Mercantile unveils Student Finance 101

Mercantile Bank announced Aug. 23 that it is now offering a new checking account, Student Finance 101, which is designed specifically for full-time college students who need basic checking and ATM services but write few checks each month.

"Recognizing that today's college students often have limited incomes, we designed this account just for them," said John Elmore, head of consumer banking for Mercantile, in a press release. "After all, college kids are our future small-business customers and mortgage holders we're investing in them today, and hope to grow with them tomorrow."

The Student Finance 101 account has a maintenance fee of $1 per month, which is waived during June, July and August. There is no minimum balance required, and Mercantile's online banking service is free, so students can check balances, review transactions and transfer funds via the Internet. Account holders receive a free initial supply of 200 checks and a Mercantile check card, according to the release.

Although check-writing is limited to five per month with the account, check card transactions are unlimited.

"For many students, a check card may be a smarter choice than a credit card," Elmore said. "A check card limits charges to the balance in a student's checking account. Thus, with the Mercantile check card that is provided free with Student Finance 101, they can make purchases from a retailer but can't run up huge credit card debt. Yet, it gives students ready access to cash from any ATM."

Use of Mercantile ATMs is free, and account holders also receive discounts on consumer loans, the release stated.

In addition to its new student-oriented checking account, Mercantile is also a leading student loan provider in the region.

An automatic college cost calculator to help students and parents plan for college expenses can be accessed at Mercantile's Web site,

www.mercantile.com

by clicking on the Student Loan notice.

Mercantile Bank is a subsidiary of Mercantile Bancorporation Inc., a $36 billion multibank holding company with headquarters in St. Louis.

Mercantile operates nearly 500 banking locations throughout Missouri, Illinois, Kansas, Iowa, Arkansas and Kentucky.