holders who use a different
bank's ATM $1.
However, students with a Mercantile ATM account are not charged for using a Mercantile machine, including the ATMs at the Kansas and Burge Unions. Non-Mercantile customers are charged $1.50 for using a Mercantile machine.
Commerce Bank, the company that will provide financial services for the University's smartcard program, does not charge its cardholders for ATM use.
Commerce Bank allows three free withdrawals from non-Commerce ATMs per month and charges non-Commerce card holders $1.50 for each withdrawal.
Rain, rain go away
Some University of Kansas students seek cover under umbrellas in front of Snow Hall as they rush to the bus. Yesterday's showers are expected to continue throughout today. Photo by Roger Nomer/KANSAN
ATMS
Capitol Federal Bank — Kansas Union
The following banks have ATMs on campus:
■ Commerce.Bank — Kansas Union
Mercantile Bank — Kansas and Burge unions
Although banks still make the lion's share of the profit from interest earned from money loaned out, banks have been moving toward profiting from fees charged since the late 1980s, said Kelly Welch, assistant professor of business.
Students especially are susceptible because they are more likely to use an ATM more frequently than going into a bank, Welch said.
"Their profit is the fee that you pay," Welch said. "If you don't pay a fee, they're still making money because they're not paying you interest on your account. It might seem free, but they'll make their money somehow."
An ATM card's convenience can be outweighed by user fees, said Ryan Chisholm, Golden, Colo., sophomore.
Chisholam said that he used his card about two times a week and that extra fees discouraged him from using his card.
"I used to not mind the charges," Chisholm said. "But they started costing $15 to $20 a month."
Hommohmed Alazay, Lawrence sophomore, said he used his card frequently, sometimes as many as two times a day.
REMEMBER
Alazay, a Mercantile bank customer, said he usually went out of his way to find a Mercantile ATM to avoid service charges.
Although the bank needs to make money, it should not do it with an ATM user fee, Alzayed said.
"They shouldn't charge that dollar," he said. "All banks share connections. Getting money from another bank shouldn't be a big deal."
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DOING IT
College is all about reaching new heights
College is all about reaching new heights, and freshman Aaron Tobias takes the concept literally. This avid skydiver has made 152 jumps in the last two years. He started diving at 4,000 feet at age 16. Since then, he's moved up to a personal record of 23,200 feet—over two minutes of free falling at 120 mph! That's a lot of time to think or, in Aaron's case, do flips, spins, stands, and for
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