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Georgetown University Alumni & Student Federal Credit Union (GUASFCU) is a credit union headquartered in Washington, D.C., chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the US federal government. GUASFCU is the oldest and largest entirely student-run credit union in the country, both in asset size and in membership. Despite the arrival of a Capital One bank branch on campus in the fall of 2009, GUASFCU assets rose to $12.4 million. By fall 2010, they rose to over $16 million, with over 10,000 individual members.
In 1982, four students wanted to help the school's community with their banking, ultimately chartering the Georgetown University Student Federal Credit Union with the National Credit Union Administration on February 9, 1983. At the time, Riggs Bank was the only campus option. Students Alyce Russo, Len Schoppa, and Kyle Stevenson did much of the credit union's setup work, receiving permission from the university administration to open on the second floor of the O'Gara building. George Houston, then Georgetown University's treasurer, also helped the group by securing an investment of $100,000 from the school. GUAFSCU was able to offer credit cards to members early on, due to an "affinity" agreement with MBNA, itself founded in 1982 by Charles Cawley, a Georgetown alumnus. Board members continue to meet regularly with MBNA representatives.
The credit union later moved to the Leavey Center, where it pays rent to the school. In 1994, GUSFCU officially became the Georgetown University Alumni and Student Federal Credit Union (GUASFCU) to emphasize the importance of graduates to its membership base. In 2007, the credit union helped organize seminars for graduating seniors on financial literacy. The credit union celebrated its 25th anniversary in 2008 with an address from the Vice Chairman of the National Credit Union Administration, Rodney E. Hood, who praised the union for its service. Today, the organization remains entirely student run, "from the teller to the CEO." In 2011, the credit union had 105 student "interns", who worked up to fifty hours each week. About 80% of their around 150 total employees come from the McDonough School of Business. The credit union receives between 150 and 200 employment applications each semester, and accepts about 10% of applicants.
Membership and services
GUASFCU's field of membership is agreed with the National Credit Union Administration. As with all credit unions, membership in GUASFCU is limited to individuals sharing the common bond defined in its credit union charter. Membership in GUASFCU is limited to:
- Current Georgetown University students
- Georgetown University alumni
- Immediate family members of alumni and students
GUASFCU offers the typical suite of account services offered by most financial institutions, including savings accounts, checking accounts, and certificates of deposit. The savings product is named "Share Savings" to reflect the fact that a member's initial savings deposit ($10) literally represents their share of ownership in the credit union.
GUASFCU is part of the Allpoint ATM network, an interbank networking connecting ATMs in all 50 states. As of December 31, 2008, the Allpoint network has over 43,000 ATMs, located both inside the United States and internationally. GUASFCU members can use any of these ATMs free of charge in addition to the two GUASFCU ATMs located on campus.
GUASFCU supports a variety of philanthropic events benefiting the Georgetown community, the greater D.C. area, and national charities and foundations.
- Financial Literacy Series: Every year GUASFCU sponsors a campus-wide financial literacy series aimed at educating students on the importance of managing finances early on. The series consists of four events including topics such as investing, student loans, smart credit decisions and managing money.
- Relay For Life: GUASFCU has raised around $7,000 annually for Georgetown's Relay event.
- Run 4 Rigby: GUASFCU raised $2,000 in 2008 for Run for Rigby, which supports fire safety in the local neighborhood.
- The John Thompson III Foundation: GUASFCU has raised over $1,300 through their raffle for the JTIII Foundation, which supports other non-profits that serve at-risk children and families.
- Reimagine Georgetown: GUASFCU, The Corp, and The Hoya created the Reimagine Georgetown Partnership, which gave grants of between $500 and $10,000 toward innovative campus projects.
- Red Cross: Following the September 11 attacks, GUAFSCU matched any donations made by members.
- ↑ Hinchliffe, Emma (January 23, 2012). "New GUASFCU CEO to Start March 1". The Hoya. http://www.thehoya.com/news/new-guasfcu-ceo-to-start-march-1-1.2749086. Retrieved June 6, 2012.
- ↑ Fereshteh, Andrea S. (February 7, 2008). "Nation's Largest Student-Run Credit Union Celebrates 25th Anniversary". Blue & Gray (Georgetown University). http://explore.georgetown.edu/news/?ID=31075. Retrieved January 29, 2012.
