CITY AND AREA
University Daily Kansan, August 22, 1984 Page 11
Banking choices
The following is a chart showing what nine Lawrence financial institutions offer.
The facts and figures, which were compiled in mid-July, pertain to accounts for which students are most eligible.
Bank Location(s) Opening balance Minimum balance Monthly service charges Automatic teller Interest Overdraft charges
American Savings Association 2435 Iowa St. 100 0 none one 6 a.m. to midnight 5.25% on any balance 8
Anchor Savings Association 900 Ohio St. 50 0 5 none 5.25% on any balance 8
Capitol Federal 1025 Iowa St. 1046 Vermont St. 17.50 10 6 on balances less than 300 10 locations one in Kansas Union 5.25% on any balance 10
Douglas County Bank Ninth and Kentucky streets 15th Street and Kaold Drive 23rd and Louisiana streets 50 0 6 on balances less than 2000 3 locations 24 hour access 5.25% on any balance 10
First National Bank 900 Massachusetts St. 50 0 at least 1,50 20 cents per teller transaction 4 locations 24 hour access 5.25% on balances over 1,000 10
KU Federal Credit Union 101 Carruth-O'Leary Hall 2212 Iowa St. 6 5 in savings 0 none 7 covered by savings
Lawrence Federal Savings 901 Vermont St. 300 0 4 on balances less than 300 none 5.25 8
Lawrence National Bank 647 Massachusetts St. 100 0 1 plus 50 cents per check or withdrawal 4 locations one in the Union none 15
University State Bank 955 Iowa St. 2546 Iowa St. 50 0 7 on balances less than 250 3 locations 24 hour access 5.25% on balances over 1,000 10
Local banks offer varied services
By REBECCA LaRUE Staff Reporter
The first few weeks at college are full of new people, strange buildings, an unfamiliar town and many minor inconveniences euphemistically known as "learning experiences."
One of those learning experiences is the discovery that merchants are often reluctant to accept out-of-town checks. Many students decide to open a local bank account with their local address to streamline the process of buying groceries, paying rent and getting cash.
THE FIRST THING to keep in mind when opening an account is that cash or a cashier's check is usually all that a bank will accept as the initial deposit.
The next thing for students to consider is what they are looking for in a bank and compare that with what Lawrence banks have to offer.
One of the main differences in the services available is the monthly service charges. Some banks have a flat monthly charge, while others base charges on the balance.
Students who don't write many checks may wish to consider the First National Bank, 900 Massachusetts St., which charges a minimum of $1.50 per month. Each additional auto-teller transaction, past the seventh one for the month, costs 20 cents. Each additional check, past the third one for the month, costs 40 cents when the combined charges exceed $1.50, there is a charge for each additional transaction.
ON THE OTHER HAND, for students who write many checks, American Savings Association doesn't have any monthly charges at
Other banks have monthly service charges ranging from $4 to $7.
Most banks offer 5.25 percent interest on checking accounts. University State Bank, First National Bank and Lawrence National Bank do not offer interest on balances of less than $1,000.
Automatic tellers make it easier to get to money when it is needed. Anchor Savings and Lawrence Federal do not have auto-tellers. Of the institutions offering the service,
American Savings is the only one not accessible 24 hours a day; it is open from 6 a.m. to midnight. Both Capitol Federal and Lawrence National Bank have auto-tellers at the Kansas Union. Capitol Federal and University State have auto-tellers at the Burge Union.
ANOTHER FACTOR to consider when looking for an account is the overdraft charges. An overdraft is better known as "bouncing a check." At Lawrence National, the overdraft charge is $15 at 30 days and $10 at 60 days. Its $10 Overdraft protection is available at several banks for major credit card holders.
Another opportunity open to students is the KU Federal Credit Union. Available to teachers, staff and students at KU, it offers 7 percent interest on checking accounts, 10 percent interest on savings accounts with a $5 minimum balance be kept open at all times. A KUID is required to open an account.
Those people who can't or won't balance a checkbook might want to look into a passbook savings account available at First National and Capitol Federal, among others.
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