business

Herald A lantern 8 April 81

Mr

i ti ps for consumersBetter Business Bureau 854-8467 All NOW Accounts Are Not the Same

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Marine Names Executives

, WILDWOOD - Appoint menta to three executive poeitions have been announced by the Marine National Bank here. They were announced by James L Billmeyer, president and chief executive officer. Gail Simpson has been named assistant manager of the bank’s North Cape May Office. Mrs. Simpson has eight years experience in banking and was formerly with Guarantee Bank. HUE 18 a life-long resident of Cape May County and now resides in Rio Grande with her husband Dan. A graduate of Middle Township High School, she

is continuing her education through the American Institute of Banking Program. Betsy McCreary has been appointed Finance Department. She will serve as general accounting supervisor. Originally from Plainfield, she is a graduate of Lehigh University and was formerly with the auditing department of Horizon Bancorp. Jerry Reeves has been named the bank’s new credit manager. Reeves, a life-ldng resident of West Cape May. has recently received his MBA Degree from Monmouth College.

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A new era in banking services began this year, when all commercial banks, mutual savings banks and savings and loan associations becamh authorized to offer Negotiable Order of Withdrawal (NOW) accounts. These are checking accounts that earn interest or, to look at it another way, savings accounts on which an individual can write checks. Either way, consumers are advised to consider this option carefully. If they decide to open NOW accounts, they should comparison shop among the financial institutions, understand the details and choose the type of account that best fits their financial habits. f THE OPPORTUNITY to earn interest on checking may be an advantage to some consumers, while for others it might not. A lot will depend on whether a certain monthly balance is required and if there are any service charges. Potential NOW account customers should analyze their own checkwriting and depositing habits and then look closely at the accounts available to see which, is any, fit them best. THE MECHANICS of these accounts vary greatly. A careful examination of all the features offered by a NOW account is an important first step. Wise consumers should ask : •What if any, is the minimum balance requirement to earn interest? •Is there a service charge each month; does it vary with the number of checks written or the minimum balance main-

tained?

•How many checks may be written without a service charge? •If the account falls below a prescribed minimum balance, does the account stop earning in-

terest?

THE HIGHEST interest allowed on NOW accounts at federally-insured banks

FRAMES AND LENSES COMPLETE

29

and S&L's is S-VV. Some state insured institutions may offer higher rates. Because of the strong competition, nearly all accounts offer the maximum percentage. Be sure to check on the way the interest is compounded. That can make quite- a difference in actual

amount earned.

The effective annual interest rate is highest on an account where the interest is compounded on the average daily balance, and lowest when the interest is computed on the minimum monthly balance. For example, when the% latter compounding method is used if a consumer had $1,000 in his or Her account, but wrote a check for $900 late in the month, the interest for the whole month would only be calculated on $100. ANOTHER FACTOR is whether or not accountholders’ checks are returned to them. Some hwititutions have eliminated the costly practice of mailing back cancelled checks to their customers. Instead, they store them and send out only a statement of transactions. Copies of checks can be obtained upon request, sometimes for free and sometimes for a fee. Be sure to evaluate your need to receive ♦ cancelled checks for tax and record-keeping purposes. If it’s not very great, money can be saved by choosing an account where the checks are not returned. Surveys show that those accounts generally have lower service charges. AFTER COLLECTING all of this information on a few institutions convenient to home or office, take calculator in hand and figure out the options. Take at least six months’ worth of past checking account statements and determine the interest that would have been earned and the service charge that would have been incurred. Would a NOW account over that time period have gain-

ed or lost money?

THERE ARE AS many variables and choices for the consumer as there are NOW accounts. There is no one “best” account, because that depends on each account-holder’s priorities and banking habits. As with any new idea on the market, study the choices carefully before signing on the dotted line and opening an account. Then, if a NOW account makes sense, it can be a new way to make

dollars and cents.

CONFERRING OVER papers with Clifford Patrick, new Wildwood Office manager of Cape May County Savings and Loan Assn, is Frank Strohm, president of savings and

Named as Manager

COURT HOUSE - Clifford D. Patrick has been named manager for the Wildwood office of the Cape May County Savings and Loan, it was announced this week by Frank Strohm, association presi-

dent.

Patrick, who recently joined the Savings and Loan staff, spend the previous 18 years at the Marine National Bank. OF THOSE YEARS, 12 were spent in branch administration, serving in

North Wildwood and Lower Township branches a well as the main office in Wildwood. Patrick resides in North Cape May, is married and has two children. He has completed courses for four American Industry of Banking Certificates as well as the New Jersey Bankers Public Relations School Patrick is active at the Tabernacle United Methodist Church, with the county Boy Scouts and the Kiwanis.

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To Open New Office COURT HOUSE - The new Ocean City office of the Cape May County Savings and Loan will open in early June, it was announced by Frank Strohm, association president. The new office, which will be at 3rd and As bury, is of modular construction with colon! a design and brick facing. CAPE MAY COUNTY Savings and Loan, the ^county’s largest locally based savings institution, has offices in Court House, Wildwood, Cape May, Villas and Marmora. "Ocean City is a rapidly growing area, and we plan to help in that growth pattern. We believe in local money that is deposited being used and Invested right back into the community," Strohm commented.

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