Updated: May 15, 2:32 p.m.
Columbia's helping you with personal finances! Kinda.
Campus Services sent out an email this afternoon announcing some changes to ATMs on campus and the perks of a new banking service. So what's changed?
After presentations, deliberations, and considerations, Campus Services have decided to ditch Citibank for Santander (which has a very Christmasey feel for sounding like "Santa and Deer," but that's not very relevant at all now is it.)
First off, Santander ATMs will replace Citibank's in Lerner on Columbia's Morningside campus.
This will start the week after Commencement, May 23, and will end around June 10, so chances are it shouldn't inconvenience you if you're not on campus over the summer. If you are, however, there are still ATMs in SIPA and Uris, two Chase banks, and one Citibank all within four blocks of Lerner so really you're fine.
Change can be hard, but it's going to be ok. Basically, Santander wants you to bank with them and give them all your money, but it's okay because they'll let you do no-fee banking if you're between the ages of 16 and 25. There are also other benefits—like no-fee wire transfers and an "appealing mobile option"—which you can read more about in the email below.
If you're still a #Citibanker4LYF though, don't worry. Lerner will still have no-fee ATMs so you won't be charged for cheating on Santander and taking money out from another bank.
Check out the full email for details...
Dear Columbia Community,
I am pleased to share that the University is changing to a banking service agreement that offers a more robust package of discounts for faculty, staff and students, beginning in June. The new service package is provided by Santander, and includes no-fee banking from the ages of 16 to 25, low or no-cost banking for faculty and staff, no-fee mobile transfers, no-fee incoming international and domestic wire transfers for student value checking accounts, and convenient on-campus ATMs.
Accordingly, the banks will begin the transition of our on-campus ATMs to Santander during the week of May 23. We expect this process to be complete by June 10.
We recognize that this process may cause inconvenience to you, and we apologize in advance for this temporary disruption. For your reference, we have prepared a map of the ATMs and Banking Centers. We will also post signs at each ATM in the coming weeks explaining the nature of the transition and timing details.
In January 2016, the University embarked on an extensive review of campus banking, involving a Request for Proposal and presentations from seven potential vendors including Citibank. We convened a committee of representatives from Columbia Finance, Student Financial Services, Campus Services and Student Life to review the existing bank agreement and make a recommendation for the contract award. Columbia arrived at the decision to change our banking agreement after careful consideration of feedback from faculty, staff and students, and extensive review of the vendor proposals.
Ultimately, the committee unanimously concluded that Santander offers the best available overall program at this time, based on several key criteria:No-Fee banking from the age of 16-25 No-Fee ATMs in Lerner Hall and Bard Hall, in proximity to where students reside Low-or no-cost banking for faculty and staff No-Fee incoming international and domestic wire transfers for student value checking accounts No-Fee mobile transfers to both Santander users and non-Santander users Appealing mobile option, with more robust options slated for Fall 2016 Education and universities are a key focus for Santander, both at the retail level and philanthropically Santander currently supports the University’s Global Centers based in Brazil, Eastern & Southern Africa An established international presence, particularly in South America and Europe
If you would like to consider banking with Santander, please see the below list of resources, which includes information about their banking packages, branch locations, and other services:About Santander Commitment to Education Checking Digital Banking Frequently Asked Questions
For information on continued benefits through Citibank, please contact your local branch.
Again, thank you for your patience during this time of transition.
Scott J. Wright
Vice President, Campus Services
all gifs via giphy.com
An earlier version of this article originally assumed Bard Hall mentioned in the email referred to Barnard Hall. Bard Hal, however, is located on Columbia University Medical Center campus. Spectrum regrets the error.