University Business LogoBy Tim Goral. 1. Unbiased student choice of where to bank. The bank account students begin at school may continue with them for decades. Such an important choice shouldn’t be skewed by which bank gave the school the most money. For financial aid disbursements, campuses should provide students a diverse set of disbursement options that clearly include the ability to use their own existing bank account and ability to choose to receive a check.
2. Low fees. Campuses should negotiate away fees that students incur on their debit cards as well as make it easier for student debit card consumers to avoid fees. Fees should not be charged to financial aid funds.
3. Safe checking fees. For accounts not related to federal student aid, student checking accounts should meet the minimum requirements of the FDIC Model Safe Accounts Template, modified to address the needs of students. Fees on student accounts should be commensurate with services rendered and all fees should be disclosed prominently on the bank’s website, mailers and other materials. Read more...