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Quinnipiac begins People United Bank transition

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Quinnipiac begins People United Bank transition

Paul Caracciolo

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In May, Quinnipiac announced they had agreed to a 10-year banking partnership with People’s United Bank. In this partnership, the Quinnipiac Sports Center (formerly known as the TD Bank Sports Center) will be renamed to People’s United Center.

Quinnipiac’s most recent 10 year partnership with TD Bank ended before the 2017-18 school year when the bank and the university failed to reach an agreement to continue their partnership–leaving the university for the past year with no official bank. Despite this, the TD Bank branch in the Carl Hanson Student Center remained open and many TD Bank ATMs scattered throughout Quinnipiac’s three campuses stayed.

When the new partnership was announced, many questioned what this would mean for the high percentage of students with TD bank accounts. Those questions were answered with an email to the University community from the Office of Finance last week.

The email sent to the Quinnipiac community from the Office of Finance regarding the People’s United Bank transition.

The email stated that the university would begin to work to phase out the TD Bank ATMs around the three campuses. The on-campus TD Bank branch will also be replaced with a renovated People’s United Bank branch all by October 15th at the latest.

A sign posted above the TD Bank ATM in the Carl Hansen Student Center, stating that this ATM will be removed on September 24th.

“It’s very inconvenient considering I got my [TD Bank] account for the convenience of it being at school,” senior Tom Conley-Wilson, said. “Now I’m going to get charged to use my card at a place where I should be able to get my money for free.”

In a survey sent out to the entire student body, 81% say they have a TD Bank account. Of those students, over 70% say they only have a TD Bank account due to it formerly being Quinnipiac’s official bank.

Only 8.5% of students said they have a People’s United Bank bank account. When asked if those who do not have a People’s United account would now be getting one, 82% answered no, they will not be switching.

Some students like senior, Savannah Giammarco, who has had a People’s United bank account are excited for the change.

“I think it’s great! I’ve paid so much money in ATM fees the past three years, I’m excited to finally have cost-free banking options on campus,” she said.

With People’s United Bank only having branches in the states of Connecticut, Maine, Massachusetts, New Hampshire, New York and Vermont, some students do not have a People’s United Bank in their hometown or even their home state.

“My hometown does not have People’s United Bank at all, but it did have TD Bank so I never had to worry about managing two bank accounts until now,” junior, Cam Doyle, said.

Many students stated in the survey that the most inconvenient part of not being a part of Quinnipiac’s official bank, whether it be TD Bank or People’s United Bank, is the added on ATM fees for users who use a different bank.

Just over 60% of students say they will avoid the new ATMs all together, since they have cars and are able to go off campus for their banking needs. However, freshmen, who are unable to have cars on campus, will most likely have to resort to using the People’s United Bank ATMs on campus.

Doyle expressed that although the transition period of two months may be enough time for upperclassmen to change bank accounts it may not be enough time for freshman students who do not have cars.

“For myself being a junior on campus it’s enough [time to transition], but maybe for that rising freshman who isn’t allowed to have a car not so much,” Doyle said.

While over 80% surveyed agreed that the bank change is an inconvenience, nearly half still believe that the two month time from mid-August to mid-October is enough time for students to make the switch over to People’s United Bank if they so desire.

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