There’s a reason that more than 80 percent of incoming freshmen students open accounts with the Georgetown University Alumni and Student Federal Credit Union.
With conveniences like no monthly fees and incredibly low minimum balance requirements ($10 in savings, none in checking), the Credit Union’s policies are well-formulated, sound and implemented with the best interests of the Georgetown student body in mind.
The Credit Union’s commitment to students is evident in its most recent decision to join the Allpoint ATM Network. An e-mail sent by GUASFCU’s board of directors to all Credit Union members in early January contained a short survey on service upgrades the union was considering. Among these was the Allpoint Network, which offers 32,000 surcharge-free ATMs nationwide (three times more than Chevy Chase and other comparable institutions).
Beginning next Wednesday, the Allpoint network will be open to all Credit Union card-holders. Hoyas will be able to withdraw money from their checking and savings accounts at any of the Allpoint ATMs without being slapped with withdrawal fee upon withdrawal fee.
Founded in 1983, GUASFCU is the largest student-run credit union in the country. It holds approximately $10 million in assets, and serves more than 6,000 members of the Georgetown community. Its loan portfolio, that is the amount of money the union loans out, reached an impressive $1.5 million last year – up from $900,000 the previous year. The Credit Union is also an important educational asset for Georgetown students interested in banking and finance. Currently, 130 unpaid undergraduate interns keep the union running smoothly.
The true beauty of the Credit Union, however, is not its convenient location next to the bookstore in Leavey or its online banking services, but the creativity and diligence with which its employees work to provide innovative services to students and alumni. Thanks to the Credit Union, Georgetown students and student-run organizations, many of whom might not otherwise be able to acquire the funds they need, are able to do so with very low interest rates.
GUASFCU staffers take seriously their mission to improve the quality of life of average Hoyas; they set concrete goals and actually accomplish them. By contrast, many student groups on campus – including our beleaguered student government – suffer from an overall lack of legitimacy, because they fail to live up to students’ expectations. They only end up as fodder for the latest campus joke.
Organizations like the Credit Union have restored this editorial board’s faith in the vibrancy of Georgetown’s student organizations.
