Following the announcement of the University's cashless campus initiative and the CampusCa$h project launched by three Wharton students, the University of Pennsylvania Student Financial Credit Union is researching its own debit card system. "The University, because it is a non-profit organization, needs a financial institution to put their PennCard debit proposal into action," explained UPSFCU Executive Vice President Jack Basavaiah, a Wharton and Engineering junior. He added that the credit union has a "symbiotic relationship with the University." "It is in their interests that we don't fail," Basavaiah said. "But the debit card proposal will all depend on which direction they choose to follow." And Wharton and Engineering junior Rajeev Shah, UPSFCU president and CEO, said he believes the organization has the technology, resources and necessary man power to implement a successful debit card program. "The only side of the coin we can't compete with in relation to a commercial bank is the advertising," he added. UPSFCU is the first student credit union in the nation and a $7 million corporation. And although an estimated 45 percent of undergraduate Penn students have accounts with UPSFCU, its members are continuously attempting to implement new changes to attract more customers and improve service. Earlier last month, UPSFCU installed a more advanced computer system in the office and new microphones in the teller booths to ensure quicker transactions and faster moving lines. The credit union also reduced the minimum balance for a checking account from $400 to $200 this year to attract more customers. And the organization implemented a "bank-by-phone" system for its customers. "We've had some competition from the new Commerce Bank near campus, and we're changing our policies to meet the needs of our customers," Shah said. There are currently 110 undergraduates who work for the credit union, including a board of 15 members responsible for making executive policy decisions and exploring new opportunities. Shah, Basavaiah and Wharton junior and Chairman of the UPSFCU Board Scott Braun also stress the educational benefits of working for the credit union. "People begin their work here as tellers and get promoted after just one semester," Shah said. "The credit union is very special in that there is no University faculty advisor -- we run everything ourselves," Basavaiah said. "If we make a mistake, we are the ones responsible for it." Shah credits UPSFCU as being the only "hands on" experience for Wharton students and those interested in business. "We have a lot of contacts with top banks, accounting firms and people on Wall Street," he added. Provost Stanley Chodorow has announced his intentions to move UPSFCU from Houston Hall to the Mellon Bank building at 36th and Walnut street. This will provide them with one-and-a-half times more space -- as well as a security guard.
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