As the college weighs the options of merging every student’s Lancer ID card with a US Bank debit card, on Wednesday the Associated Students was scheduled to vote on whether to recommend US Bank as the provider of bankcards and sole conduit of student monies from financial aid.
If recommended by the AS, it will then be up to the Board of Trustees to make a final decision on the changes.
Tal Vaadia, US Bank regional sales manager of campus banking, gave a presentation at the AS meeting Feb. 20 outlining the possible changes.
According to the US Bank proposal, all future student ID cards at PCC will have both the US Bank logo and the Mastercard logo on the front of the card, as well as the student’s photograph and student ID number.
It will be a cost saving measure for PCC, as US Bank will completely take over the disbursement of student financial aid, according to Vaadia. A student will have the option of receiving a physical check from US Bank, having US Bank direct deposit the money directly into a current students bank account, or signing-up for the US Bank debit card and receiving their funds on the debit card.
US Bank has three branches in Pasadena and 25,000 ATM’s across the country where students can collect the debit card money or use the card anywhere Mastercard is accepted, including the campus bookstore, according to the presentation.
If the student decides to opt-in to the debit card, they will have two options. The basic option is for students who do not have, or do not want to give, US Bank their social security number, the card will only be allowed to accept funds from PCC/US Bank, according to Vaadia.
The second choice is the deluxe card which will allow students to accept transfers from anyone, including parents, other banks, or employers, according to the presentation.
There are currently no fees for this card, other than for certain transfers, and the account cannot be overdrawn, according to the presentation.
The card will have two magnetic strips on the back, one for student information and one for bank information according to Vaadia.
Currently, US Bank has this or a similar system in place at approximately 50 campuses nationwide, including Cal State Fullerton, Cal State San Bernardino and San Diego State.