For those of you who are unaware, Banks try to capitalize on attracting new (and young) customers on campus these days (most Universities have entire bank branches on campus). They are quite aggresive in their marketing to these new potential clients, enticing them with iPods and other “perks” to open new accounts.
When I was at University the on campus bank knew that a great many of the students were in Co-op, and thus excellent new victims for their bank service fees. I opened a bank account on campus at first mostly for ease, since I lived on campus at the time, but then they started enticing me with new exciting services like:
- My first credit card, because now I actually made money (4 months at a time), and I could now start learning about the joys of CREDIT (and hopefully not pay my bills on time).
- RRSP loans, to move income around from year to year (if one year I worked for 8 months, I could normalize the income with the next year, by using this loan, for a small fee).
- ATM machine access and their fees (yes I am that old that this was a new service back then).
The CIBC branch at the University of Waterloo had a pretty sweet business running, and I am sure there are people who still bank with CIBC because they started at the U of W. I changed banks after I moved off campus and Canada Trust was actually a closer bank, but I kept my CIBC credit card for a long time.
Banks are always on the look out to get NEW clients that want to pay Bank Fees and put their savings in their banks for the bank to use as well. When you send your child/student off to school keep this in mind and maybe talk to your kids about banking and the in’s and out’s of the “Banking Game”.