Bankers Trust of Des Moines won the bidding war for Iowa State’s accounts and will be replacing Firstar as ISU’s bank in the fall.

Firstar has been the university’s depository bank “for as long as anyone can remember,” said Joan Thompson, ISU treasurer. The bank has also handled ISU’s other banking services for the last five years.

However, the university’s banking business is up for bidding every five years; this year, Banker’s Trust of Des Moines won the bidding, Thompson said. Norwest, Firstar, Brenton, First National and Boatmen’s also submitted bids.

“The decision was based on service and finance,” Thompson said.

Thompson said the service already offered to ISU students, faculty and staff shouldn’t suffer, while the university will be saving money by switching banks.

“It really shouldn’t have any effect at all on the students,” Thompson said. “The address where you send your bill will be different, but that’s all.”

Students and faculty receiving checks from the university who do not have Ames checking accounts will be able to cash their checks at either First American State Bank or Amerus Bank in Ames, Thompson said. If they already have a checking account in Ames, they can still cash university checks at their own bank.

Thompson also said the university is promoting its direct deposit option for students and faculty. “We really do recommend direct deposit,” she said. “It’s much more convenient.”

Those wishing to sign up for direct deposit can call 294-4363 and will be sent a form. Students and faculty can also stop in at the treasurer’s office, 122 Beardshear Hall, or the ISUCard office to make the switch, she said.