Salve Regina forms partnership with Sovereign Bank

salvetoday Posted On April 11, 2013
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Salve Regina has formed a new partnership with Sovereign Bank to provide on-campus banking services to students, faculty and staff. As a result of this new partnership, Sovereign will install a new ATM, replacing the Bank of America ATM located in Miley Hall. Members from Sovereign bank will be on campus April 22-24 in the Miley and O’Hare lobbies from 10 – 2 p.m. to help students transition from Bank of America.

The benefits of the new Sovereign Bank student banking package include:

  • Free checking account with no minimum balance or monthly maintenance fee
  • Free savings account with no minimum balance or monthly maintenance fee
  • Free online banking with unlimited bill pay
  • Free enhanced debit card with rewards program
  • A new robust cell phone app to perform mobile banking
  • Overdraft protection
  • An opening deposit for savings and checking of $10 per account
  • Free first order of checks
  • On campus ATM with no service fee for account holders

Sovereign Bank has two branches within three miles of campus, with the closest branch at 292 Thames St. In addition, Sovereign Bank has ATMs in all local CVS branches. Sovereign Bank has a regional footprint, making accessibility possible, and a university division whose sole purpose is to provide a banking product specifically to our environment.

Sovereign Bank provides money management classes for students, works with educational institutions to grant scholarships for students, and has been a leader in university smart card technology. Sovereign Bank will bring to Salve Regina a robust banking program tailored to the needs of students, faculty and staff.

The University is aware that there is a large contingent of upperclassmen that have made similar arrangements with Bank of America. In order to ease this transition, representatives from Sovereign Bank will be in Miley Hall and the O’Hare Academic Center the last week in April and the first week in September for students to open new accounts in anticipation the fall 2013 semester.

Students should know that they are not required to change banks if they prefer their existing arrangements. Not doing so simply means that students will not be able to participate in the convenience features of the Sovereign Bank program or enjoy free ATM service on campus.