After Stamp Student Union’s Capital One bank closed in August, the building was supposed to choose a new bank by late summer or early fall — but the wait continues.
Stamp is continuing to negotiate with potential banks to fill the slot, Stamp director Marsha Guenzler-Stevens wrote in an email. She said in June that a bank proposal would be chosen by late summer or early fall, but Stamp has yet to finalize an offer. Capital One closed Aug. 17 because its five-year agreement with this university expired, and the school chose not to renew it.
“While this process has taken longer than originally anticipated, we look forward to a positive conclusion for all of our university stakeholders,” Guenzler-Stevens wrote in an email.
[Read more: Stamp Student Union’s Capital One bank will close in August]
She said in June that a potential bank partner would be able to work with the needs of this university’s students, especially first-time student bankers. Stamp is looking for a bank that could support safety deposit boxes, free checking and foreign currency exchange, Guenzler-Stevens added.
During some days in August and September, State Employees Credit Union representatives were at Stamp to “discuss banking needs and open accounts” for students and student groups, a sign on the doors of the former Capital One bank read.
The last time for students to discuss banking needs with a SECU representative was on Sept. 14, according to the posting.
[Read more: Here’s how Capital One leaving Stamp will affect UMD’s on-campus ATMs]
Capital One ATMs inside The Clarice Smith Performing Arts Center and outside Stamp, Ellicott Hall and South Campus Dining Hall have remained available to students since the branch closed. They’ll be converted to the new bank’s service upon the transition to a new branch, Guenzler-Stevens said in July.
The Capital One ATMs at Maryland Stadium and Xfinity Center will remain at their locations beyond that, due to this university’s naming rights agreement with Capital One, which allows the bank to place ATMs in any campus athletic venue.
A second sign at the old location of the Capital One bank said Stamp would finalize a new contract with a banking provider by late fall 2018.