Released: September 21, 2007

Cozy campus bank card deal

Source: Dean Foust, BusinessWeek

When The University of Minnesota’s 52,000 students arrived in early September, they received new “U Cards,” a multi-purpose ID that doubles as a library and security card. But the new IDs also have debit and ATM features for students who open a checking account with TCF Financial Corp. (TCB). It was all part of a deal the school struck in exchange for the bank footing the bill and other hefty payments.

What’s this relationship worth to TCF? The $15 billion regional bank doesn’t disclose many financial details. But already some 80% of students at Minnesota and its sister campus in Duluth have signed up, pumping $50 million into TCF accounts. And it’s lucrative enough for TCF to pony up roughly $40 million to the school to extend the deal through 2030.

Read Full Article: Cozy campus bank card deal