Let’s face it, Syracuse University students need money for books, business and personal expenses, and the SU Hill has five banks within walking distance.

But what drives students’ decisions about picking their personal bank?

All five banks offer a multitude of checking options from free to interest-earning to accounts specifically designed for students.

Despite the confusion of technical banking terms, students should be able to choose an account that makes the most sense for them.

Local banks offer services in case questions or problems arise, but students lose the convenience of these banks when they study abroad for a semester or go home for a summer vacation that could last up to four months.

Many students simply keep their accounts at community or regional banks at home, and pay ATM fees when they need cash.

Much of the decision is based on convenience, but student opinions also play a role. Whether service is good or bad, rumors and testimonials could influence the banking decisions of every student who catches word.

Chase University Hill

The Chase ‘Student Package’ offers free checking with no minimum balance, no monthly service charge and no inactivity fees, said Matt Malone, personal banker at the University Hill branch. Five years after its opening, the account converts into a normal checking account.

Users are not charged for the first two non-Chase ATM withdrawals each month, but do have to pay that automated teller machine’s (AP says to spell it out somewhere? is this ok?) fee, Malone said. The bank charges $2 for each non-Chase ATM withdrawal after the allowed two per month.

The debit card also has a VISA logo, and can be used wherever VISA cards are accepted, he said. Separate student credit cards are available.

The overdraft fee, the fee for ‘bouncing a check,’ on a student account is $35, Malone said. Students can apply for a line of credit to offer overdraft protection.

Despite having an account at Chase, Kristen Smith, a junior political science major, said she won’t always use the branch’s ATM for withdrawals.

‘I’m not going to walk down to Chase in the middle of the night to get money,’ Smith said.

The Chase University Hill branch, located on the 600 block of South Crouse Avenue, is the furthest down the Hill of the SU area banks.

‘From most people I had talked to, Chase was more reliable with getting things done on time and being open,’ said sophomore film major Mike Brettler.

Brettler began looking for a bank on campus before his freshman year, he said. Chase seemed to have the best reputation.

Chase was one of the banks encouraging freshmen to open a student checking account on the quad during orientation, said Nihara Gonsalves, a freshman public relations major.

‘I got my (debit) card in the mail three weeks later because they spelled my address wrong,’ Gonsalves said.

The letter was addressed to ‘Daddy Hall’ instead of ‘Day Hall,’ she said. It also didn’t include the PIN to activate her card.

Gonsalves also discovered that her name was spelled wrong on the card when she tried to buy something online, she said.

She went to the Chase branch and had everything cleared up easily, Gonsalves said.

‘It was just kind of inconvenient,’ she said.

HSBC Syracuse University OFC

HSBC also offers a student package, which includes checking, savings and the option to apply for a credit card, said Nedzada Kajtezovic, consumer banker.

The package requires no minimum balance and has no monthly fee, Kajtezovic said.

Overdraft fees are $33, she said, but the credit card offers overdraft protection.

HSBC has ATMs both at the branch, located on the 1000-block of East Adams Street, and at Schine Student Center, Kajtezovic said. Fees for using a non-HSBC ATM are $1.50 per withdrawal.

It is important that students open the ‘student checking’ account rather than the ‘free checking’ account, which converts to an account with a monthly service charge after three months of inactivity, Kajtezovic said. Otherwise, students who use another account at home during the summer may run into problems.

‘Overall, it’s been pretty good,’ said Sarah Cassella, a junior public relations and political science major, of the HSBC branch. ‘And it’s close enough that you can walk.’

The only difficulty Cassella said she had was changing signers on an account for a student organization.

Like most banks, HSBC charges for withdrawing from non-HSBC ATMs, and the company that owns the ATM usually charges as well, said Jane McLaughlin, junior retail management and marketing major.

‘There’s an ATM right on campus, there’s an ATM (at the branch),’ McLaughlin said. ‘That’s why I came to this bank.’

M&T Bank Irving Avenue Branch

The M&T ATM on the 600-block of South Crouse Avenue is one of the busiest ATMs for the bank, said Jonathan Sandgarten, assistant branch manager at the Irving Avenue branch.

The ATM charges $2 for withdrawals from non-M&T accounts, he said.

M&T offers a free student checking account with no monthly fees, no minimum balance, and has partnered with SU to provide a $500 credit card with rewards to students, Sandgarten said.

The student checking account has a $19 overdraft fee for the first violation, $32 for the second and $35 for the third, he said. Users are charged $1.75 for withdrawals from non-M&T ATMs.

After being inactive for 90 days, which means no deposits or withdrawals, the account converts to a checking account with a $1500 minimum balance or a monthly service charge is issued, Sandgarten said.

Students should be sure to use their debit card during the summer, he said. The account can easily be switched back to the free student checking if needed, however.

Keri Vanderwarker, a junior marketing and finance major, uses the South Crouse Avenue ATM often, she said.

Vanderwarker, who is from Albany, was told M&T branches are common in Syracuse, so opened her account before her freshman year, she said.

‘It’s not as convenient as they said it would be,’ she said.

When the CNY Medical Center garage was under construction and the ATM was closed, Vanderwarker said she would either go to the Irving Avenue branch or pay a fee for using another ATM.

Alliance Bank

The Alliance branch at the corner of Marshall Street and South Crouse Avenue is set to open on Oct. 2, said Joe Russo, senior vice president of investor relations.

The branch will have the convenience of being near Marshall Street shopping and will feature an external ATM, Russo said.

The bank offers a free checking account with no minimum balance and no monthly fee, he said.

Unlike the other banks, Alliance doesn’t have a separate student package, mostly because the free checking is popular and works well on other campuses, such as Colgate University, Russo said.

Alliance customers are charged $1.50 for using a non-Alliance ATM, Russo said. That is the same fee the Marshall Street ATM will charge to withdraw from accounts at other banks.

Overdraft fees are $30 each, but customers have the option of buying an overdraft protection package, he said.

SEFCU Syracuse Branch

The State Employees Federal Credit Union offers students in Syracuse free checking with no monthly service charges and no minimum balance, said John DeCelle, senior vice president of sales and marketing.

If the account balance is at least $250, then it receives interest, which is now at .25%, he said.

SEFCU’s Syracuse Branch, located on the 700-block of South Crouse Avenue, has 24-hour ATM as well.

Until a few years ago, SEFCU was not open to students in the city of Syracuse, DeCelle said.

It’s a misconception that a person needs to be a state employee to have an account at SEFCU, he said.

SEFCU users usually don’t have to pay ATM fees other than the one the machine itself charges because they are part of an ATM network, DeCelle said.

Overdraft fees are $20 each time, he said, but SEFCU does offer overdraft protection.

Another branch is set to open in downtown Syracuse before the end of the year, and there are plans to open a branch in the Erie Boulevard area, DeCelle said.

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Despite the advantages of using a local bank, some students chose to keep their accounts from home, even if it means paying ATM fees and not having immediate service.

Matt Murphy, a freshman bioengineering major, said he already has accounts at three different banks, and didn’t want to add a fourth.

‘I only use (an ATM) maybe once or twice a month, tops,’ he said.

ATM fees aren’t much of a hassle, Murphy said.

‘I just didn’t see a reason to switch,’ said Tiffany Newhill-Leahy, a sophomore music major.

The Pennsylvania credit union she uses offers free phone and online banking, she said. It even pays a significant portion of the fees ATMs on campus charge her for withdrawals.

The only reason to open a local account would be the ATM fees, but Newhill-Leahy said they’re not an issue for her.

Published on September 26, 2006 at 12:00 pm