FREE! FREE! FREE is the word that draws students into financial institutions. But students should consider convenience, accessibility to funds and ask about hidden service fees that can surface.
First South Credit Union and First Tennessee both offer campus ATM machines. FSCU has two campus ATMs -- one in the Rawlins Center and another in the UC along with First Tennessee. Tim Baker, manager of the campus First South Credit Union, located on the 2nd floor of the Rawlins Center, and Linda Williamson, financial service representative at First Tennessee's Poplar Plaza location, both agree that students should look for convenience and accessibility when choosing a financial institution.
"We are open from 8 a.m. until 5 p.m., Monday to Friday," Baker said. "Our Highland location is opened for Saturday business." The FSCU has 13 locations throughout the city.
First South offers a free Tiger checking account with a free Visa check card both with U of M logos. Because credit unions are non profit there is a one-time $10 membership fee, which gives members and relatives lifetime ownership with FSCU. A savings account is required with a minimum balance of $25 at all times.
"Members begin to earn interest on savings accounts with balances of $200 or more," Baker said.
First South offers free online banking and 24-hour phone access to account information.
"We love to see people," Baker said. "We don't care if you come in five times a day."
Students can plug in laptops or sit down and have coffee anytime.
"We pride ourselves on customer service," Baker said.
Williamson says students should consider location, convenience and ATM accessibility when opening an account.
First Tennessee offers a free student account with no minimum deposit balance required. Online account applications are accepted at firsttennessee.com. They also offer free online banking and a no fee Visa check card. Students can also establish credit at First Tennessee.
"We have a Visa credit card with a maximum limit of $500 that helps students monitor their account and card usage," Williamson said.
First Tennessee has many citywide centers and ATMs in various businesses in the city.
Emma Self, U of M art student began her financial relationship in Colorado with a credit union, but eventually switched to a bank.
"I quickly learned what debt was, but now I am glad I have financial control," Self said. "My first institution acted like they didn't care, but my new bank is student friendly."
A married foreign language major at The U of M says she started her first account with a bank because she did not have an organizational relationship to join a credit union and the bank was offering free checking.
Baker says students should feel free to ask questions about any financial services they receive.
