What: U of M Awards U Card Contract to TCF Bank
When: Board of Regents meeting, June 13
Contact: Amy Phenix, University News Service, 612-625-8510
Jason Korstange, TCF Corp. Comm. 952-745-2755
MINNEAPOLIS / ST. PAUL (6/12/2003) – The University of Minnesota and TCF Financial Corporation intend to renew the TCF Bank relationship as the official U Card bank for 10 more years. TCF has been the exclusive provider of banking services tied to campus cards (U Cards) at the University of Minnesota’s Twin Cities and Duluth campuses since 1995 and 1996, respectively.
The Board of Regents is expected to act on the proposed agreement Friday, June 13. The renewal would allow TCF to continue offering its checking services to University of Minnesota students, faculty and staff members through the U Card program. A separate agreement would also allow TCF to operate as many as 12 Express Teller ATMs on the university’s Twin Cities campus.
“The University of Minnesota relationship is part of our corporate heritage, and we’re very proud that the university has again recognized TCF as a valuable part of its organization,” Mark L. Jeter, president of TCF Bank Minnesota, said. “We look forward to continuing to serve students, faculty and staff members over the next decade.”
Under the proposed agreements, the University of Minnesota will receive more than $21 million over 10 years based on projected business activities, including $18 million in non-restricted funds and a $3.1 million commitment by TCF for investments in the U Card program and scholarships. Specifically, TCF will contribute $100,000 annually for the duration of the agreement to the University of Minnesota for scholarships for disadvantaged and other qualified high school graduates.
“This is a very significant and important agreement for the university,” University of Minnesota President Robert Bruininks said. “TCF has demonstrated its commitment to serving the university community and we believe this agreement is good for our students, faculty and staff.”
The university will dedicate $12 million of the $18 million it receives in non-restricted funding to establish a new scholarship fund to match private scholarship gifts, multiplying the impact for donors and leveraging substantial new scholarship funds.
“Scholarships are increasingly important for attracting, supporting and retaining the best and brightest students, regardless of their family income,” Bruininks said. “This important new scholarship fund, created with revenues from the TCF U Card agreement, will be critical to attracting private gifts and will help offset diminishing state support and rising tuition.”
Several area banks began competing for the university’s business when the previous TCF contract came up for renewal earlier this year. Bids for banking relationships with the university for both its U Card and ATMs on campus were received in February and the Letter of Intent from the university was delivered in April.
TCF currently services a base of nearly 35,000 students and alumni with its U Card checking accounts. In addition to ATMs, the bank has full service branches located near the Twin Cities campus, in Dinkytown and Stadium Village.
The U Card serves as the key to a variety of university services, including access to facilities, computer labs, residence halls, dining services and library materials. Students, staff and faculty who open TCF Free U Card Checking also receive a free TCF check card, free custom designed checks, seven-day banking services near campus, free online banking, four free withdrawals per statement period at regional ATMs, free coin counting, and a free sweatshirt.
In addition to the University of Minnesota, TCF partners with other universities and colleges with similar campus banking programs. Relationships are in place between TCF and St. Cloud State University, the University of Michigan, Saginaw Valley State University in Michigan, and Northern Illinois University in DeKalb.
TCF, known for its Totally Free Checking product and being open seven days a week, currently operates more than 100 traditional, Cub Foods, campus, and loan production offices in Minnesota. TCF Bank is a subsidiary of TCF Financial Corporation (NYSE: TCB), a $12 billion Minnesota-based financial holding company. TCF Bank offers convenient deposit products, lending and business banking services in full-service branches located throughout the metro area, as well as St. Cloud, Mankato, Duluth, New Ulm and in five other states.
For more information about TCF Bank or its products, call 612-TCF-BANK or visit the TCF Web site at www.tcfexpress.com. Equal Housing Lender. Member FDIC.