When new students begin the school year, sometimes they try to surround themselves with familiar comforts. For some, that means bringing their old teddy bear, but for others it might be knowing the bank that has their money is as good as the one at home. Some students even like to keep the same bank membership they had at home or are on the hunt for a better deal. And right on campus, four financial institutions have deals for students.
The three banks and one credit union that offer their services in the EMU are Wells Fargo Bank Northwest, U Lane O Credit Union, U.S. Bank and Washington Mutual.
U Lane O, with its green and yellow logo, offers a special service for high school and college students, with free checking that requires only a minimum of $5 in a savings account. The five dollars act as a membership fee.
U Lane O’s ATMs are located all over town and are not only available on campus at the EMU, but also at the Hamilton Complex, the Knight Law Center and the University Bookstore. There is no surcharge. There is a charge for using non-U Lane O ATMs, and an overdraft line of credit is available; however, there is a non-sufficient funds fee.
In addition to having an on-campus ATM, U.S. Bank has its Oregon Campus Office branch located at 810 E. 13th Ave. University students can also take advantage of the bank’s
Student Banking Program. Branch Manager Randy Richichi said the program offers free checking, free Internet banking and no-surcharge ATMs as well as four free non-U.S. Bank ATM transactions each month. There is no monthly fee or minimum balance requirement. Richichi added that overdraft fees are $28 per item; however, the bank can instead transfer funds from savings or money market accounts for a $5 fee per overdraft item.
Branch manager Randy Snyder said that Wells Fargo offers the Student Combo Package, which sports overdraft protection, no monthly fees or interest on the checking account. The package also requires no minimum balance, and membership is free.
Overdraft protection service costs $10 for every day a bad check is processed. So, if one bad check comes through on a Monday, the fee is $10, if five rubber checks come in on Tuesday, the fee is the same, and when no bad checks go through, there is no charge that day. Advance fees are charged to the student’s credit card. Without overdraft protection, however, the fee is $32 per item.
The annual percentage rate for a student credit card account is 19.8 percent. ATMs are surcharge-free for Wells Fargo customers, but customers are charged $2 per withdrawal from other ATMs.
Washington Mutual Financial Center manager Dawn Bray said that although the bank does not have a special package for students, the bank’s checking and savings accounts are a good deal, with free checking and a free savings account.
However, the free accounts require that the customer allow $25 to be shifted from the checking account to the savings account every month. Overdraft charges are $22 per item. Bray said if serious issues arise, the bank may split the cost, depending on the circumstances. The bank’s ATM is surcharge free, but if a customer uses a different bank, it costs $1.50 per transaction.
For more information see www.ulaneocu.org, www.wellsfargo.com, www.usbank.com and www.wamu.com.