There are some nuances in life that we all wish Mom would take care of on our behalves forever. Taking care of bank matters certainly tops that list.
As soon as freshmen step onto campus, they are bombarded with information about the campus bank at Hopkins, as well as other banks. Representatives from Allfirst, the official bank on campus, are on hand to give away free klatchkes (that's Russian for "useless souvenir") to all those who sign up for an account with their bank.
Another alternative is depositing your money with Bank of America. Forget about having to adjust to living a dorm life; try learning how to balance a checkbook!
Allfirst Bank requires that your checking account have a minimum $500 balance, unless you have a direct deposit from a JHU employer. What this translates into is that if you work for Hopkins, you can bypass that $500 minimum.
While many students do not have the pleasure of working for the University, they may still wish to consider the boons of having an account with Allfirst.
The bank is conveniently located in the basement of Gilman Hall and provides many other services, such as traveler's checks, certificates of deposit and cashing personal checks.
In addition, having an account with Allfirst means that you can use the campus ATMs without paying a surcharge. One ATM is in Gilman and the second is in Wolman, which is convenient to students residing off campus.
Though having an account with Allfirst may seem enticing, it does have its drawbacks. For starters, there is maintaining that pesky $500 minimum balance. It can be hard to maintain a minimum, especially if you don't have a job and are reluctant to ask Mom and Dad for some moolah to replenish your account. Also, while Allfirst may have two ATMs on campus, it has relatively few nationwide. Most of its branches, and therefore ATMs, are located in the mid-Atlantic region. For the many Hopkins students that hail from other states, this may prove to be problematic. You either have to open another bank account (and pray that there is no minimum balance to maintain there as well) or pay an extra fee for using a non-Allfirst ATM.
Many students complain about the monopoly that Allfirst has on campus. Freshmen Peter Zou and Justin Kosoris both prefer to maintain bank accounts back home. Zou doesn't like that Allfirst doesn't cash personal checks in excess of $50 or the bank's low interest rates. Kosoris states that while it is "aggravating" to pay a surcharge when he uses an Allfirst ATM, he would rather do that than keep his money with Allfirst.
"Besides," he added. "It's better to just pay by credit card if you can."
Some may choose to instead open an account with Bank of America. It requires a minimum balance of only $100. However, since it is not a campus bank, there are no convenient ATMs located on campus.
Its nearest ATMs to Hopkins are 201 N. Charles St., 1800 E. Monument St., 524 and 808 S. Broadway, both in Fells Point.
However, some students may be turned off by the fact that these ATMs lack the security guard service that is available at all times at the Allfirst Wolman ATM. This in itself may be a definitive turn-off for students, since Baltimore is not known for being the safest city in America.
This avalanche of information may seem overwhelming when trying to decide on the best route to take to financial freedom.
However, the banking situation at Hopkins does not have to seem dire. There's always the option of following the paths of students such as Zou and Kosoris and maintaining an account at home, where interest rates may be more favorable.
One can also just pay by credit card and avoid ATMs altogether.
