M&T Bank to replace Stamp Student Union's Capital One

M&T representative table located on the main floor of the Stamp Student Union. (Ya-Marie Sesay/The Black Explosion)

New changes are coming to the Adele H. Stamp Student Union this fall.

A new M&T Bank branch will be placed on the ground floor of Stamp, replacing the former Capital One walk-in branch and ATMs on campus. 

The procurement process took board members months to find the right bank that would meet the University of Maryland’s requirements such as: free checking for faculty, staff, and students without having an account with the bank, free checking for student organizations and opportunities to help with financial literacy. 

Director of Stamp Student Union Marsha Guenzeler-Stevens said M&T Bank is committed to local communities. They have been encouraging their employees to work with communities in various ways such as financial literacy programs for Prince George’s County elementary students, and parents, which she feels is important for a college campus and the surrounding area. 

“We wanted a partner who would engage in the kind of neighborhood banking that says we want to take good care of all of our key stakeholders,” Guenzeler-Stevens said. “I think this community bank approach is really important.”

Although the bank’s new branch will be smaller than Capital One, M&T Bank will have a room on the second floor of Stamp in the Harriet Tubman Conference Room. It will be used for outreach and banking services during normal business hours and may also be used for other purposes after hours. 

Outside of meeting the requirements, M&T Bank met the boards' wishful services that would encourage students, faculty, and staff. M&T Bank would meet the demands of individual bankers and organizations.

“Whether it is the young entrepreneur who wants to do something cool but needs to know how to set up their business, to the faculty member who’s doing international study and needs to understand the best way to get international cash or funding for whatever they’re going to need when studying or working abroad” Guenzeler said of the coverage M&T Bank will provide.

M&T Bank provides a variety of services for students with their most convenient account for college students being the EZChoice Checking account. The account has no monthly maintenance charge, no minimum transaction or balance requirement. Benefits include online and mobile banking, mobile check deposit, Zelle money transfer, and a customizable debit card. 

All Capital One ATMs including the ones in the Clarice Smith Performing Arts Center, near Ellicott Hall, and in front of the South Campus Dining Hall will be transitioned to M&T Bank ATMs except for the two at Xfinity Center and Maryland Stadium due to Capital One’s relationship with Maryland athletics.  

The new change does provide inconveniences for some students who currently bank with Capital One however. 

“I don’t like the change,” said UMD senior sociology major Olivia James. “Having an ATM for my bank on campus is a nice privilege. They already took away the ATMs that allowed me to deposit checks and now they want to take away my main access to getting cash out. It’s pretty aggravating.” 

Guenzeler-Stevens says the services M&T Bank offers will attract new and old customers. The M&T Bank construction will begin soon. M&T Bank representatives will be located on the ground floor near the food court and the Baltimore Room to provide students with more information about their services from 10 a.m. to 5 p.m. on weekdays.