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September 10, 1992 - Image 42

Resource type:
Text
Publication:
The Michigan Daily, 1992-09-10

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Page 2-The Michigan Daily/New Student Edition-City - Thursday, September 10, 1992

THE BANKS

A guide to banks in Ann Arbor
Comerica NBD First of Society
America
d t::.. . :

Minimum
deposit to open
a savings
account

$25

$50

$50

$25

..imun $0$30 nn
... .'.. i:. 3:? ....roti:h >::: :"i::y:3>ib '" 3 : = :"ia n ii c::i ;e
::ra:h: in

PHOTO ILLUSTRATION/SHARON MUSHER/Daily

Minimum
monthly balance
for a savings
account

$200

$300

$200

$100

A student makes a transaction at one of the many ATM machines on campus.

Area banks help students stash their cash

NursbrsoATs 10 3ses e sse
Number of s 1 2 1
branches on
campus
ANDREW M. LEVY /Daily Graphic

by Laura Potts
Daily Staff Reporter
.Where are the good banks on
campus? Good question. The answer
depends on where you'll live, and
how much money you are willing to
hand over to the unfamiliar face be-
hind the counter.
Four banks have locations within
walking distance of campus. First of
America has a branch office on the
corner of South University and East
University, two other offices and
several automated teller machines
(ATMs). National Bank of Detroit's
(NBD) campus location is a bit far-
ther away, but it also offers several
ATMs near campus. Comerica has
two branch offices near campus and
many ATMs, including one in the
Union. Society Bank is a hike from
campus, but once you open your ac-
count, you can use the ATM ma-
chines on campus.
Students living on North Campus
or the Medical Campus have several
options in addition to the Central
Campus locations. First of America
has a branch office near the Medical
Center, which is convenient for
medical students or students living

in the Hill dorms. Society Bank has
an office near North Campus, and an
ATM in the North Campus
Commons (NCC). Comerica also
has an ATM in NCC.
If you're like most college stu-
dents, though, you are probably
more worried about minimum bal-
ances on checking and savings ac-
counts than where banks are located.
To open an account you'll need
about $100.
Most students opt to take basic or
personal savings accounts. Both
First of America and Comerica offer
statement savings accounts with a
$200 minimum monthly balance.
Comerica has a $1.50 service charge
for dropping below this amount,
while First of America's is $2.
Society Bank has a statement sav-
ings account with only a $100 quar-
terly balance minimum, but assesses
fees for more than nine withdrawals,
and a $4 service charge for dropping
below the minimum. NBD's regular
savings account has a minimum bal-
ance of $300.
Checking accounts vary more
among banks than savings accounts.
Society Bank offers the Easy A pro-

gram for students, in which the
checking account has no minimum
balance, but has a $2 monthly fee.
With Easy A, the first 10 debits are
free, and each thereafter costs 25
cents. NBD has a basic checking ac-
count with a $3 monthly fee, and a
charge of 75 cents per check after
the sixth check. A regular account is
Each of the four banks
provides overdraft
protection, on the
average of $100. All of
the banks also offer
VISA and Mastercard.
also offered by NBD which requires
a $299 minimum balance or a $4
monthly fee.
First of America offers two types
of checking accounts for students.
The Thrifty account has no mini-
mum monthly balance, but charges
50 cents for each debit. First of
America's personal account requires
a $300 daily balance. Comerica of-
fers a budget checking account with
no minimum balance, and a $10
charge for every twenty debits.
Comerica's other option for students
join ou
Write f
RA:."i : "

is the regular account, which has a
minimum balance of $500, or no
minimum balance, provided you
have a Comerica savings account
and comply with that minimum bal-
ance.
Each of the four banks provides
overdraft protection, on the average
of $100. All of the banks also offer
VISA and Mastercard. However, for
Society Bank's credit card, students
must have a co-signer, and most of
Comerica's credit cards are only
given to people who make $10,000
per year.
If you have more money to in-
vest, all of the banks offer certifi-
cates of deposit (CD), ranging from
quarterly to yearly increments.
Comerica's minimum to open a CD
is $2,500, but the other three banks
have a minimum of only $1,000.
Most of the banks also have
money market or interest checking
accounts. First of America and
Comerica have interest accounts
with minimum monthly balances of
$1,000. Society Bank has a money
market account with a minimum of
$1,000 to open, and a limit of six
checks per month.
r Staff
or the
K ftO 0

Since 1982,
Ann Arbor's Wholistic,
Metaphysical Bookshop

f/
- -

W7* ,

C.'razj

Wisdom Bookstore

Sports, Opinion, News, Arts & Photo
Call 764-0552 for more info

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*7, I

0

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-:7

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