| Type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | Georgetown University, 1983 |
| Headquarters | Washington, D.C., United States |
| Products | Savings; checking; consumer loans; mortgages; credit cards |
| Website | guasfcu.com |
Georgetown University Alumni and Student Federal Credit Union (GUASFCU) is a credit union headquartered in Washington, D.C., chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the US federal government. GUASFCU is the oldest and largest entirely student-run credit union in the country, both in asset size and in membership.[1] Despite the presence of a Chevy Chase branch on campus in the fall of 2009, GUASFCU assets rose to $12.4 million. By fall 2010, they rose to over $16 million.[2]
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On February 9, 1983, the Georgetown University Student Federal Credit Union (then GUSFCU) was formally chartered by the National Credit Union Administration. At the time, it was "hailed" as a model for future student credit unions. The GUSFCU's founders received permission from the university administration to open on the second floor of the O'Gara building. In 1994, GUSFCU officially became the Georgetown University Alumni and Student Federal Credit Union (GUASFCU) to emphasize the importance of graduates to its membership base. Through the transition into the 21st century, the GUASFCU continues to make members its main priority, with continued changes to better serve the students and alumni of Georgetown University. Through the introduction of new programs, the credit union seeks to become and remain students' financial institution long after graduation. [3]
GUASFCU's field of membership is agreed with the National Credit Union Administration. As with all credit unions, membership in GUASFCU is limited to individuals sharing the common bond defined in its credit union charter. Membership in GUASFCU is limited to:
2011-2012 Term[4]
Chief Executive Officer: Katie Cohen
Chief Operating Officer and Chairwoman: Kristine Cudahy
Chief Financial Officer: Greg Francfort
Treasurer: Jack Mohr
Chief Lending Officer: Rachael Piltch-Loeb
Chief Marketing Officer: Ariana Klener
Chief Human Resource Officer: Jack Glascott
GUASFCU offers the typical suite of account services offered by most financial institutions, including savings accounts, checking accounts, and certificates of deposit. The savings product is named "Share Savings" to reflect the fact that a member's initial savings deposit ($10) literally represents their share of ownership in the credit union.
GUASFCU is part of the Allpoint ATM network, an interbank networking connecting ATMs in all 50 states. As of December 31, 2008, the Allpoint network has over 43,000 ATMs, located both inside the United States and internationally. GUASFCU members can use any of these ATMs free of charge in addition to the two GUASFCU ATMs located on campus.
QuickPay allows GUASFCU members to link a checking or savings account at another bank to their Credit Union account. Once registered, funds can be transferred from the external bank account into the Credit Union account for free. The on-demand option allows members to transfer any amount of money by submitting a form via email, fax, or in person. The recurring option allows members to transfer a preset amount of money every month - either on the 1st or the 15th. QuickPay allows members to avoid wiring fees that can often exceed $25.[5]
GUASFCU supports a variety of philanthropic events benefiting the Georgetown community, the greater D.C. area, and national charities and foundations.[6]
Every year GUASFCU sponsors a campus-wide financial literacy series aimed at educating students on the importance of managing finances early on. The series consists of four events including topics such as investing, student loans, smart credit decisions and managing money.
GUASFCU is a participant in Georgetown's annual Relay for Life event. The GUASFCU Relay team is hoping to raise over $7,000 in donations this year.
GUASFCU supports Run for Rigby, donating $2000 in 2008. That same year, the foundation raised $30,000 and used the funds for fire safety and scholarships.
GUASFCU raised over $1,300 for the JTIII Foundation by sponsoring a raffle. The foundation's mission is to foster recently established non-profits that serve at-risk children and families, primarily focusing on education and healthcare for families.
GUASFCU, The Corp, and The Hoya have come together to create the Reimagine Georgetown Partnership, a student partnership dedicated to empowering individuals to improve the undergraduate experience in innovative ways.
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