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Newspaper takes critical look at college/banking relationships

Monday, March 17, 2008

Is a student ID card linked to a debit card made possible by the college’s relationship with a bank hurting the students? That’s one of the questions USA Today asked in its article available here. The issues cited focus on overdraft fees charged to students and whether the campus is “promoting” these fees by selecting bank partners based on the level of financial return committed to the campus.

Meanwhile, New York Attorney General Andrew Cuomo (see story here) announced that his office is examining whether college students are being harmed by their schools’ partnerships with banks that offer debit and credit cards. [end] 

Personal information of 9,000 current and prospective students was inadvertently posted online by Valencia College in Orlando. The school has apologized for the mistake.

The information included the students’ names, addresses, dates of birth and student ID numbers but not their Social Security numbers or financial information.

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Heartland Payment Systems Campus Solutions division has recruited 12 higher education districts and campuses totaling 20 different colleges to manage the schools’ financial aid disbursement services utilizing Heartland’s Acceluraid electronic disbursement product.

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Students at Park Hills, Mo.-based Mineral Area College will be receiving their financial aid refunds faster this year through a prepaid card issued by Central National Bank in Oklahoma.

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The OneCard from Bowdoin College in Brunswick, Maine, can now be used at three off-campus restaurants with more merchants set to join.

“It’s a project we’ve been working on for some time now and its finally coming to fruition,” said OneCard Coordinator Chris Bird.

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Campus card provider NuVision Networks, Napa, Calif., has named Brian Adoff as the company’s new executive vice president.

Adoff, formerly NuVision’s national sales manager, will now oversee company-wide operations and develop strategic partnerships.

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Fox News Business has taken a look at university IDs that also double as prepaid cards. Fox dubs the prepaid aspect as “the latest twist on a long tradition of college campus ID cards serving a dual financial purpose.”

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