Capital One departs, Apple Federal Credit Union moves in

Apple Federal Credit Union is in a new location in the Johnson Center (photo by Dakota Cunningham)

After five years at George Mason University, Capital One Bank has decided to depart.

The bank had a five-year contract with Mason, and according to ​David Atkins, director of contract management and licensing at Mason, the bank sought the break.

“Capital One’s representative shared that it was a business decision in the best interest of the bank,” Atkins said.

Apple Federal Credit Union, the replacement, moved into the Capital One location in the Johnson Center in mid-August. Its ATMs should be in place by mid-September.

“The transition should be seamless,” Atkins said. “However they will have fewer ATMs on campus when school initially starts.”

Atkins emphasized that the number of ATMs will eventually increase to eight machines.

Capital One, formerly known as Chevy Chase Bank, held many accounts for Mason students.

Evan Bezeredi, a sophomore and applied computer science major, has been using Capital One as a secondary bank because it is located on campus. Bezeredi said that because of the change he will consider switching to Apple FCU.

“It will be sort of a new thing…sort of a nuisance,” Bezeredi said. “I’ll have to open a new one and close my old account, but it shouldn’t be too painful.”

Cynthia McAree, the Vice President of Marketing at Apple FCU, said the new partnership with Mason is a great opportunity.

"We have been partnering since the 1970's, but now we will be the only bank on campus, so we can solidify our relationship with Mason.”

Apple FCU has 21 locations in Northern Virginia, and, as a credit union, it is member-owned with the intention of offering accounts at lower rates.

Apple FCU also hires many students as bank tellers and is currently hiring.

"We are an education union at our roots, and this is just more of an extension for us,” McAree said. “To be a financial provider on campus fits with our mission."