Banking Information
Banking Information
As a student, there are two main types of accounts that you can choose from; a savings account and a checking account.
Savings accounts are designed to make deposits and allow your money to grow. The account will be interest-bearing and may only allow limited transactions. Typically savings accounts are for money that you do not need for everyday living.
A checking account is a transaction account. The account is designed for everyday use of withdrawals and deposits. In addition to ordering checks, you should also obtain a debit/ATM card to provide more options for using and accessing your funds.
Debit/ATM cards are easy to carry and use, fees are none to minimal, and its easy to cancel a debit card if its lost or stolen to keep your money safe. The card is a safe alternative to carrying cash which is irreplaceable if lost or stolen. The cost of a transaction fee is determined by the ATM owner. Most transaction fees are under $5. Before your transaction processes, you will be notified of the transaction fee and be given the option to cancel and take your business elsewhere. Debit cards are often linked to specific ATMs. You can use your Debit card at other ATM but they will charge you additional fees. For example, if you open a 5/3 Bank debit card, you will get charged a fee to use it at a Chase Bank ATM, but not at 5/3 ATMs. Look online for ATM locators for your specific card. You will find ATMs at most banks. You can also find some ATMs on both campuses, most movie theaters, stadiums, malls, and some larger businesses. Do not expect to find them in restaurants or business that are not use cash specifically.
A debit/ATM card differs from a credit card being that it is tied directly to your checking account. This limits a consumer to only spending the amount of money one has in the bank. When you use a debit/ATM card, the transaction withdraws the amount of the transaction from your checking account, usually on the same day. You can use a debit card to get cash from ATM machines or have it swiped like a credit card at shops or restaurants. Do not carry large sums of cash around, if your debit/ATM card is missing, call your banks 24 hour customer service number to cancel the card and order a new one, immediately! This will lessen the chance that someone will have access to your money.
With the purchasing power and efficiency of debit/ATM cards, online banking has become a popular alternative to keeping written banking records. Banks usually provide you with Internet banking options when you open up a checking account. Online banking allows you to view your account balance, view your withdrawal and deposit transactions, and pay your bills. These records are updated almost instantaneously when a purchase, deposit, or payment is made.
Some local banks & ATMs are:
There are many options for banking in West Michigan. Some of the banks are exclusive to West Michigan; some are found state wide, and some are found nation wide. The following is a list of banks available to students in the Grand Rapids area. The provided address is the location of the closest banking branch.
Byron Bank
5980 Lake Michigan Dr #A
Allendale, MI 49401
(616) 895-9222
1-888-748-0873 (toll free customer service)
Chase
2705 Lake Michigan Dr NW
Grand Rapids, MI 49504
(616) 771-7027
Fifth Third Bank
4520 Lake Michigan Dr NW
Grand Rapids, MI 49534
(616) 771-5770
1-800-972-3030 (toll free customer service) directions
Huntington Bank
6065 Lake Michigan Dr
Allendale, MI 49401 (616) 895-6661
1-800-480-2265 (toll free customer service) directions
Independent Bank
4525 Lake Michigan Dr NW
Walker, MI 49534
or
86 Monroe Center St NW #101
Grand Rapids, MI 49503
Lake Michigan Credit Union
2720 Lake Michigan Dr NW
Grand Rapids, MI 49504
Macatawa Bank
126 Ottawa Ave NW #100
Grand Rapids, MI 49503
(616) 235-7000
1-877-622-5700 (toll free customer service)
PNC Bank (the official bank of GVSU Athletics)
5111 Lake Michigan Drive
Allendale MI 49401
(616) 892-5111
272 Wilson Ave NW,
Walker, MI 49534
(800) 991-2221