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UCF SunTrust will shut down

Contract not renewed, bank to close Aug. 17

News Editor

Published: Wednesday, May 16, 2012

Updated: Thursday, May 24, 2012 16:05


Kayla Cavanagh / Central Florida Future

The UCF branch of SunTrust Bank will close its doors permanently at 2 p.m. on Aug. 17. SunTrust’s contract with UCF Business Services will not be renewed.

The UCF branch of SunTrust bank will be closing its doors at 2 p.m. Aug. 17.

Eric Ruby, branch manager of SunTrust Bank, said in a May 11 letter “at the request of the University of Central Florida, we will be permanently closing the University of Central Florida branch. … We will close at 2:00 pm on August 17, 2012.”

The letter directed readers to nearby branches on Alafaya Trail, University Boulevard and East Colonial Drive.

Gregory Robinson, purchasing director for UCF, said that SunTrust’s contract with UCF expires June 30, “but there has been an amendment to extend it to Aug. 17 in order for SunTrust to clear the building and put someone else in place.

The branch has been operating on campus since 2002.

There was an option to extend the contract another two years, but “SunTrust decided it is time to part ways with [UCF] Business Services. They both agreed to disagree and the renewal didn’t happen. We are putting out requests for proposals for another banking entity to provide student banking services,” Robinson said.

SunTrust will have an opportunity to submit a proposal offering another deal, or it could be another bank with a better deal, Robinson said. The proposals will be open June 20, “so we won’t know who is interested until we open the proposal and see who is there."

Vivian “V” Ribeiro, a junior micro & molecular biology major, said the change will impact him greatly because he doesn’t have a car and the current location is more convenient for him.

“It is great because I can go to my bank whenever I need to on campus," Ribeiro said. "I’m not usually home, and it takes me a 10-minute bike ride to go to the nearest SunTrust.”

If SunTrust leaves, Ribeiro said he will try to switch to the UCF Federal Credit Union.

Ribeiro has not received a letter or email from SunTrust.

Sarah Travis, a 2010 UCF alumna who graduated with a degree in English literature switched to SunTrust three years ago specifically because there was a branch on campus.

“When I was a student, it was nice having the bank right there,” Travis said.

She said it won’t affect her as much now, but “when I was a student, I was here all day, so it was nice having the bank right there and not have to worry about it.” She has not received an email or letter yet about the branch closing.

Daniel Pearson, a political science senior and treasurer of UCF College Democrats, said the branch closing down will pose an inconvenience because the RSO has an account with SunTrust.

“We want to keep our options open if something better comes up," Pearson said. "As of right now, we’re still with SunTrust.”

Robinson said the next bank should be awarded the contract by late July, “so they will be ready to roll when SunTrust will walk out.”

“A lot of banks or credit unions have shown interest in providing services, but that will not become official knowledge until June 20 when they submit their proposals," Robinson said.

“By Aug. 17, we should have another bank or credit union in place,” Robinson said.

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