In a move that affects many students and faculty, the University turned over its bank servicing contract to Bank of America in mid-June.
Wachovia previously serviced the University with ATM locations in Newcomb Hall, the University Bookstore and the Tree House, and an on-Grounds branch located in Newcomb Hall. But the University is required periodically to allow other banks to submit proposals to compete for the contract.
Wachovia, Bank of America and other banking institutions submitted proposals beginning in early spring that outlined the services they would provide.
The University had laid out a set of criteria that each bank must meet, said Steve Kimata, assistant vice president for finance and University comptroller. A selection committee decided to transfer the contract to Bank of America after reviewing the necessary administrative criteria.
The transition will begin sometime early October when the University changes its bank account structure and other administrative aspects of its banking practices.
Wachovia will remain at its on-Grounds banking location until mid to late November. According to federal regulations, Wachovia must give its account holders ample notice before moving out of its present location.
On-Grounds ATMs are provided by various institutions, and Bank of America will decide which ATMs will be changed over, Kimata said.
Both Wachovia and Bank of America have set up stations in Newcomb Hall to sign up new account holders during the first few weeks of the semester.
"We still have a huge presence in Charlottesville," Wachovia spokeswoman Sarah Holden said. "There are two branches within four blocks of the University."
These branches are located on Emmet Street and Ivy Road.
Both Wachovia and Bank of America offer special banking services for college students.
Wachovia's College Access Checking does not have a minimum balance requirement or monthly service fee. It also offers unlimited check writing as well as free automated bank telling.
Bank of America's Student Checking account offers unlimited access through their ATMs as well as online banking. There also is no charge for the first order of 50 checks and no monthly maintenance fee during summer break.
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