Higher One has affirmed its alignment with new guidelines for colleges and universities regarding debit card options for students. The National Association of College and University Business Officers issued in August guidelines that it developed following a survey of its member institutions.
The guidelines, entitled “Safeguarding Student Finances: Guidance for Campuses Offering Student Debit Card Options,” are designed to include best practices such as:
Encouraging students to use financial institutions, since those with bank accounts can typically better manage their money, do not have to carry large amounts of cash, and can benefit from the convenience of debit cards and transaction records.
Offering students the right to choose their banking relationships.
Encouraging electronic refunds because electronic transactions are faster, safer, less expensive and more convenient.
Complying with the U.S. Department of Education’s regulatory and administrative requirements for the Title IV federal student aid programs.
Negotiating low or no fee options and services for students.
Publishing clear and transparent fee schedules and agreeing to a communication plan to ensure students are presented with a fair explanation of services.