Peter Caty/the Mirror
Students coming back to campus this fall were met with with two new ATMs and another way to do their banking besides Bank Of America. The Fairfield University Credit Union has finally opened its doors to students.
The ATMs on campus are located in the office of Gonzaga Hall Auditorium Lobby and at The Levee. The credit union, which has a part Fairfield since early 1974, merged with Personal Care Credit Union enabling it to open membership to students.
With this option, students will now have the choice to bank the traditional way with Bank of America on campus or join the credit union.
Phylis Fitzpatrick, Interim Manager at Fairfield University said, “A credit unions philosophy has always been not for profit and it has always been owned by its memberships.”
“We merged with a bigger credit union, Personal Care Credit Union, which has now enhanced our assets product and membership. They received permission to offer the credit union to students,” she said.
“When it [Fairfield University Credit Union] was by itself we were too small to take on that [students] membership”
The credit union, now that it can take on students, is “in a marketing campaign to have students check us out. It is an alternative to banking but it also can be an addition to banking.”
One of the advantages that Fitzpatrick pointed out is, “banks make a profit and you don’t see any of it. You don’t get dividends.”
John Keets CFO of Personal Care Credit Union said, “We do not have any other campus memberships at this point. Fairfield is our first soiree into campus life but, the prospect of going in and serving a young membership base is very exciting.”
“We are looking forward to being able to tap the mind of students on what students are looking for in the financial industry.”
Fitzpatrick said, “I think the confusion might be for students who might be saying ‘why should I join? I belong to bank of America or Chase’. The bottom line is all credit unions are community based. Every dollar that you put in while being federally insured goes into the whole asset pool to give loans.”
Kaitlin Farrell ‘12 said, “I didn’t know that there was a credit union on campus for students.”
She continued, “It is definitely something I would be interested in if there is more information about it.”
For students like Kaitlin who are looking for more information on the credit union, it is located in The Gonzaga Hall Auditorium Lobby with hours from 8-3p.m. Monday, Tuesday, Thursday and Friday. Closed Daily 1:15p.m-1:45p.m.
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