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University Daily Kansan / Wednesday, August 24, 1988
Monetary options vary
Banks show interest in student accounts
Bv Lisa Sheikh
By Lisa Sheikh Kansan staff writer
For students who have just arrived in town and are looking for a place to put their money, Lawrence area offer different services and options.
Charges for checking accounts, savings accounts, safety deposit boxes and other deposits. The minimum deposit required by each bank and opportunities for student members.
Firstbank, 955 Iowa St., has the Five-Star checking account, which requires a minimum deposit of $100, a maximum balance of $100, and a minimum balance be maintained.
For a monthly rate of $8, customers can write an unlimited number of checks and pay by automatic teller machine card or traveler's and cashier's cards at no charge.
The Firstbank Special Account is geared toward those who write only a whole month's service charge or monthly service charge of $1.50 for six checks. Each check or withholding amount must be paid.
There is a $10 service charge for bounced checks.
A savings account draws 5.5 percent interest. It is limited to six withdrawals in a three-month quarter.
The smallest safety deposit box costs $10.80.
Firstbank offers no Guaranteed Student Loans.
■ Lawrence National Bank, 647 Massachusetts St., has an economy account that requires a $3 service charge. It allows 10 withdrawals at month by check or automatic teller. Each withdrawal after 10 costs 50 cents and requires no minimum balance. There is a $13 charge on bounced checks.
A savings account requires a minimum balance of $100 to avoid a charge. A customer may permit three free withdrawals, with each additional withdrawal costing $50.
A safety deposit box costs $15 a year and requires a $10 deposit for keys.
Lawrence National Bank has a Guaranteed Student Loan program. • Douglas County Bank, 900 Knee Rd., Duluth, MN 55814, with an unlimited number of checks at 50 cents a check. No minimum payment. The penalty for a bounced check is $15.
Interest rates for savings and checking accounts vary according to the balance maintained in the account.
The smallest safety deposit box costs $10.
Douglas County Bank has available an unlimited number of Guaranteed Student Loans and also a parent loan program.
■ The First National Bank of Lawrence, 900 Massachusetts St., offers a checking account for which there is no service charge or check fee if a minimum balance of at least $150 is charged. $299, there is a monthly service charge of $3 and a 15-cent fee for a withdrawal. Between $290 and $299, there is a $4 service charge and 15 cents for a withdrawal. Below $290, the charge is $5 and 15 cents for each check. Below $299, there is a $12 charge for a bounced check.
The regular savings account at First National Bank does not require that a minimum balance be maintained, but if you own more than $100, there is a monthly service charge of 2%. The account allows three free withdrawals a month. Each additional withdrawal incurs a $1 service charge. The interest rate is 3.5%.
The smallest safety deposit box costs $10 a year.
First National Bank offers three student loan programs: Guaranteed Student Loan, Parent Loan to Students and Supplemental Loan (or Students).
Ka Valley State Bank, 739 Main St. in Eudora, has a basic checking account that charges 25 cents a check. If a minimum balance of at least $100 is maintained service charge. Between $200 and $400, there is a charge each month. Between $200 and $300, there is a charge. Below $200, the service charge is a minimum balance must be maintained all checkings and savings accounts.
Under any of these rates, each additional check over 40 a month costs 15 cents.
The interest rate on a savings account is 5.5 percent, collected quarterly.
The smallest safety deposit box costs $10 a year.
The Kansas Union will cash checks from parents for as much as $300. It will cash personal checks up to $500. There is a 20-cent service charge.
In addition, the Union sells money orders for 25 cents and traveler's checks at 75 cents for every $100. The charges are from one student to another.
Each bank offers accounts and services in addition to those listed. Students should visit the banks for more information.
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