Campus ID News
Card, mobile credential, payment and security
FEATURED
PARTNERS

TCF Bank and University of Minnesota to renew U Card Agreement for 10 Years; Agreement to Create New Scholarships

CampusIDNews Staff   ||   Jun 27, 2003  ||   

What: U of M Awards U Card Contract to TCF Bank

When: Board of Regents meeting, June 13

Contact: Amy Phenix, University News Service, 612-625-8510

Jason Korstange, TCF Corp. Comm. 952-745-2755

MINNEAPOLIS / ST. PAUL (6/12/2003) – The University of Minnesota and TCF Financial Corporation intend to renew the TCF Bank relationship as the official U Card bank for 10 more years. TCF has been the exclusive provider of banking services tied to campus cards (U Cards) at the University of Minnesota’s Twin Cities and Duluth campuses since 1995 and 1996, respectively.

The Board of Regents is expected to act on the proposed agreement Friday, June 13. The renewal would allow TCF to continue offering its checking services to University of Minnesota students, faculty and staff members through the U Card program. A separate agreement would also allow TCF to operate as many as 12 Express Teller ATMs on the university’s Twin Cities campus.

“The University of Minnesota relationship is part of our corporate heritage, and we’re very proud that the university has again recognized TCF as a valuable part of its organization,” Mark L. Jeter, president of TCF Bank Minnesota, said. “We look forward to continuing to serve students, faculty and staff members over the next decade.”

Under the proposed agreements, the University of Minnesota will receive more than $21 million over 10 years based on projected business activities, including $18 million in non-restricted funds and a $3.1 million commitment by TCF for investments in the U Card program and scholarships. Specifically, TCF will contribute $100,000 annually for the duration of the agreement to the University of Minnesota for scholarships for disadvantaged and other qualified high school graduates.

“This is a very significant and important agreement for the university,” University of Minnesota President Robert Bruininks said. “TCF has demonstrated its commitment to serving the university community and we believe this agreement is good for our students, faculty and staff.”

The university will dedicate $12 million of the $18 million it receives in non-restricted funding to establish a new scholarship fund to match private scholarship gifts, multiplying the impact for donors and leveraging substantial new scholarship funds.

“Scholarships are increasingly important for attracting, supporting and retaining the best and brightest students, regardless of their family income,” Bruininks said. “This important new scholarship fund, created with revenues from the TCF U Card agreement, will be critical to attracting private gifts and will help offset diminishing state support and rising tuition.”

Several area banks began competing for the university’s business when the previous TCF contract came up for renewal earlier this year. Bids for banking relationships with the university for both its U Card and ATMs on campus were received in February and the Letter of Intent from the university was delivered in April.

TCF currently services a base of nearly 35,000 students and alumni with its U Card checking accounts. In addition to ATMs, the bank has full service branches located near the Twin Cities campus, in Dinkytown and Stadium Village.

The U Card serves as the key to a variety of university services, including access to facilities, computer labs, residence halls, dining services and library materials. Students, staff and faculty who open TCF Free U Card Checking also receive a free TCF check card, free custom designed checks, seven-day banking services near campus, free online banking, four free withdrawals per statement period at regional ATMs, free coin counting, and a free sweatshirt.

In addition to the University of Minnesota, TCF partners with other universities and colleges with similar campus banking programs. Relationships are in place between TCF and St. Cloud State University, the University of Michigan, Saginaw Valley State University in Michigan, and Northern Illinois University in DeKalb.

TCF, known for its Totally Free Checking product and being open seven days a week, currently operates more than 100 traditional, Cub Foods, campus, and loan production offices in Minnesota. TCF Bank is a subsidiary of TCF Financial Corporation (NYSE: TCB), a $12 billion Minnesota-based financial holding company. TCF Bank offers convenient deposit products, lending and business banking services in full-service branches located throughout the metro area, as well as St. Cloud, Mankato, Duluth, New Ulm and in five other states.

For more information about TCF Bank or its products, call 612-TCF-BANK or visit the TCF Web site at www.tcfexpress.com. Equal Housing Lender. Member FDIC.

Related Posts

Subscribe to our weekly newsletter

RECENT ARTICLES

USF ID card back
Mar 28, 24 /

Caveat emptor when adding contact numbers to campus cards

The back of University of South Florida’s ID card provides several phone numbers for students in crisis or seeking safety services. Many campus cards contain similar resources, but what happens when this information changes. How do you deal with incorrect contact info for essential services? The USF card prominently lists contact numbers for the victim […]
High school bathroom

Bathroom breaks tracked by campus ID and mobile app

At California’s Fresno High, a new app is authorizing and monitoring trips to the bathroom in an effort to increase students’ time in class and decrease gathering in halls and bathrooms. Of course, this has not gone over well with students. Raising your hand and asking the teacher if you can go to the bathroom […]
Atrium Ozzi container

Atrium clients track check-out and return of reusable containers at OZZI kiosks

The push to reduce or even eliminate single-use containers from campus dining is now easier for Atrium clients. Thanks to a seamless integration between Atrium and the OZZI reusable container program, the processes for both students and dining services is streamlined. Atrium clients have been using OZZI for years, but the two systems were independent. […]
CIDN logo reversed
The only publication dedicated to the use of campus cards, mobile credentials, identity and security technology in the education market. CampusIDNews – formerly CR80News – has served more than 6,500 subscribers for more than two decades.
Twitter

Feb. 1 webinar explores how mobile ordering enhanced campus life, increased sales at UVA and Central Washington @Grubhub @CBORD

Join Jeff Koziol and Robert Gaulden from @AllegionUS as we explore how mobile credentials and proptech are changing on- and off-campus housing.

Load More...
Contact
CampusIDNews is published by AVISIAN Publishing
315 E. Georgia St.
Tallahassee, FL 32301
www.AVISIAN.com[email protected]
Use our contact form to submit tips, corrections, or questions to our team.
©2024 CampusIDNews. All rights reserved.