Jaremy ([info]jkrich) wrote in [info]oberlin,
@ 2003-07-21 15:10:00
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Entry tags:banks, for incoming first-years, town issues

Banks..
What is/are the banks at Oberlin and what are suggestions on what I should do regarding moving my account to Ohio or keeping it in my hometown?


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[info]kafkaesquebliss
2003-07-21 12:16 pm UTC (link)
first merit is the most used oberlin bank, i believe. it's what i use. i moved my account from home to oberlin, mostly because i got sick of paying a $3 fee everytime i wanted to take money out of my account via ATM. with first merit, you can use their ATM (located in the middle of downtown, 1 - 3 blocks from most dorms) 24 hours a day. if you are looking for good interest rates on a savings account, you'll be in for a good laugh...

there is no minimum balance (although i think you need $50 to open an account), and there are no monthly fees. it's really easy...

i know some people who stick with their hometown account. if you have a debit card, this wouldn't be terrible, i suppose. but if you earn money at oberlin, you will have to mail the check to your hometown bank and wait a while for it to be deposited in your account.

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[info]kestrel127
2003-07-21 12:29 pm UTC (link)
I agree First Merit is the most often used and pretty good- no account fees if you get a debit card, things like that. They'll also cash your paychecks, but want your thumbprint, social security # and a couple of other things (you think I'm joking...). But, First Merit has ATMs in Wilder (the student union) and outside of Misslers (the local grocery store) as well.

There's also Lorain Something Bank, and the Ohio Educational Credit Union. People who have those seem to like them.

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[info]lilyofthewest
2003-07-21 12:32 pm UTC (link)
If you plan on having a job here, you're going to want a bank here. If you're not going to work, you can get away with a hometown bank account as long as you have a debit card. I would reccommend opening a second bank account here rather than moving your account. Having an account at home can be really convienient for summers and any winter terms you spend there.

First Merit, Lorain National, and the Ohio Educational Credit union are the main banks in town. There's also a First Third bank somewhere, but it's not in the main section of town. First Merit is the biggest and most popular, but unless you're going to consistently have more than about $1,000 bucks in your account, the free checking accounts from Lorain National or the Credit Union are probably a better deal.

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[info]pontiuspilates
2003-07-21 02:12 pm UTC (link)
There's also a Third Federal Bank, but I don't know much about it. I use Lorain National Bank myself; it's a decent bank and all the tellers are nice to me. A lot of my friends have had problems with First Merit; I don't know whether this is a reflection on the bank or my friends' ability to manage their finances.

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[info]lilyofthewest
2003-07-21 02:27 pm UTC (link)
Ah. Third Federal is what I meant in my comment. I don't think there is a First Third in town.

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[info]pontiuspilates
2003-07-21 02:49 pm UTC (link)
I haven't even ever heard of First Third. Just Fifth Third. What happened to Second, Third, and Fourth Third??? (I want my money in the Third Third Bank.)

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first third
(Anonymous)
2003-08-13 12:35 pm UTC (link)
I think The First Third is a novel by Neal Cassady....wow, free association.

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something to consider before deciding where to put your $$$
(Anonymous)
2003-07-21 03:39 pm UTC (link)
First Merit has taken a lot of slack in Lorain County for failing to meet its Community Reinvestment Act (CRA) responsibilities. What this means is that by law, banks in communities are required to do a certain percentage of activity engaged in community development activity. Community Development activities are things like low interest loans to modest income folks who qualify, start up funds for minority businesses, investment in affordable housing, economic development in distressed areas or downtowns, etc. The First Merit CRA record for Lorain County sucks. On and off for the last few years they have gotten a lot of shit for it.

Lorain National Bank has for years and continues to meet and exceed its CRA obligations in Oberlin and Lorain County.

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[info]jkrich
2003-07-21 09:44 pm UTC (link)
sweet! thanks a lot guys/girls :) very helpful.

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OECU rules!
[info]angiecita
2003-07-22 06:57 am UTC (link)
I switched from First merit to the Credit Union my second year because I was sick of First Merit's shit. Like you need $200-250 to open a savings account, and a lot to open a checking. At OECU, you need $5 to join as a member. The only disadvantage is that they don't keep money in the office, so you have to uset their ATM. But they also don't make you fill out a deposit slip, and are nice to you, which is much more than I can say about First Merit.

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