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Pending UW System Board of Regents approval, the University of Wisconsin Oshkosh will enter into a partnership with UW Credit Union that will provide hundreds of student scholarships and employment opportunities over the next decade.

The agreement with UW Credit Union, which followed a competitive bidding process, will provide students, faculty and staff with an all-in-one smartcard that offers a convenient and secure way for students and employees to access campus services, including library access, technology labs, meal plans and some facilities. The partnership also gives members of the campus community the option to open a checking account that is linked to the TitanCard, allowing it to be used as a debit card for PIN-based transactions. The current TitanCard will continue to work as long as the user remains a student or employee.

The committee that reviewed the bids for the partnership included students, faculty and staff, with students having the largest representation.

“The committee of students, faculty and staff that reviewed the proposals felt it was important that enrollment in the new program not be solely linked to a financial incentive but rather focused on the service aspects that a financial partner could bring,” said Alex Grupp, a member of the committee and vice president of the Oshkosh Student Association. “The students definitely benefit from the services the UW Credit Union provides, especially the fee-free ATM terminals. That’s something the students really wanted in an on campus financial institution.”

As part of the agreement, UW Credit Union will open a full-service branch within Reeve Memorial Union and provide surcharge-free campus ATMs in various locations. The contract provides significant annual compensation to the University, which could exceed $1.5 million over the potentially 10-year contract period. The funding is guaranteed regardless of the number of people who sign up for a checking account with UW Credit Union.

“This is a positive scenario for everyone involved,” said Tom Sonnleitner, vice chancellor for administrative services. “Students will have access to free checking, fee-free ATMs, a debit card, and the outstanding service that UW Credit Union provides. Meanwhile, UW Credit Union will be providing dollars that will allow campus to increase support of much-needed scholarships, to supplement funding already in place for programs that provide high-impact student employment opportunities, like the Student Titan Employment Program (STEP), and possibly to provide additional support for wellness programs for employees.”

“I was fortunate to have a STEP position in the Office of Integrated Marketing and Communications last year, which provided me with nearly $3,000 in income while also giving me the opportunity to work with professionals in my field and learn more about my career options,” said See Xiong, who continues to work with the department. “I learned immensely from the experience, which I wouldn’t have had without the STEP program.”

Students, faculty and staff have no obligation to open a checking account with UW Credit Union; however, those who participate will be able to use their TitanCard as a debit card, among other benefits:

  • UW Credit Union offers surcharge-free ATM services for both members and non-members. This means that both members and non-members can use the on-campus ATMs without having to pay terminal fees of up to $2 charged by some financial institutions.
  • UW Credit Union maintains consumer-friendly overdraft fee practices. For example, they do not assess any overdraft NSF fees related to regular debit card transactions and charge no more than one NSF or overdraft transfer fee per business day, regardless of how many overdraft items are involved. Other financial institutions charge multiple NSF fees, some up to six per day. Additionally, UW Credit Union accounts overdrawn by less than $10 are l not assessed overdraft fees at all..
  • UW Credit Union offers seminars aimed at encouraging responsible financial practices and have twice received the Governor’s Financial Literacy Award for their financial education outreach.

This is the second partnership UW Oshkosh has had with a financial institution to provide an all-in-one smartcard option. While UW Oshkosh was one of the first in the UW System in 2005, presently a majority of System schools have a similar program. Additionally, more than 200 universities across the country have similar programs with the top six financial institutions having 134 campus partnerships in 2009.