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September 05, 1991 - Image 44

Resource type:
Text
Publication:
The Michigan Daily, 1991-09-05

Disclaimer: Computer generated plain text may have errors. Read more about this.

Page 2-The Michigan Daily/New Student Edition - Thursday, September 5, 1991

Opening a bank account

A&

WONDERING WHAT TO DO WITH YOUR CASH?
Take it to the bank

At...

Comerica

First of America

Michigan National

NBD

....... m . .:.:. ..": V . .. :. :: . ':::::::.. ::::::.. .. ... ...::::.:. ..............
Minimum

opening
deposit

$25

$50

$25

$50

for a
savings a c count
:::.,:;.; .:.:acc....u......................................... .........
D n
M-imum

by Garrick Wang
Daily Staff Reporter
Many incoming first-year and
transfer students wonder where
they can stash their cash while
they're at the University.
There are many banks around
campus which offer a wide variety
of checking and savings accounts,
services such as automatic teller
machine (ATM) cards, and over-
draft protection.
The four banks which were sur-
veyed for this article are Comerica,
First of America, Michigan Na-
tional, and the National Bank of De-
troit (NBD).
Two pieces of identification such
as a valid driver's license or a pass-
port are required to open any bank
account.
Customer service representatives
at a bank branch will help open an
account by filling out the necessary
paperwork and answer any ques-
tions. They will also need to collect
an initial deposit between $25-$50.
First of America and Comerica
allow incoming students the option
of opening an account by, mail. Pre-
pared kits are available in the lobby
of each bank office. Students can call
a toll-free number and request the
necessary paperwork to open an ac-
count by mail at Michigan National
Bank.
Students frequently open one of
two types of checking accounts.
The budget checking account is

popularmwith students who do not
write too many checks and don't
want to deal with minimum balance
requirements. Michigan National
and NBD charge a monthly fee
while First of America and Comer-
ica charge per check processed or
withdrawal made.
Students who write a lot of
checks or make many withdrawals
opt for the personal checking ac-
counts. There is a minimum balance
requirement of $299-$500 which
must be maintained to avoid any
service charges. These charges in-
clude monthly maintenance fees and
per check debits.
The budget and personal checking
accounts do not earn interest. Inter-
est-bearing checking accounts are
available but require a much higher
minimum balance to avoid service
charges.
A set of starter checks are pro-
vided with each new checking ac-
count. Michigan National provides
new account holders with 50 free
checks.
A box of 200 printed checks
costs $9-$25, and the charge is au-
tomatically deducted from the ac-
count. Comerica can have 50 checks
printed for $5.
Statement savings accounts are
popular with students who do not
like to write checks. These accounts
earn interest and are paid on a regu-
lar basis. The monthly service

charge of $1 .50-$6.00 is assessed if
the minimum balance requirement is
not maintained.
Higher interest savings accounts
are available, but they have a $1,000
minimum balance requirement.
Students can make deposits,
withdrawals, and balance inquiries
24 hours a day, seven days a week, by
applying for an ATM card. It can b
used at thousands of ATMs nation-
wide, depending on the ATM net-
works with which the bank is affili-
ated. However, there is a $1 service
charge for each transaction.handled
at an ATM not owned and operated
by the account holder's bank.
Michigan National and NBD of-
fer special ATM cards which can be
used to make purchases withou
writing a check. The amount of thW
purchase is automatically deducted
from one's checking account, al-
though the purchase is processed
like a credit card transaction.
Many students have a tendency
to write checks without having
enough money in their accounts.
Each bank offers overdraft prote9-
tion which will pay checks that
would have bounced.
Michigan National and NBJW
will provide overdraft protection
tby linking a checking and savings ac-
count. Funds will be deducted from
the savings account to cover the dif-eene

monthly
balance

$200

$200

$300

$250

requirement
for a
savings account

.............. ,.,.,.,,:, i ri''c: : ;' < '"3 3f ?c 5 i< i'>'.' i is i ;' is i;' ............... 2 ''S i si

Number of

branches

5

2

1

3

on campusI

i, ,j

Michigan Book
& Supply has the
best selection of
quality art materials
in town-and a
qualified staff to
assist you.
" Extensive Selection of Art
Papers & Boards by the Sheet
" Printmaking Supplies
" Fabric Paint and Dyes
" Banner Supplies
* Black & White Darkroom
Supplies
* Complete Line of Winsor &
Newton Brushes and Paints
* Wide Range of Oil, Acrylic,
and Water Color Paints
" Plus a Wide Variety of Hard-
To-Find Artists' Materials

Hmmm....Perhaps
a different shade
of blue...
0o

11

L .1 L

\\ ' f1 1 .111 A\ \ \ Illll " ; ' ,, \ ; iiilll \11

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