Campus Cards, College and University Identification and Security

Higher One adds new checking account options

Friday, March 2, 2012

Higher One expanded its checking account options for college students. Previously checking accounts were only offered to current customers but new customers can now have immediate access to three checking account choices tailored to suit the banking behavior of college students.

The new checking account options include no PIN fees, a specified number of foreign ATM fee reimbursements and access to online budgeting tools that can help students track their spending and set budgeting goals.


“The additional checking account options that we are announcing were very popular with current customers and we are making them available to new customers in a direct response to the needs that have been expressed to us,” said Miles Lasater, Higher One COO.

He said the checking accounts are FDIC-insured with no minimum balance requirement. The checking accounts are linked to a debit MasterCard, not a prepaid debit or credit card, Lasater added.

The company’s OneAccount is part of Higher One’s refund management disbursement service that handles financial aid to students at more than 500 U.S. college and university campuses. [end] 

A study has revealed a clear need for greater and more differentiated financial literacy education in the K-12 environment.

The “Money Matters On Campus” report, now in its second-year, polled some 65,000 first-year college students across the country. In addition to the need for an early financial understanding, survey results indicate that colleges and universities should provide financial education at the onset of a student’s college experience to better ensure that students will make sound financial decisions later on. The study was conducted by Higher One and education technology specialist EverFi.

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Student purchases made on the University of Wisconsin’s campus – with the university’s Wiscard – are set to be simplified as well as offer additional discounts on food.

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NACCU 2014 gave conference attendees the opportunity to learn more about the proposed Department of Education regulations for campus banking partnerships. Presenters highlighted the clauses that could most acutely affect campus card systems. More than 200 campuses took advantage of the opportunity to learn about the pending rule changes.

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Regulatory action is being proposed in the campus-banking sector, with the U.S. Department of Education releasing its first draft of regulations on campus debit cards that will effectively prohibit certain fees, constrain marketing practices and institute transparency regarding the college-card provider relationship.

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