Change isn't always bad. But when it comes to changing of banks on Grounds, it's worse than bad, it's unacceptable.
Most students remember coming to the University in first year and being inundated with student checking account options. One look around Grounds at the abundance of Wachovia ATMs and the convenient branch within Newcomb Hall, and we signed right up. Well, convenience flew right out the window recently when the five-year contract with Wachovia ended and Bank of America took its place. Even though Wachovia had reached the end of its five-year contract with the University, officials should have given the abundance of students with Wachovia accounts special consideration during the bidding process in order to ensure that they would be given the best banking deal. Reviewing a change in banks every five years is inconvenient and unnecessary.
Granted, Wachovia is not a prominent bank nationwide. But it was the only bank with ATM locations around Grounds and several branches throughout Charlottesville. Banking was made quick and easy -- even for first years without cars. They could just saunter on over to Newcomb Hall and take care of all their needs at the handy branch inside. With this convenience right at our fingertips, it's no wonder that many students chose to open Wachovia accounts in lieu of other banks upon arriving at the University. But convenience doesn't matter at the University when the bids roll in and more money is offered by an entirely different bank.
The University is a very student-oriented school. From the Honor Committee to Student Council, many important facets of student life -- such as the honor system or CIO appropriations -- are governed solely by students. The administration rarely fails to show students how much say we have in the University and how our opinions are valued. But there seems to be a glitch in the system. There is no sign that students' needs were addressed in making this drastic switch in banks. "There were very tense negotiations," said Steven Reinemund, a concerned student who chose to join in the process. "Normally students don't get involved." Pros and cons were discussed, and Bank of America won out as a better option for the previously Wachovia-affiliated University. Apparently the convenience of the situation proved too simple a reason to keep Wachovia as the primary bank on Grounds.
Even when Wachovia knew their five-year stint at the University was drawing to a close, they continued to lure in students. As of July, the bank knew of the change and should have begun to warn students of the upcoming hassles then, not just once the ninety day period of notice began. "The bigger problem was that Wachovia had told students to go ahead and open account with them even after they knew they were going to loose the bid," Reinemund said. This would only be acceptable if the University could come up with a compromise between the two banks.
Students could have rallied support and urged the administration to have multiple banks represented via ATMs on Grounds. "This is something that got me interested in the process in the first place, having multiple banks represented," Reinemund said. This solution would have cleared up not only the woes of deserted Wachovia customers, but also of students coming to the University from many different areas which all have varying banks. In keeping a Wachovia ATM on Grounds, students will not have to deal with the inconvenience of switching to an entirely new bank.
Switching banks does have its advantages. Each bank offers its own benefits and account options for students. Opening a new and different bank on grounds gives students the option to switch to a new plan, which may better suit their needs. Rather than switch banks entirely and only give students a black or white option between banking on Grounds or not, the University should open several banking options around Grounds so that students have the convenience and choice of several banks with several different plans.
It's ludicrous to claim that switching to Bank of America will be just as convenient for students as our Wachovia accounts were before. According to Reinemund, the committee in charge "did first and foremost what was best for the students, and then the institution." This seems illogical, because a new bank creates all sorts of unnecessary complications for students.
First of all, they should not have to switch accounts at all. This is an extra hassle in a semester already chock full of classes, the Greek recruitment process, class council and other various organization elections, etc. Switching bank accounts is just not an option we should be faced with amid the hullabaloo of spring semester.
Secondly, five years from now, the cycle of bids and potential bank changes will rear its ugly head once again, and future students will possibly find themselves faced with the inconvenient dilemmas that we deal with today. End the madness, keep one long-term contract with one bank. Give us stability and bank accounts we can rely on.
(Alex Roosenburg's column usually appears Mondays in The Cavalier Daily. She can be reached at aroosenburg@cavalierdaily.com).
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