259.
Thursday, February 27, 1975
University Dally Kansan
Free checking .
From page one
personal service to the average customer, he said.
"In Lawrence it's much easier to get a customer loan. And it easier to know a banker here. I think personal banking is important," he said.
Although commercial and consumer loans and business investments are the money-makers that bankers use to make bank's checking service takes up most of its labor and capital equipment. For that reason, checking is rarely a profit-making area of banking, he said.
"If our bank only offered savings and loan functions, we'd need a building one fourth bigger."
FIRST NATIONAL EMPLOYS 25 tellers and almost as many bookkeeper who handle an average of 37,000 checks on paper, storage, paper and supplies and the anticipated increase in costs from handling more checking accounts make free checking unfeasible for them.
He said, however, that First National裤公司拒绝给 Lawrence Bank做一次 checking if Lawrence银行干过此事。
However, he said, it would be impossible for the bank to absorb the costs of free checking and continue to provide other services, such as free notary public service and low charges for overdrafts on personal checking accounts.
In the last year the maintenance contract on the vault, alarm system and drive-up station has been completed.
IF FORCED TO OFFER free checking,
First National would pass the costs on to loan customers and cut some services,
Anderson said.
Harold Sheld, executive vice president of Douglas County State Bank, said inflated costs were one of the primary reasons his team couldn't charge on the beginning March 1.
OFFICIALS AT UNIVERSITY State Bank which opened seven years ago, have discussed free checking and acknowledge that it is moving closer to Lawrence, according to Victor Johnson Jr., vice president of the bank.
However, University State Bank isn't planning to change to free checking,
"If another Lawrence bank went to it, perhaps not immediately, but eventually, we would too," he said. "But there is a very high volume of checks, and the accounts we have are going to be used this makes handling each check cost more for us than for banks with larger deposits."
Johnson said from 10,000 to 15,000 checks a day flowed through his bank.
University State Bank has more personal checking accounts than business checking accounts.
It has more KU student accounts than the
other Lawrence banks, and students keep
smaller deposits than the average person, he said.
BANKS THAT OWN a computer for processing checks can more easily offer free checking, Johnson said. Others buy computer time from their principal correspondent banks, which usually are large commercial banks. The Bank's principal correspondent, United Missouri Bank in Kansas City, Mo., recently raised its charge for computer services, Johnson said. United Missouri and other big banks may be partially covering the costs of their free checking charges to correspondent banks, he said.
The checking policies of the Lawrence banks are:
—Douglas County State Bank offers free checking if a $200 minimum balance is maintained. You can get an extra 7 cents of service fee of 70 cents and a charge of 7 cents for each check written, or no
monthly service fee and 15 cents for each check written.
- Lawrence National Bank offers free checking if a $200 minimum balance is maintained. The other choices include a monthly service fee of 50 cents and a charge for each check written, or no monthly service fee and 10 cents for each check written.
—University State Bank offers free checking if a $200 minimum balance is maintained. A second choice includes a monthly service fee of 50 cents and a charge of 5 cents for each check written. For $100 or more, you may request receives unlimited checking and all other bank services free —First National Bank offers free checking if a $200 minimum balance is maintained. The other choices include a monthly service fee of $75 or 7 cents for each check written, or no monthly service fee and 15 cents for each check written.
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