Word: coops
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Dates: during 1970-1979
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...think it's ridiculous for the Coop to spend $30,000 to do something any student can do for himself for free with much less trouble," Zavelle said. He said the $30,000 represents the cost of personnel to approve checks, following up on bad checks and absorbing losses for checks on which they never collect...
...Coop directors first considered dropping the service when two Cambridge banks-Coolidge Bank and Charles Bank and Trust-began offering no minimum-deposit, no-charge checking accounts and Saturday hours...
...Coop asked the Harvard Trust Company and the Cambridge. Trust Company-each of which offered $100 minimum-balance free checking-to offer the free accounts and Saturday hours. Harvard Trust agreed to create a free checking plan for Coop members and to keep its Harvard Square office open Saturday morning. Cambridge Trust retained its previous services and hours...
Until this year, the Coop approved checks for cashing at the Cambridge Trust or, last year, the Harvard Trust. Saturdays, when the banks were closed, the Coop cashed checks for up to $25 in its cashier's office. Both services have been discontinued...
Zavelle added, however, that the Coop board does feel that it has a responsibility to students in this area and that if the banks stop providing free checking "we may have to resume our old policy...