Creating a Smart Refund and ID Card Solution
SBCTC BAR Meeting
October 18, 2013
Introductions
Tal Vaadia
Jessica Sidla
Regional Sales Manager
Relationship Manager
Campus Banking
Campus Banking
(970) 682-2755 Office
(320) 259-0788 Office
(970) 310-6363 cell
(320) 492-0307 Cell
tal.vaadia@usbank.com
jessica.sidla@usbank.com
Scott Smith
Regional Sales Manager
Campus Banking
(503) 775-1051 Office
(503) 332-1778 Cell
scott.smith10@usbank.com
The Strength of U.S. Bank
• 4th Largest Retail Branch Network
VT NH ME
MI
RI
PA
WV
• Founded 1863 (celebrating 150 years)
MA
NY
AK
HI
NC
OK
NM
SC
MS
TX
AL
GA
LA
FL
• $354 Billion in Assets
• Serving 25 States with Retail Branches
• 3,084 Branches, 25,000+ Surcharge free ATMs
– 184 branches in WA
– 715 Surcharge Free ATMs
• 18 Million Customers
– Over 1 Million Existing U.S. Bank Customers in WA
VA
CT
NJ
DE
MD
DC
25,000 ATMs
3,000+ Branches
Worldwide
Acceptance
33.3 Million
An Unmatched Reputation
• Ranked #1 in Campus Card partnerships by CR80News
• Experienced in integrating with multiple
card system providers
• Awarded by private and public sector organizations for our innovative
solutions and performance excellence
– 2011 PayBefore award for best prepaid mobile app
– 2012 PayBefore award for most innovative prepaid program
– 2013 PayBefore award for most effective solution – Contour Campus Card
Campus Banking History
In 1996, U.S. Bank begins offering banking through student ID cards
•
ID card tied to checking account as an ATM & PIN-based debit card
In 2007, U.S. Bank launches the Visa-branded Maxx Card
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•
•
•
Signature debit card tied to checking account
Instantly issued by ID card office
Unembossed with Visa card number
Dual Magnetic Stripe for easy integration
In 2011, U.S. Bank launches the MasterCard branded Contour Card
•
•
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Prepaid debit card
Instantly issued by ID card office
Coordination with institutions financial aid refund disbursements
Campus Banking & Refund Disbursement Services Overview
Fully Outsourced Refund Disbursements Options
– Transparent Choice in Selecting Refund Method
– Same-day Funds Availability
– Live agent support for students and parents
– Error resolution (returned checks, failed ACH, etc)
– One Card with both Campus & Bank Acct/Refund Access
• Instant issued through College ID Card Office
• Dual Magnetic Stripe for Ease of Integration/PCI Compliance
• Unembosed Card
– Mailed Card (not integrated with College’s ID Card)
• Cards are personalized
• Can be co-branded with College logo
• Only mailed to students who opt in
REFUND CHOICES
Student Refund Options
Happy With Your In House Refund Program?
No Problem!!
The Campus Contour Experience:
Instantly Issued Through Campus Card Office
• College Continues to process ACH and Check transaction
• Campus Contour creates a 3rd option for refunds
• Complements your in house process
•
How we do it:
• Integrate Contour with college ID card
• USB sends daily text file of all registered card/account holders to College
• College securely transmits Contour refund instructions to U.S. Bank
• Student accounts are funded same day
• U.S. Bank settles with College via a single ACH
–Funds are floated by U.S. Bank (batch processing)
–No cost to college
Title IV Requirements
There are three ways that a school may disburse FSA funds directly to the
student or parent:
1. Issuing a check or other instrument payable to and requiring the
endorsement or certification of the student or parent (a check is issued if the
school releases or mails the check to a student or parent, or notifies the
student or parent that the check is available for immediate pickup).
2. Initiating an electronic funds transfer (EFT) to a bank account designated
by the student or parent, including transferring funds to stored-value cards
and debit cards.
3. Disbursing to the student in cash, provided that your school obtains a
signed receipt from the student or parent.
Title IV Requirements
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Addresses access to funds (fee free ATMs)
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Convertible to cash
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Appropriates fees, and disclosures
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Must provide security (FDIC Insurance)
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Defines ownership of funds
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Prohibits marketing as Credit Product
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Must provide choice (opt-in)
U.S. Bank Complies with Title IV
• Convenient and free access to funds
– U.S. Bank and MoneyPass ATMs
– Teller withdrawal at any MasterCard bank branch
• Timely access to funds
– U.S. Bank provides paper check disbursement within the time frames specified
in 668.164(e) for any student that has not made a disbursement selection online.
• Third Party Servicer Audit
– U.S. Bank retains Ernst & Young to perform and submit the required annual
audits
U.S. Bank MasterCard Account Overview
Low Cost, High Quality
•100% Opt-In
•Not a credit card
•EVERY student qualifies for an account
•No enrollment fee
•No monthly fee
•No minimum balance
•No overdraft fees
•No fees for making purchases
•Free U.S. Bank & MoneyPass ATM withdrawals
•Free mobile and internet banking
•Invite parent/spouse to fund the account
•Peer to Peer transfer
24/7 Customer Service & Account Access
• Internet Banking
• Phone through IVR
• Live Customer Service Representative
• 3,000+ U.S. Bank branch locations
• 25,000+ ATM locations
• Email and Cell Phone Alerts
• Mobile account access & text banking
• Withdraw funds at ANY bank teller
Committed to Financial Wellness
• Marketing communications about the Student ID card & Refund Options
• Online access through U.S. Bank and MasterCard sites
• Topics can include:
– Establishing and maintaining good credit
– How to use prepaid accounts
– Creating budgets
– Using technology to manage finances
– Investing for the future
Current Campus Card Partners
Austin Peay State University
Bellevue College
Benedictine University
Bethel University
California State University Fullerton
California State University San Bernardino
Capital University
Carroll University
Central Washington University
College of Mt. St. Joseph
Colorado State University Pueblo
Concordia University Chicago
Creighton University
Drury University
Everett Community College
Fairleigh Dickinson University
Gonzaga University
Hamline University
Harris-Stowe State University
Henderson State University
Iowa State University
John Carroll University
Johnson County Community College
Kern Community College District
Kirkwood Community College
Metropolitan State College of Denver
Michigan Technological University
Milwaukee Area Technical College
Minnesota State University Moorhead
Missouri Baptist University
Missouri Western State University
Morehead State University
Normandale Community College
North Carolina State University
North Dakota State University
Northern Kentucky University
Northwest Missouri State University
Northwestern University
Oakland Community College
Pacific University
Pasadena City College *
Roger Williams University *
San Diego State University
San Francisco State University *
San Jose State University
Seattle University
Southwest Minnesota State University
St. Cloud Technical & Community College
Saint Louis University
South Texas College *
Thomas More College
Truman State University
University of Central Missouri
University of Denver
University of Missouri-Kansas City
University of San Diego
University of Wisconsin-Eau Claire
University of Wisconsin-Stevens Point
Washburn University
Washington State University
Waukesha County Technical College
Webster University
Wisconsin Lutheran College
Xavier University
* Pending contract
Questions?
Thank You
APPENDIX
How Does It Work?
School
• Issues Card*
• Upload Student
Information*
• Provide Disbursement
File
US Bank
• Host ezDisburse
Account Center
• Disburse Funds
• Monitor and Resolve
Exceptions
• Live Agent Phone
Support
* IDMS Card Production Solution available to automate these functions.