College is a time where, among other things, students learn to interact with financial institutions independently. Every day, students interact with banks by taking out loans, depositing paychecks and saving up for post-graduation years. In response to this, the University has increased student accessibility through moves such as upgrading the Ferguson Center’s ATMs and providing more financial guidance to students.
However, there are many issues students have with banking at The University of Alabama. To address the problem, the University set up focus groups to better understand the needs of its population. Often led by students, the groups help conjure up ideas of how banks and the universities can better assist them.
Some problems are obvious, such as the lack of a bank located closer to the center of campus. Others are more subtle and harder for the University to address, such as the charge fee Regions makes users pay for their online check deposit system.
“My biggest problem is the charge I pay when I deposit my check online,” said Cavi Drake, a senior majoring in marketing and Regions user during a focus group. “I know that other banks do not have to deal with that charge.”
Issues like those addressed by Drake are out of the University’s hands, but many of the students’ issues in the focus groups deal with private institutions.
According to Yelp.com, Regions bank has the largest footprint in Tuscaloosa, with multiple locations and ATMs spread throughout on and off campus. This huge advantage for Regions users also highlights the multiple problems other students have. Students who have Wells Fargo or other non-Regions banks do not have near the access, and could be even larger of an issue for out of state students who may not even have their bank in Alabama.
The University of Alabama’s student body consists of 53 percent non-resident students, meaning that. Banks such as Washington Federal and Commerce Bank are not present in Alabama, yet are huge banks in their respective regions that many UA students call home.
“I initially used Chase Bank when I first moved to Tuscaloosa, but there were no bank or ATM locations near me,” said Carter Hodge, a senior majoring in finance from Scottsdale, Arizona. “Before I established a new account with Wells Fargo I was forced to pay the withdrawal fees from other banks.”
According to the focus groups, solutions for banks to further help students include student checking accounts and financial education programs. The idea of having an on-campus bank in the Ferguson Center has also been proposed.
