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 (http://bit.ly/LKDeYk) reports 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 say 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.