Lauren ([info]laurhenna) wrote in [info]oberlin,
@ 2003-08-01 08:49:00
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Entry tags:banks, for incoming first-years

Which bank should I choose at Oberlin?
Do most Oberlin students use Lorain National Bank?..or is something else local more practical/common?


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[info]researcher
2003-08-01 06:12 am UTC (link)
I use First Merit...they have a free checking plan, and they're all over Lorain County (and a few other places too, as I understand it.)

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[info]plastikitten
2003-08-01 06:25 am UTC (link)
yeah, my parents made me get an account at LNB (which also has free checking), but besides being nicer, due to being a small bank, I don't think there's really any compelling reason to get an account there...

...except that (and I don't know if you buy into this) Oberlin students are usually all about fighting big corporations, etc, and getting an account at LNB is definitely supporting a smaller company.

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[info]settingshadow
2003-08-01 06:32 am UTC (link)
There's a thread on this below...
...I use the Ohio Educational Credit Union.
I believe the othr banks have fees if your balance is over/under a certain amount and the credit union doesn't.
Geographically speaking, all three banks are right next to each other. You have to *cross the street* to get to First Merit, which I consider myself to lazy to do (*ignores the fact that once she gets money from the bank she usually crosses the street anyway to go to Matrix games*)
Anyway, those are the three banks. There's really nothing that much better/worse about any. The credit union, being the smallest, tends to have the shortest lines, and the people at First Merit have a tendency towards being mean, but nothing marked.

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disagree
[info]pittnat
2003-08-01 12:14 pm UTC (link)
i disagree about the "first merit people are mean" comment
i always go there to cash my paychecks, since i dont have a bank account in oberlin at all
having a bank account hasnt actually been a problem--i have a check card from my bank at home, so i can just use that most of the time, and if i want to deposit a check, i just mail it in to my bank.

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[info]pontiuspilates
2003-08-01 07:48 am UTC (link)
I use LNB; I haven't really had any problems with it. I think that the fee on your account happens if your average daily balance dips below $600. I am used to this occurring. Meh. I haven't heard much of anything, bad or good, about the credit union. Credit unions are cool, though... I think First Merit might be the devil. The people there are icky, and I've heard several murmurs of discontent from people who've had accounts there. Someone on an earlier thread about Oberlin banks also mentioned something about First Merit getting in trouble several times for crapping out on their obligatory things they're supposed to contribute towards the bettering of the community; I am not really sure about the details of this, but it's worth looking up the old thread and checking out.

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[info]lilyofthewest
2003-08-01 08:30 am UTC (link)
Actually their new "Totally Free Checking" really is free (no fees even if you have a low balance) if you already have an account. If you're getting a new account and sign up for TFC you have to buy your ATM card and checks (which come free with the kind of account that charges you $3/month for having less than $600). But if you already have checks and a card, then the TFC is really really free. I reccomend that everyone start out with the Basic Checking Account and then switch to the TFC if their balance is going to be below $600. If you're going to have more than $600 you should stick with the basic checking because it'll earn interest and the TFC doesn't. The only drawback to doing it this way is that you don't get whatever promotional gift they're giving away for signing up for a TFC account. But not paying $45 bucks for your ATM card and checks is probably worth more to you than a tupperware set or a duffle bag.

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LNB...
[info]lolasangel
2003-08-01 08:22 am UTC (link)
Yeah...I decided to use LNB as well. It might be an extra walk, but I was told that they don't charge you if your balance drops to zero and you get free checking...etc. Plus they were pretty nice to me and you get a lot, even when you open a small account.

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Re: LNB...
[info]lilyofthewest
2003-08-01 08:24 am UTC (link)
No no...they charge you! There's a $30 overdraft fee and then they charge you an additional $5 per day that you're in the red. I've unfortunately had experience with this. First Merit screws you just as bad if you overdraft though.

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[info]lilyofthewest
2003-08-01 08:35 am UTC (link)
http://www.livejournal.com/community/oberlin/142396.html

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[info]laurhenna
2003-08-01 09:20 am UTC (link)
Thanks for the link to the previous bank debate; I didn't know about that thread.

It does seem like a pretty smart idea to keep the account I have at home...for summers, etc.

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[info]kestrel127
2003-08-01 01:15 pm UTC (link)
Hells yeah keep the account you have at home!

I used that account for emergency cash- I always had about $500 in it so when books/christmas presents/oh look it's pretty stuff came around, I always had back up cash even if I was scraping the bottom of the First Merit account.

Besides, if you graduate and go live at home like a bum (like me) then you don't have to go through the hassle of reopening an account.

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[info]laurhenna
2003-08-01 09:05 am UTC (link)
Does LNB have an ATM with a good location? Then again, it doesn't really matter anyway, does it..since the bank is so close to begin with.

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[info]lilyofthewest
2003-08-01 02:37 pm UTC (link)
The only one in town is the one in the bank, but it's five minutes walk from anywhere you'd need to spend money in town.

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[info]ilunas
2003-08-01 10:44 am UTC (link)
The one thing FirstMerit does have going for it is that it has an ATM in Wilder Student Union, right in the center of campus, so it's super convienient for withdrawing money. 'Course, you can use it for other banks, but then there's a fee.

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[info]danibannani
2003-08-01 01:12 pm UTC (link)
First Merit will kill you with overdraw fees, and they don't tell you when they're goign to hit, so your balance will dissapear AGAIn after you pay off the overdraft. Many people have lost a lot of money that way. I think the Educational Credit Union would have been a better choice for me, but what's done is done.

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