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SunTrust, MasterCard introduce reloadable prepaid campus card program

Atlanta-based SunTrust Banks has teamed with MasterCard Worldwide to launch the SunTrust Campus Card that integrates a student ID card with a reloadable prepaid card backed by the credit card giant.

With this new campus card, universities and colleges will now be able to offer their students access to a reloadable prepaid account to pay for everyday expenses on and, in some instances, off campus. In the instance of off campus use, students will be able to use the SunTrust Campus Card to make purchases at millions of locations where MasterCard is accepted or withdraw funds without a fee from more than 2,900 SunTrust ATMs. The prepaid card is also intended to offer students greater security and control over their finances.

Students and parents can add funds to the cards via an online site. In addition, some colleges and universities can directly load financial aid disbursements onto the SunTrust Campus Card, replacing the need for paper-based payments.

The SunTrust Campus Card program is customizable, enabling participating schools to select the desired level of card functionality and the extent of financial access they wish to provide eligible students.

Later this year, SunTrust and MasterCard intend to launch a Web site for college students and faculty members that will feature budgeting tools and educational materials. Students will also have access to an online site that they can log into for account management, including setting up account alerts through email and SMS.

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