Out-of-state students find banking difficult

When preparing for the long-anticipated journey to college, students, particularly incoming freshmen, are often overwhelmed by the endless tasks that must be accomplished before the "big move."\nMany become so overwhelmed that, amid everything else, they forget to acknowledge the basis of nearly every college-aged person's existence -- money. The importance of having access to banking services usually doesn't become evident until that first encounter with the ATM machine when students realize they are paying a sizeable convenience charge to obtain minimal funds from a bank other than their own. \nFor IU students, this appears to be a much larger concern for out-of-state students. For example, most banks serving the Bloomington area are based in the Midwest, and this can pose many challenges to students whose out-of-state banks do not have local representation. \nThis is especially true for those whose banks are not within walking distance from campus and find that local transportation is not a viable alternative when attempting to make small, quick financial transaction. \nSome students, like freshman Brandon Joseph of Chicago, have solved this problem by opting for purchasing goods and banking electronically, thereby avoiding the need for cash.\nOthers, like freshman Emily Brush of San Francisco, complain because their banks are not located on or near campus and must remain dependent on parents for banking needs. This causes additional frustration to students and parents, among the other matters that go along with living away from home.\nChris Matthews, a manager at Old National Bank in Bloomington, said she has found a solution to these kinds of problems.\n"Students should begin looking for a bank and establish an account during orientation," Matthews said. \nSome of the most crucial things for students to consider while banking from school are to ensure that one's bank offers online banking, she said. Online banking can make it easier for students to check account balances and transfer funds without having to actually travel. She also advised students to sign parents onto their accounts so that, in the event of an emergency, money transfers can be made just as easily.\nThe IU Credit Union offers similar options. Some students open an account with the campus bank just for the duration of their college years to make banking easier. IU Credit Union spokesperson Nan Morrow defined the credit union as a full-service bank, inclusive of interest on funds, loans and online banking. Morrow said IU Credit Union's five Bloomington locations make it easier for students.\nAlthough students might not have easy access to their banks on campus, there are many other ways to accomplish banking needs. Most students have found ways to avoid inconvenient ATM machines by making purchases in other electronic-driven manners. \n-- Contact staff writer Laura Crylen at lcrylen@indiana.edu.