Many Shawmut Bank customers are moving their accounts to other local banks in response to Shawmut's $1.50 service charge for using automatic teller machines other than its own.
Shawmut Hanover Branch Manager Lorna Watson said she could not determine how many clients Shawmut has lost.
"We are so up to our ears with change, I couldn't give you an accurate assessment," Watson said.
Shawmut began charging the $1.50 service charge for every ATM transaction made outside Shawmut ATM machines this past weekend.
The New Dartmouth bank, which Shawmut purchased last year, did not charge customers to use their ATM card at other machines.
New Dartmouth customers were formally notified and given informational packets regarding Shawmut's policies on Dec. 20, 1994.
John Strayer '96 said he plans to leave Shawmut. He had originally picked New Dartmouth because of its free ATM use.
"This is pretty unnerving because the service gets worse while the benefits decrease," he said.
Brian Hill '96 is also in the process of leaving Shawmut.
"The only reason is the ATM change," he said. "I use it when I'm at home, and don't want to pay the fee."
Hill said he is looking into a checking account at the Ledyard Bank in Hanover.
There is no service charge on a Ledyard ATM card, but there is a $2 charge to get a card.
John Kaufman '97 also switched from Shawmut to an account at Ledyard.
His said his reasons for leaving Shawmut included their charges on ATM withdrawals and their lower interest rates.
Shawmut bank pays 2.47 percent interest on saving accounts while Ledyard pays 3 percent on its savings accounts.
Kaufman said he was also dismayed when Shawmut raised the minimum balance of its NOW account, an integrated checking and savings account with a lower interest rate than a savings account, from $500 to $750.
Gail Trottier, public relations representative at Ledyard, said she has seen a "noticeable" rise in their student clientele due to the changes at Shawmut.
And, Cindy Chapman, public relations representative at First New Hampshire Bank in Hanover, said First New Hampshire has also gained new clients since Shawmut took over New Dartmouth.
First New Hampshire charges $1 for every ATM transaction at a "foreign" machine.
First New Hampshire offers a student checking account with no minimum balance that allows a student to write five checks in a billing period for a $2.50 monthly fee.
Their NOW account requires a $750 minimum balance and pays an interest rate of 1.72 percent and their savings account pays 2.57 percent interest.
The minimum balance of Ledyard's NOW account is also $750.
Fleet Bank has a $1,500 minimum balance on their NOW account and it pays an interest rate of 1.7 percent.
Their savings account minimum balance is $250 with an interest rate of 2.4 percent.
Fleet charges $1.50 for every ATM transaction at a "foreign" ATM machine.
The local Shawmut branch is part of a chain of banks that is centered in Boston, Mass.
