When first-years opened their New Student Orientation packets this year, they received flyers advertising several on-campus institutions, including one that’s sure to be the newest: Chevy Chase bank. Members of the University community will now have the choice between a new Chevy Chase Bank branch in the Leavey Center and the Georgetown University Alumni Student Federal Credit Union, previously the only bank on campus.
The new bank, located in the former video arcade between Hoya Court and Leavey Grill, will provide financial support to the athletic department and offer direct competition to the GUASFCU.
According to Assistant Vice-President for Communications Julie Green Bataille, Georgetown and Chevy Chase signed a ten-year contract in early June.
“Chevy Chase is providing support to our athletics and Georgetown is providing space for them to open a branch,” Bataille said. “It is our hope that this will expand the range of financial service opportunities that exist for faculty, staff and students on campus, at the same time providing needed support for our athletics programs.”
The details of the financial agreement are not public, but Vice President for Student Affairs Todd Olson said but that Chevy Chase Bank is paying rent for the space in Leavey Center and is also providing major sponsorship support to the athletics program. The agreement between the bank and the University also stipulates that the bank will provide paid internships to students.
Olson said that the negotiations between the University, initiated by the marketing staff in the Athletic Department, and the bank were kept confidential until an agreement was reached.
Credit Union CEO Aaron Shumaker, (MSB ‘05) said that the addition of Chevy Chase Bank is sure to have an impact on GUASFCU.
“Having another financial institution on campus that targets current and incoming students will take away market share,” he said.
He added that he sees the addition of Chevy Chase Bank as an opportunity to serve Credit Union members better.
“Competition is healthy. It increases the level of customer service,” Shumaker said.
The Credit Union is looking to improve service by joining a nationwide Credit Union ATM network, Shumaker said, which would provide free ATM service to Credit Union members across the country. He noted that since the Credit Union is non-profit and therefore does not pay taxes, students can benefit from the savings.
Although many students are not yet aware of Chevy Chase’s presence on campus, some welcome the chance to choose between two banks
“Having Chevy Chase Bank on campus gives us an alternative to the Credit Union,” Mark Jean (NUR ‘05) said. “Those of us who were dissatisfied now have the opportunity to go somewhere else.”
Chevy Chase did not respond to questions by press time.
