BINGHAMTON, N.Y.– Binghamton University has agreed to 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.
According to the university, Visions Federal Credit Union will take over the brick-and-mortar M&T branch located in Binghamton’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,” the university said.
In all, 12 financial institutions responded to the RFP request.
“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, told the student publication Pipe Dream. “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’ initially partnered with the Binghamton campus and the Fleishman Center for Career and Professional Development in January 2017. That partnership created a Financial Literacy Wellness Program designed to educate students about budgeting, savings and insurance.