This week, the Georgetown University Alumni Student Federal Credit Union faced direct on-campus competition for the first time when the Chevy Chase Bank opened a branch office in the Leavey Center. The opening of a competitor bank comes as no surprise and a relief to many students tired of unreliable service from GUASFCU. To dissuade its members from changing banks, the Credit Union should take this opportunity to revamp its services and convince others of the value of student-run organizations on campus.
Despite its convenient on-campus location, in recent years Credit Union services have left much to be desired. ATMs in New South and the Leavey Center were often out of service. Even in the absence of ATMs, the office itself offered its services during limited and inconvenient hours. Most importantly, many students have reported errors in their bank transactions. As a result, even though the Credit Union presents itself as a professional organization, its services have often failed to live up to such expectations. In order to address this problem the University’s 10-year partnership agreement with Chevy Chase is intended to ’”expand the range of financial services opportunities that exist for faculty, staff and students on campus,’”Assistant Vice President for Communications Julie Green Bataille said.
What the Credit Union lacks in service, however, is redeemed by the job opportunities the organization offers to students. GUASFCU employs student tellers both during the academic year and summer, offering students significant work experience that can be applied towards future job opportunities. Upperclassmen further benefit from the opportunity of taking on leadership responsibilities. According to the Credit Union’s CEO Aaron Shumaker (MSB ‘05), many of the bank’s past leaders have gone on to prestigious business schools and job offers.
Before giving up on the Credit Union in favor of Chevy Chase, students should strongly consider the value of maintaining student-run services on campus. Similarly, GUASFCU should take this opportunity to improve its services. According to Shumaker, the credit union addressed the ATM problem last January, and the bank is using the opening of Chevy Chase to improve its services and reduce problems. Shumaker added that GUASFCU is considering joining a credit union ATM network that would provide members with free, nationwide ATM service.
After celebrating its 20-year anniversary last year, students should insure that GUASFCU remains a campus fixture, but one with improved services.
