By
The Wildcat Opinions Board
Seven months after DM Federal Credit Union declined to renew a contract with the UA to be the official university banking partner, the search for a replacement continues.
Although the university should exercise careful judgment while reviewing possible partners, the campus community should also not be left in waiting forever. The University of Arizona has an obligation to provide its population with a secure institution. So, even though the new partner should be selected wisely, students should be able to enjoy the benefits of a banking partner in the near future.
The process of accepting bids, closely evaluating the applicants' qualifications, and narrowing the pool down was expected to take as long as a year after DM's exit in March. University of Arizona financial officials recently predicted the decision will be made soon after Nov. 1, the deadline for prospective partners to send in proposals.
Now the UA needs to stick to this expectation because top-notch banking services have practical, even necessary, value to a university 35,000 students strong.
The UA's last partner, Saguaro National Credit Union - which merged with DM Federal Credit Union, giving that bank's officials the final say in continuing ties - was plagued with shady business practices, causing the federal government to intervene. One such scandal involved Saguaro obtaining students' social security numbers through illegal channels. Especially after this disappointing experience, students must be given a trustworthy, established bank - just like all other bank customers, students need to feel secure about whom they allow to handle their money.
The convenience of a campus branch would also be key. Even though Bank One, Wells Fargo and DM Federal Credit Union have branches within walking distance of the UA, branch offices just around the corner from classes or the dorms would be beneficial to all students, especially those that live on campus.
Dealing with people directly at a branch would also lend security to students who prefer not to make transactions through ATMs.
Students, as well as parents, have shown concern about the lack of banking services, and although they have been directed to the neighboring branches, the prime option would be to offer a branch on campus.
All around, the necessity of a bank at the UA should be fulfilled as quickly as possible. Students deserve a reputable bank that they can feel comfortable using every day - no more questionable, unstable institutions dealing with sensitive personal information and bank accounts.
Plus, students will admit that the idea of a campus bank just makes plain sense - as Megan Schaible, a veterinary sciences sophomore, said, "We are a large university, there's no reason we shouldn't have a bank."
Selecting a new banking partner is not a task to be treated lightly, so the university should take its time when considering prospects. However, time is also of the essence. A prompt, sound decision needs to be made soon to ensure students are given quality banking services.