- ↑ Heller, Chris (September 8, 2010). "GUASFCU manages more than $16 million in assets". The Georgetown Voice. http://blog.georgetownvoice.com/2010/09/08/guasfcu-manages-more-than-16-million-in-assets/. Retrieved September 8, 2010.
- ↑ 4.0 4.1 4.2 Di Meglio, Francesca (November 29, 2007). "Learning from Student Businesses". BusinessWeek. http://www.businessweek.com/bschools/content/nov2007/bs20071129_147083.htm. Retrieved January 29, 2012.
- ↑ 5.0 5.1 Santulli, Stephen (February 22, 2008). "GUSAFCU Celebrates Golden Past on Silver Anniversary". The Hoya. http://www.thehoya.com/gusafcu-celebrates-golden-past-on-silver-anniversary-1.1892829. Retrieved January 29, 2012.
- ↑ 6.0 6.1 6.2 Heath, Thomas (February 6, 2011). "Value Added: Georgetown's credit union, a boot camp for finance whizzes". The Washington Post. http://www.washingtonpost.com/opinions/value-added-georgetowns-credit-union-a-boot-camp-for-finance-whizzes/2011/02/06/ABkRmvQ_story.html. Retrieved January 29, 2012.
- ↑ Cox, Christopher (August 27, 1997). "Credit union; cards bring together feelings and finance". Boston Herald. http://pqasb.pqarchiver.com/bostonherald/access/13670528.html?dids=13670528:13670528&FMT=ABS&FMTS=ABS:FT&type=current&date=Aug+27%2C+1997&author=CHRISTOPHER+COX&pub=Boston+Herald&desc=Credit+union%3B+cards+bring+together+feelings+and+finance. Retrieved January 29, 2012.
- ↑ Vanya, Mehta (June 6, 2012). "Career Center renamed after GU alumnus and co-founder of MBNA". The Georgetown Voice. http://blog.georgetownvoice.com/2012/06/06/career-center-renamed-after-gu-alumnus-and-donor/. Retrieved June 6, 2012.
- ↑ 9.0 9.1 Nolan, John (September 4, 2005). "College credit: Miami students run their union". Dayton Daily News. http://business.highbeam.com/3003/article-1P2-11949628/college-credit-miami-students-run-their-union-finance. Retrieved January 29, 2012.
- ↑ History. GUASFCU (March 1, 2011). Retrieved on January 29, 2012.
- ↑ Kinzie, Susan (March 30, 2007). "Money's On the Line During These Classes". The Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2007/03/29/AR2007032902361.html. Retrieved January 29, 2012.
- ↑ "Vice Chairman Hood Addresses the 25th Anniversary Celebration of Georgetown University Alumni and Student Federal Credit Union" (PDF) (Press release). National Credit Union Administration. February 11, 2008. http://www.ncua.gov/News/Press/NW20100211-25thAnniversaryofGUASFCU.pdf. Retrieved January 29, 2012.
- ↑ Wise, Carolyn C.; Hauser, Stephanie (2007). The College Buzz Book. Vault Inc. pp. 182–183. ISBN 1-58131-437-X. http://books.google.com/books?id=rRYPkawhrbYC&pg=PA182.
- ↑ Schaus, Roberta; Taggart (November 1, 2010). "GUASFCU: Behind the Glass". The Georgetown Independent. http://www.thegeorgetownindependent.com/features/guasfcu-behind-the-glass-1.2390128. Retrieved January 29, 2012.
- ↑ Office of the Federal Register (January 1, 2011). Code of Federal Regulations, Title 12, Banks and Banking. Government Printing Office. pp. 408. ISBN 0-16-087554-4. http://books.google.com/books?id=4wCHxHxLlQkC&pg=PA408.
- ↑ Philanthropy. GUASFCU (March 1, 2011). Retrieved on January 29, 2012.
- ↑ Sponsors. Run 4 Rigby (March 9, 2009). Retrieved on January 29, 2012.
- ↑ Church, Kelly (January 19, 2011). "Contest Winners Reimagine the Hilltop". The Hoya. http://www.thehoya.com/contest-winners-reimagine-the-hilltop-1.1897369. Retrieved January 29, 2012.
- ↑ Al-Arian, Laila (September 18, 2001). "Credit Union To Match All Red Cross Donations". The Hoya. http://www.thehoya.com/credit-union-credit-union-to-match-all-red-cross-donations-1.1886987. Retrieved January 29, 2012.
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