> 0

that trend is going to diminish. It
provides faster service, unlimit-
ed hours, more locations, and a
•
high, high level of accuracy. It is
a very good system, extremely re-
liable, and its geographic cover-
age is amazing."
But there's another side to the
story. "The problem the banking
industry has is that we're trying
to run two delivery systems.
We've got the electronic systems,
and we've got the old fashioned
brick-and-mortar system. The
customer base for the industry
as a whole has not expanded that
much. So we're now paying for
two systems to sell essentially
the same product to the same
customers, and that's expensive,"
said Mr. Dunn.
"What you're seeing in recent
months is that the industry is
pricing based on what the mar-
ket will bear. There's no doubt
that electronic products are al-
ready more profitable, a fraction
of the cost of brick-and-mortar.
In terms of cost, there is no jus-
tification for charging for any
ATM transaction and not charg-
ing for when you go through a
teller line. There is absolutely a
10 to 1 cost run the other way.
"It costs me about 80 cents for
an ATM transaction, and about
- $3 for the very simplest teller
transaction.
"The irony is that the banks
are raising the prices of electronic
systems. In this last ATM go-
around, they are already charg-
ing me, and they charge the
customer on top of that, about a
300 percent price increase. So
these are not small increases,"
said Mr. Dunn.
"We don't like it because we
think you are penalizing cus-
tomers in the use of a low-cost
system, and encouraging the cus-
tomers in the wrong way. And I
also say frankly that we're doing
it at a time when the banking in-
dustry is showing record profits.
"Not only is the banking in-
dustry motivating customers in
the wrong direction, but we're ir-
ritating our customers. The
banking industry right now, ac-
cording to customer surveys
which are numerous, show that
we don't enjoy a great reputation
with our customers to start with.
I think we need to be enhancing
it, not damaging it. And, I think
the industry is running a very
high risk of legislative interfer-
ence, which none of us want,"
• Mr. Dunn said.
Will there eventually be a
grass roots reaction? Some con-
sumer groups are already lob-
bying hard, and there have been
several discussions of legislation
to limit or ban fees on electron-
ic transactions. Latest to jump
on this bandwagon was U.S.
Senator Alphonse D'Amato (R-
• N.Y . ) . Certainly, the issue, with
/—

ATM page 70

15 Month CD

6.24

API

to

)

Earn 6.24% APY on our 15 month CD. Add .25% with
our Advantage 50 Bonus and you can earn 6.50% APY.

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1-800-882-9543

OLD KENT

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•
Annual percentage
percentage yield effective as of June 2, 1997. You must open an Advantage 50 checking account to receive CD
bonus. Minimum deposit of $1,000. Offer good only at participating Old Kent Bank locations for a limited time.
A penalty will be imposed for early withdrawal. New CD money only. Cannot be combined with any other offers.
CDs under $100,000. Bonus rate will not apply upon renewal.

COLD KENT BANK 1997

By
Appointment

Your Home
or Office

OM.

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mariim

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WERE

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LINCOLN
MERCURY

CONTINENTAL

Men's
Coordinator A
Designer
For 20 Years

"Best Deal In Town"

9G0-1235

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We Pay Off Your Trade
Regardless of How
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IL II,

TA
MAZDA • VW

NEW '97 TOYOTA CAMRY LE OS NEW '97 MAZDA 626 LX

Over 75
Available at
Similar
Savings!

/70508, Leather, nicely equipped,
$2900 down, $350 Sec. Dep. 24,000
miles closed end lease- 24 mos.

MO..

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diatsma.

11- 0437, auto., air, gold pkg., wCOdgrain daih, key-
/10003. auto., air, am/Im/Cass., CD player,
less entry, alarm, rear spoiler, am/fm/cass., CD power pkg. $4000 down, $125 sec. dep.
player, power pkg. $4603 down, $125 sec. dep.

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4178 Highland
Rd. Waterford

Ask For Lou Gordo

EUROPEAN COLLECTIONS

WEST BLOOMFIELD (248) 626-3362
SOUTHFIELD (248) 559-7818

/70397, Leather, nicely equipped,
$2900 down, plus $500 Rebate down,
$425 Sec: Dep. 24,000 miles closed
end lease - 24 mos.

• LEASE

$69*Ivio-

110441. pw, pl, !tilt, cc, ass., alarm, gold pkg., woodgrain das , rear it a &much
more! $4034 down, $100 sec.

CALL NOW! 24 HOUR INFORMATION CENTER 1765 S. Telegraph Rd.

1-800-MEL-PARR

Bloomfield Hills

OPEN SAT. 10-3

-ALA,

* All prices plus tax, title, plate, tic., doc., and destination and acquisition fees. Leases all require 1st mo. & sec. dep.
plus down pymt. Based on conventional financing. To get pymt. multiply by no. of
mos. Option to purchase at lease end for predetermined amt. Price determined at lease inception. 15,000 mile/yr. limit on leases. 11c per mile excess (12,000 miles/yr. limit on Import leases, 10c
mile excess). Lessee responsible for excessive wear & tear. Dealer not responsible for typographical errors. Pictures may not represent actual vehicles on sale. Prior sales excluded. Dealer
financing on select vehicles only. Others require conventional credit approval. ♦
Customer must meet min. down pymt. requirements for approved credit w/ FMCC. Valid on 2 or 3 yr. Red Carpet
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Pymts. on lease may increase accordingly. The difference may be paid. up front w/ down pymt. on lease if customer chooses. Sale ends Thursday, July 3rd, 1997 at 9:00 p.m.

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C:r)
Cr)

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LL

69

