Campus Cards, College and University Identification and Security

Banks asked to provide campus card contracts

Friday, June 15, 2012

Sen. Dick Durbin (D-Ill.) and two other congressmen have sent letters to 15 financial institutions and third-party financial providers that supply campus debit and prepaid cards to colleges and universities.

The financial institutions were asked to provide a list of all colleges and universities with which they provide debit or prepaid card services to students, along with copies of the contracts. They were also asked to provide a list of debit or prepaid card fees and the terms provided to students at each institution.


According to the release posted on the Web site of the National Association of College and University Business Officers, the three legislators “expressed concern about fees” associated with prepaid or debit cards provided to colleges. They called for the contracts to be made public.

The letter was written in response to a recently released report from the U.S. Public Interest Research Group that was heavily critical of prepaid or debit card programs provided to higher education institutions. Other signatories on the letter were Sen. Jack Reed (D-RI) and Rep. Peter Welch (D-Vermont).

The complete press release from the NACUBO Web site can be viewed here[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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