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NACUBO Issues Guidance on Debit Cards

NACUBO Issues Guidance on Debit Cards
January 2, 2013

The National Association of College and University Business Officers has issued guidance for colleges on using debit cards for financial aid refunds, a fast-growing practice that has led to criticism of the companies that offer the cards, which can have high fees. The association asks colleges to encourage students to use a full-fledged bank account rather than a preloaded debit card; to offer direct deposit of refunds; to use a competitive bidding process; and to negotiate no-fee or low-fee options for students from the third-party vendors that offer the debit cards. About one-quarter of colleges said in a NACUBO survey that they already use the debit cards, and 33 percent are considering doing so.

 

 

 

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