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JP Morgan Chase to replace Harris Bank ATMs

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The Phoenix
By Linda Monacelli
October 5, 2005

For over a decade, Loyola students, faculty and employees have relied on and been encouraged to use the Harris Bank Automated Teller Machines for its relative proximity to the Harris Bank located on Sheridan Road.

But, all that will change soon. On Monday, Oct. 10, Loyola will install new JP Morgan Chase, formerly Bank One, ATMs in CFSU, Simpson Hall and at 25 E. Pearson building.

Last fall, Loyola's contract with Harris Bank expired. The university chose to reevaluate their ATM services and explore other options.

"If you stick with one company for too long, they become complacent," Eugene Grotbeck, Loyola's financial controller, said. "The competitiveness of the environment tells you, 'let's go out and see what they can do for us.'"

Despite the change, campus ATM users will have to deal with few differences in technology and access policies.

As with the Harris ATMs, users will be able to make withdrawals from any personal account but must pay a $2.00 transaction fee to make deposits or access an outside account for any other reason.

Because of the switchover, no ATM service will be available on Oct. 8 and 9.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.