Learning Earning

Credit Union Journal, The, April, 2008 by Steve Santiago, Reporter

One of the largest student-run credit unions in the country has worked to turn itself around after getting a lesson in Competition 101 from a local bank.

The $10.2-million Georgetown University Alumni and Student FCU grew by more than $2 million in assets during 2007, as it shored up its operations and product offerings in response to a competitive threat presented by a relationship between the university and the $15.1-billion Chevy Chase Bank. Chevy Chase, a federally chartered thrift, now operates one full-service branch on campus, two ATMs and a third ATM on the medical campus. Among the products the bank targets at students is a Flexible Rewards Platinum Visa card with a 0% APR for up to six months.

“We experienced a 15% decline in assets between 2004 and 2006...

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