MONDAY,AUG.20,2001
OFFTHEHILL
THE UNIVERSITY DAILY KANSAN • 7D
Students cashing in at Lawrence banks
Area banks offer different options for accounts
By Dawn North Kansan staff writer
"It's not a good thing for the college to get too cozy with large corporations," Schmitt said.
Finding a safe place to keep their money is a top priority for most students.
Not everyone agrees with Schmitt's perspective. Sangeetha Lourdes, Malaysia senior, said she liked having the bank at the Union.
Shandi Elsey, Sublette senior, said she was not happy with Commerce Bank. She felt that because she was a student, the bank did not take her seriously.
Hiding money under a mattress or at the bottom of the underwear drawer might not be everybody's idea of safe-keeping — so, for those students, banks come in handy.
"Lines may be long, but it's not a problem," she said. "And, besides, most international students don't have cars."
Elsey was charged $100 in overdraft fees last spring. She found out it was a banking error, but she was passed through five employees before the bank agreed to refund her $100.
There are 21 different banks in Lawrence, but some are more popular with students than others.
The bank made another major mistake last month, so she has decided to close the account and send her checks back home.
Even though most college freshmen have had checking accounts in their home towns, most students open an account at a local Lawrence bank because it is much easier to cash checks. The hard part is choosing the right one
Michael Schmitt, Virginia Beach, Va. graduate student, said he thought he made the right choice using Commerce for his banking needs. However, he said if he had to do it all over again he would choose a locally owned bank.
Commerce is a major player in the KU picture. The student identification card, called the KU Card, functions as an ATM card, debit card, long distance calling card and can even be used in vending machines on campus.
He said from the line at the Commerce location in the Kansas Union that he didn't think a bank should be on campus.
A Commerce checking account requires no minimum balance, no service charge and offers free pre-authorized transfers from any U.S. bank.
Anthony Bombardier, Smith Center senior, said that The University National Bank had been great. He opened the account the first week he was in Lawrence.
"They were easy to talk to, and they answered all of my questions," Bombardier said.
One weakness of The University National Bank might be the $300 minimum balance required. Student accounts that fall beneath that amount would be charged $3 each time. Todd Sutherland, bank president, said the bank has an attractive ATM package that costs $3 a month. Students can use any ATM in the world with no service charges.
He said there were no checking fees and he liked having an ATM machine at Perkins, 1711 W.23rd St.
For a real deal, students might want to check out Free State Credit Union, 901 Iowa, in the Community Mercantile Co-op building. Mark Kasson, president and CEO, said local residents started the credit union 25 years ago. They wanted to have their own financial co-op, he said.
Credit unions are owned by their customers. Today there are 1,200 members in the Free State Credit Union.
- Do you require a minimum balance in the account?
If so, what is the charge if I go below the minimum balance?
Questions to Ask When Opening a Checking Account
What is the amount required for initial deposit?
below the minimum balance
■ is my first order of checks free?
Is my first order of checks?
Are there any service charges?
There is free checking, no minimum balance and only a $5 initial deposit. The one drawback was that it didn't have ATMs all over town, Kasson said. But, he said customers pay the price for convenience, so students needed to decide which was more important, convenience or better prices.
"It's safer to have your money in a financial institution rather than on your dresser, and it's insured," Kasson said.
What do you charge for overdrawn checks?
Where are your banks and ATMs located?
checks?
North can be reached at 864-4810 or writer@kansan.com
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REAL dollar program fails to catch on
Alternative money initiative falls short of expectations
By Kyle Ramsey Kansan managing editor
Although the REAL dollars program started a year ago to keep money in the Lawrence community, it hasn't caught on yet.
The program, sponsored by the Lawrence Trade Organization, creates and distributes an alternative currency unique to Lawrence called REAL money. REAL stands for Realizing Economic Alternatives in Lawrence.
The Lawrence Trade Organization designed the program to keep money in Lawrence by using currency accepted only at participating businesses. These stores are labeled with a REAL dollars window sticker.
The value of REAL money, which can be exchanged in demonstrations of $1, $3 and $10, is equal to U.S. federal money.
Each bill features the portrait of a Lawrence historical figure, such as author William Burroughs.
However, some area merchants say the program is losing momentum.
"We've had less and less REAL dollars come in over the past three months," said Pat Kehde, owner of The Raven Bookstore, 8 E. Seventh St. "I think it dying."
Kehde said she didn't think the incentive to use the dollars was very strong.
"There needs to be some other motivation," she said.
Boog Highberger, organizer of the program, said that about $8,000 of REAL moneywas in circulation, but the program had not met the expectations he established when it began last September. Highberger said there are no plans to end the program.
"Where else but
"Where else but Lawrence, Kansas, can you go out and buy a beer with a $3 bill?"
Boog Highberger Organizer of the REAL dollars program
"The tangible benefits include a no-interest loan program backed by the interest earned on the invested federal dollars exchanged for REAL dollars," he said.
Supporting businesses would be eligible for these loans,but the program hasn't generated enough capitol to lend.
"I need a couple more dedicated volunteers, and we need to get the loan program going," Highberger said.
Advertising and volunteers would help the program grow, he said. To help promote economic growth, Highberger has been working on direct mail fliers, door-to-door visits in the community and a free directory that lists participating businesses.
REAL dollars can be purchased from the Lawrence Trade Organization's Web site, http://lto.lawrence.ks.us, and at participating businesses. Highberger stressed the originality of REAL dollars.
Ramsey can be reached at 864-4810 or writer@kansan.com
"Where else but Lawrence, Kansas, can you go out and buy a beer with a $3 bill?" he asked.
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