By FRED HEATH
Many students have expressed a variety of frustrations with their bank accounts from time to time, but some local bank managers said the way to avoid problems is through being knowledgeable and keeping track of the account.
The most common problem expressed by students is a feeling of deception. Some students said this deceit presents itself in the form of hidden fees in their accounts, poor customer service for students and a general lack of communication about account changes.
Craig Coleby, a junior from Salt Lake City majoring in business, said his biggest problem is how banks keep students in the dark about the minimum balance requirements. “They don’t tell you all the fees and service charges that go on,” he said.
He said he felt deceived and went as far as writing his bank a letter explaining his frustrations.
Another student said she feels like students do not get the kind of customer service they deserve.
“I think a lot of banks treat their students like second class citizens and that bothers me,” said Roxanne Reddick, a senior from Simi Valley, Calif., majoring in pre-journalism.
Reddick said examples of bad customer service with her account has included changes in the original terms of her account and the bank’s inability to correctly change her address.
“They’re not very prompt about getting stuff out to you. Plus, as a student, I move a lot,” Reddick said.
Because she moves at least once a year, Reddick said it has caused her many problems. She said she had to keep calling her bank month after month before they got her address right.
From the standpoint of various banks in the area, all managers seem to be in agreement that it is the students’ responsibility to learn the terms of the account. Also, they must be able to keep up with their account activity, as well as keeping their address current.
“Balancing the checkbook each and every time they use the account, recording everything immediately and balancing to the statement each month are all extremely important,” said Travis Stringam, manager of Wells Fargo’s student branch in Provo.
Stringam said the most common problems students encounter are dealing with overdraft fees which occur when students do not have sufficient funds during account activity.
“They can’t expect to make deposits after they’ve written their checks and hope the deposit goes through first,” said Susan Bullard, senior financial service representative at First Security Bank’s student branch.
Bullard said they really do want to work with their students, but they need to understand the importance of taking time to keep good records and to contact the bank if they feel they are having problems or need questions answered.
As far as the terms of the account changing, Bullard said they send that information to the customer 60 days prior to the change. She said the information about changes usually appear in the monthly statement.
“It becomes a problem because many students and other customers do not read their statements,” Bullard said.
In addition to keeping updated with accounts, students must realize the terms of the particular account they have and know what they are limited by, said Janet Sanford, customer service manager at Zions Bank’s student branch in Provo.
“Fees can add up pretty fast, but the information is disclosed in a rules and regulations packet given to every customer,” Sanford said. “It should be discussed vocally, but it is definitely in the packet and we must give that out by law.”
Sanford said they try to go over account terms and conditions vocally because a lot of times they get students who are new and don’t know a lot about banking.
To avoid problems, “read the fine print. Ask a lot of questions and maybe when you’re first setting up the account, let your parents get involved too,” Reddick said.
Sometimes a lack of communication between the student and the bank can cause problems, but a good new accounts representative should be able to tell if the client is opening an account for the first time, said Kim Mikulencak, financial center manager at Washington Mutual in Provo.
“There are no hidden fees. What you see is what you get,” Mikulencak said of the student account at Washington Mutual. “I think there isn’t always a full discussion. I don’t think there are necessarily hidden fees at other banks, but they may not verbally disclose it.”
Mikulencak said students do need to ask a lot of questions when opening their account and to let the new accounts person know this is their first time opening an account.
Mikulencak said things like unlimited check writing with no minimum balance and customer service phone calls will not produce fees with their customer. She also said they will not charge their students to talk with a teller in person, but neither did any of the other banks.
In order to service student customers better, many branch managers said their banks are offering checking accounts that are free or have a minimal fee, and do allow the student to write as many checks as they want with no minimum balance requirements.
