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 June 30-July 4, 2001 |
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Decision-Time on Banking: Roosevelt Island residents have some tough choices to make in the next month about what banking services to use. Chase Manhattan has sold its Island branch to New York National Bank, a Bronx-based bank with a mission of serving individuals and small businesses. Chase's local customers will automatically become NYNB customers on July 20, unless they notify Chase to the contrary before July 13. Another alternative is Montauk Credit Union. It's not a full-service bank, but it offers competitive rates and services. Here's a chart that compares some of the features of the three institutions. Information was provided and checked by Chase, NYNB, and Montauk.
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National Bank |
Credit Union | ||
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| Information Numbers | 1-800-684-0273 | 1-718-401-6100, ask for Millie Lora | (212) 643-3900, press zero for customer service |
| Checking account fees (if minimum balance requirements below are not met) | Unlimited transactions:
$9/month, 50¢/transaction Lifeline accounts, up to 10 transactions/month, $4/month, no transaction fee |
Unlimited transactions: $5/month, 40¢/transaction | No fees |
| Bounced check protection | Revolving credit line,
19.9%+
depending on balance or Debit from savings account, if linked to checking account |
Revolving credit line,
12% or Debit from savings account, if linked to checking account |
No revolving credit
line.
Debit from savings account; all accounts linked automatically. |
| Balance required for no-fee checking (checking only) | $3000 | $1000 | $25 in savings account |
| Average monthly balance required for no-fee checking (checking + savings) | $4500 | $3000 | $25 in savings account |
| Interest - checking accounts | Depends on type of
account. Better Banking: 0.5 % |
NOW account: 1.25% | 1% with balances of $500 & up. |
| Interest - savings accounts | High-yield: 0.9% Lifeline: 0.85% |
Regular: 2.25% Holiday Club: 2% Children's account: 2% |
Depends on account
balance. Regular savings: 1.5-4% |
| CD rates | 2.75% (12-month) | 3.1% (12-month) | 5% (12-month) |
| Minimum CD deposit | $2500 | $2000 | $2500 |
| Banking by Phone | 24-hr. automated ServiceLines (English/Spanish); operators 24 hours. Chinese/Korean lines M-F, 9-5. Account information, funds transfer, etc. | Can call branch and request information during business hours. | 24-hr. automated Mon-Talk (English only). Operators available during business hours. |
| Website | www.chase.com | Planned for early 2002 | www.montauk-cu.com |
| Online banking | Business and consumer accounts free | Business accounts only - free with minimum balance | No |
| Automatic online bill-pay | Yes | Not at this time | Yes, if set up with payee |
| Automatic online credit card payments | Yes | Not at this time | Yes, if set up with credit card company |
| ATM locations | Manhattan: 123; 209 in other boroughs and on Long Island | Manhattan: 3 (RI, 116th & 2nd, Port Authority); 5 in Bronx | Manhattan: 1 (on RI) |
| ATM fees | Free at Chase ATMs. At non-Chase ATMs, fees vary. |
Free at NYNB ATMs. At non-NYNB ATMs, fees vary. |
Free at Montauk ATM. At non-Montauk ATMs, fees vary. |
| Credit cards | Credit or Debit, linked to Continental frequent flyer program | No | No |
| Consumer
Loans Car loans Mortgages |
Yes Yes Yes |
Yes Yes Yes |
Yes Yes Yes |
