Indiana Daily Student

Students to pay fees for on-campus banking

There are about seven fewer lines to wait in right now, and students aren't happy. Bank One's Automated Teller Machine's have disappeared from the Main Library, the Indiana Memorial Union and the residence halls. \nUniversity-owned ATMs are currently installed and in the process of merging on to a banking network that services nearly every bank. When the machines are operational, they will levy a 75-cent service charge for each transaction, wiping out the possibility of fee-free banking on campus for those who are not members of the IU Credit Union using the IMU ATM machines. \nThe migration of the Bank One ATM machine stems from Bank One's decision to stop paying an annual fee to take up University space. \n"There was no incentive for the institution to allow (Bank One) to stay," said Patrick Smith, assistant director of purchasing. "We can't let them stay and not allow that for other banks."\nThe University originally opened the option of placing ATMs on campus to many banks. Bank One scored the chance to set up shop, but failed to offer a competitive contract when renewal time rolled around in June. \nNow that Bank One ATMs on campus have disappeared, the University is in the process of installing its own ATMs. \n"The University will be installing ATMs not affiliated with any particular bank. They will be operated by IU and people can gain access to any bank in the MAC network for a 75-cent fee," said Mark Kuchefski, director of the operations division of auxiliary enterprises. \nThe ATMs are in place at Wright Quad, Foster Quad, McNutt Quad, Read Center, Willkie Quad, Teter Quad and the Main Library -- but not in the Indiana Memorial Union. Kuchefski said technicians are working on the machines that will be operational soon. \nWhile the University will charge 75 cents per transaction at the new machines, IU stood to gain more profit when students were banking for free and Bank One was paying for annual ATM placement rights, Smith said. \nThe 75-cent fees will go toward paying for the actual ATM machines, the MAC network, the company that stocks and repairs the machines and the armored car that brings the money.\n"There's a potential for profit, but the volume of use will determine that. If (the profit) is higher than we expect, we'll reduce fees," Kuchefski said. "Now, we're hoping to break even."\nAlthough Kuchefski said the University acted in the best interests of students and fair business, inconvenience still plagues students like junior Jennifer Samuels.\n"Last year, I used to go to the ATM once a week," she said. "Now when I use it, I have to get a ride to get off campus to get to (the machine)."\nSamuels, a resident assistant at Wright, said evidence of annoyance was present before the majority of students got back to campus. \n"I worked with orientation, and there were students who had already set up accounts with Bank One because they thought it was going to be here, but that was not the case when they got here," she said.\nSamuels elects to bear the inconvenience of going to the outlaying Bank One ATMs located on Kirkwood across from Jiffy Treet, on 10th Street near Pizza Express, at the downtown location on the southwest corner of the square and at 2642 E. Third Street, near College Mall.\n"I'd rather go to a Bank One ATM than be charged to get money out of my account," she said.

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