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 t.. p ' r 'y tt _ . . , " F . , . 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