Campus Cards, College and University Identification and Security

Under the microscope: Campus card banking

Wednesday, November 14, 2012

Following the controversial report from U.S. PIRG, Congress investigates both campus card banking partnerships and financial aid dispersal. Is the future of these products in doubt?

As campuses have embraced electronic distribution of financial aid and banking services tied to student ID cards, a question has emerged. Are students forced to pay more for the convenience? The U.S. Public Interest Research Group’s Education Fund says ‘yes,’ suggesting that college students have been unfairly targeted for extra fees to the financial benefit of both banks and universities.

But vendors serving the higher education community and many campus administrators vehemently deny these allegations. They argue that campus-focused financial products actually save students money and offer significant benefits.

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Santander brings international experience to U.S.

Santander Universities U.S. is the latest player to enter the U.S. campus card banking market, and the bank intends to lay down roots in its new home. The Spain-based institution is among the world’s 20 largest financial institutions with strong presence in Europe, Latin America, Asia and now North America.

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Thompson Rivers University has decided to make the jump to a one card credential for its students, merging a number of campus services into a new student identification card.

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The National Association for Campus Card Users is now officially accepting nominations for its Board of Directors.

NACCU is an association that specializes in the campus card transaction industry, serving the national and international community. The association is the one source dedicated to high quality educational programs, resources, services and tools.

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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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