TEMPE, Ariz. — Arizona State University is drawing some criticism for a
campus debit-card deal that will mean millions of dollars going into the
school’s coffers over the next decade.
The Arizona Republic reported a contract between ASU and
Oklahoma City-based MidFirst Bank has consumer groups questioning if students
are being manipulated into choosing a bank that benefits the university.
ASU officials said students benefit from the 11-year-agreement in which the bank
provides student-identification cards that also serve as debit cards.
The school says students will not have to deal with ATM fees. Students can also
choose an ID card without the debit card feature.
ASU will earn revenue for new student accounts and every time the card is
swiped. The deal also guarantees ASU a $1 million signing bonus.
Information from: The Arizona Republic, http://www.azcentral.com