New York’s Binghampton University has agreed terms with Visions Federal Credit Union to be the university’s on-campus bank branch beginning in July, ending a more than 20-year relationship with previous partner M&T Bank.
As reported by student publication, Pipe Dream, Visions Federal Credit Union will take over the brick-and-mortar M&T branch located in Binghampton’s student union, along with four campus ATM locations starting July 1.
The changeover was decided upon by a board comprised of BU Auxiliary Services, and is the culmination of five months of deliberation. Student surveys, meetings and the university’s request for proposals (RFP) from various financial institutions all factored in to the decision making process.
According to university officials, the board — consisting of students, faculty and staff — sent requests for proposals to 12 banks with the final decision ultimately driven by student transaction fees.
“The board, guided by a ‘student-first’ philosophy, concluded that Visions would provide better overall value to the campus,” said Maria Roberts, associate director of auxiliary services, in a Pipe Dream interview. “Survey responses indicated that one of the main priorities of the student body was lowering overall transaction fees, something which our new contract with Visions will make possible.”
Visions’ first presence on Binghampton’s campus dates back to January 2017 after partnering with the university’s Fleishman Center for Career and Professional Development. That partnership created a Financial Literacy Wellness Program designed to educate students about budgeting, savings and insurance.
Visions is a member of the CO-OP Shared Branch network, which enables customers to use other credit unions throughout the country. In addition to providing quality banking services, Visions hopes to create a relationship with students that will last beyond their time at Binghampton.
“Our goal for being on the Binghamton University campus is to provide students and faculty with a strong banking partner for life,” said Mandy DeHate, the assistant vice president of marketing for Visions. “Combining financial education with our products and services prepares both students and faculty for their immediate and future banking needs.”