Georgetown University’s Newspaper of Record since 1920

The Hoya

Georgetown University’s Newspaper of Record since 1920

The Hoya

Georgetown University’s Newspaper of Record since 1920

The Hoya

Credit Union Keeps Business

Despite the addition of a Chevy Chase Bank branch to the Leavey Center this semester, representatives of the student-run Georgetown University Alumni and Student Federal Credit Union report that the credit union’s student market share has not been adversely impacted.

Aaron Shumaker (MSB ’05), the Credit Union’s CEO, said that the number of incoming students who opened accounts with the bank has not changed relative to the past few years.

“We’re very proud that we didn’t experience any loss in market share this year, and feel that is a testament to not only the exceptional products and services offered by the Credit Union, but also our people – as it has been our people who have talked to countless new students over the past few weeks and successfully explained the benefits of a banking relationship with GUASFCU,” he said.

Before Chevy Chase’s arrival, the Credit Union was the only on-campus financial service available to Georgetown students.

Though many interns at GUASFCU were disappointed that the organization was not consulted during the decision to introduce a Chevy Chase branch on campus this semester, Shumaker said its arrival was “a very positive event.”

“I feel that our members are the true beneficiaries of Georgetown’s decision,” he said. “We have made many small improvements across all areas of our operations in efforts to keep our customer satisfaction high.”

Shumaker cited the addition of more tellers to the Credit Union’s lobby and enhancements to the online banking services as improvements that have already visible. He said this process would continue in the months and years to come.

Mike Vasquez (SFS ’07) said that while he doesn’t go to the Credit Union often, he was glad there was competition in the Georgetown banking market.

“Maybe Chevy Chase breathing down GUASFCU’s neck will finally turn them into a bank that doesn’t give me a migraine every time I go to deposit a paycheck,” he said.

Melike Harsouche (COL ’08) ultimately decided not to bank with either Chevy Chase or the Credit Union last month during NSO weekend. She chose instead to remain with PNC Bank.

“The only problem [with PNC Bank] was the charge for ATM access on campus, but it’s not really enough of an inconvenience to make me change banks,” she said.

Last year, the lack of functioning ATMs on campus was a frequent complaint of students who used GUASFCU.

“The ATMs are not breaking down as much now, but other than that, I’ve noticed no change in services offered by the Credit Union,” Kate Vershov (MSB ’07) said.

Earlier this semester, GUASFCU considered joining a credit union ATM network that would provide members with free access to about 4,000 ATMs in more than 40 states.

While they have not made any official determination on that particular program, Shumaker said the Credit Union has researched options to make it easier and more cost- effective for students to access their accounts.

Chevy Chase Bank did not return phone calls by press time.

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