ASSU's new bank deal to transform IDs into debit cards

Seattle University students will have the opportunity to bank and make debit purchases on and off campus with their student ID cards come fall quarter thanks to a partnership deal that ASSU is spearheading.


ASSU is currently considering US Bank, Wells Fargo, BECU, Chase and several other banking institutions to strike a deal that would give students the ability to use their ID cards as a debit or ATM card off campus.

Only students currently banking with the chosen institution could use this service.

The deal would also benefit Seattle U by providing a monetary signing incentive. US Bank, for example, is offering $25,000 as incentive for selecting it. The amount will vary from bank to bank, according to Ron Smith, vice president for Finance and
Business Affairs.

The money would most likely be used to install new card reader systems in higher traffic areas on campus, such as Campion and Bellarmine.

The deal would also provide additional cash incentives based on the percentage of students who sign up with the bank that sponsors the program.

According to Cole Hunter, ASSU vice president of finance, the extra revenue could also go toward funding student activities such as Quadstock and Campus
Ministry retreats.


The agreement would require coding one of the unused data storage areas on the back of each ID card to work just as a debit card.

"Having the debit card, the banks will not push credit cards at all," Hunter said. "I don't think it's selling out to big business, I think it will actually really benefit students."


Smith has been working with ASSU to draft a proposal that will be sent out to multiple banking institutions.

"[When US Bank made the proposal] I took it to ASSU because we never have enough funding for student activities. When you get down to the priority list, for the past couple years we just haven't had the funds to do that," Smith said. " I thought this would be a good way to boost that and dedicate some funds to student activities."


Clare Monahan, ASSU athletic representative, has been researching Jesuit universities who have similar plans. Creighton University's plan has a US Bank branch on campus, something Seattle U is not currently looking to add to campus.

"A lot of the students at Creighton really appreciate the program because it makes it easier to pay for things with one card," said Monahan.

Xavier Univeristy, one of the first universities to partner with US Bank, has had positive experiences working with US bank over the past 14 years, according to Monahan.

"They've spoken only wonders of how great it's been, about how the bank's been very reserved about when they come on campus, how they always go through student government," she said. "It's a very hands off kind of thing."


Students who wish to upgrade their cards in order to use new banking capabilities would be able to do so free of charge– the bank would pay for the new cards.


"If we did partner with US Bank," Smith said, "the only difference between the old and new cards would be a very small US Bank logo in the corner."

While ASSU and Smith have explored the possible downsides to a banking deal, in the end neither has found anything that is alarming or worrisome.


"We've looked at it pretty thoroughly, and to be honest it's a great deal all around," said Smith.

The bank selection will be finalized by the first week of May, the same time the deal is expected to be completed.

Kelton may be reached at ksears@su-spectator.com