Bursar switches to NC back
By Alice Gilchrist
Payments to MIT from students and parents now travel to Charlotte, N.C. before coming to the Institute, according to Bursar Shirley M. Picardi '81. Picardi said that MIT hired First Wachovia Bank to store the payments in a bank lockbox and transfer the funds electronically to MIT each day. No interest is accrued while the funds are in the lockbox, she explained.
For the past eight to 10 years MIT had asked students and parents to send their payments directly to the Bursar's Office. The funds were deposited in a lockbox at Shawmut Bank and then transferred into MIT's main account, Picardi said.
Picardi said that Charlotte has an "efficient airport system," which means that mail from the Atlantic coast reaches Charlotte one day sooner than it would reach MIT. According to the Class of 1995 Profile, 48 percent of freshmen are from the Atlantic coast, so their payments will now reach MIT one day sooner.
In addition, Wachovia Bank has advanced computer technology that the Bursar's Office will find useful in the future, according to Picardi. This technology includes a special computer system that can divide payments from students into specific categories.
Vice President for Financial Operations James J. Culliton said that the bank switch came only after a careful "evaluation of the banking services" of Wachovia Bank. The change came at the recommendation of Picardi and the Treasurer's Office, said Culliton.
Picardi said that Wachovia had previously been responsible only for MIT loan management. This responsibility will continue, she added.