The University of Colorado is ending an agreement with Elevations Credit Union that allows the school to receive a financial kickbacks when students sign up for debit and credit cards, according the Daily Camera.
The campus currently receives $1.25 to $1.75 from Elevations every time a student signs up for a card, reportedly netting the university about $65,000 a year. Debit cards account for 78% of the new sign-ups and credit cards make up 38%, said CU-Boulder spokesman Bronson Hilliard. The overlap represents students who signed up for both credit and debit cards.
The spokesman added that the university does not actively market the credit union, nor does it provide students’ names to credit card companies.
The university does, however, offer a Web link to Elevations through its Buff One Card program, which allows students to use their student ID as an ATM and debit card, linking it to their Elevations Credit Union accounts.
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