Florida A & M University is closing its account with Capital City Bank and teaming up with Wachovia Bank this Fall.
FAMU will soon be replacing all of the ATM’s on campus with Wachovia Bank ATM’s because its contract of more than five years with Capital City Bank has expired.
Michael Smith, director of auxiliary services, said, “The University issued an “Invitation To Negotiate” the banking services for campus and through this competitive bid process Wachovia Bank was selected by Florida A&M University.”
FAMU and Wachovia Bank will be working together and issuing Wachovia free student checking accounts for students, and a Wachovia at work premier banking package for the faculty and staff.
Smith said, “If you open a Wachovia Student Checking Account, your financial aid and or university refund may be deposited to your Wachovia account via the OurFAMU link for Direct Deposit Authorization.”
Students can open a Wachovia Free Checking Account with no monthly service fees, no minimum balance requirements, free online banking, a savings account with no monthly service fees, and unlimited check writing.
According to Smith, when students link a Free Student Checking to their parent’s Wachovia checking account, they receive 12 non-Wachovia ATM transactions each month, four withdrawals, four inquiries, and four transfers at no charge.
“There is a no charge fee associated with use of a Wachovia ATM machine, but if you use an ATM not owned by Wachovia you may be charged a fee by the ATM operator or the network used,” Smith said.
While the university said it believes the transition to Wachovia Bank will benefit to students, some students are not happy with the change.
Latrice Wiggins, a 21-year-old student from Miami, said she does not feel FAMU is looking out for students. “Instead of FAMU being concerned about new ATM’s they need to focus on getting more parking spaces so students can go to class.”
Stacey Russell, a 19-year-old biology student agreed. “A bank is a bank, but as long as I can get my money I’m satisfied.”
The new ATM’s will be installed by Aug.15, and will be located inside the Student Union Building and outside of the Student Services Center.