Colleges Selling Alumni info to Credit Card Companies?
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VIP DONOR
Member since 2007
Colleges Selling Alumni info to Credit Card Companies?
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Colleges Profit as Banks Market Credit Cards to Students
EAST LANSING, Mich. — When Ryan T. Muneio was tailgating with his parents at a Michigan State football game this fall, he noticed a big tent emblazoned with a Bank of America logo. Inside, bank representatives were offering free T-shirts and other merchandise to those who applied for credit cards and other banking products.
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Bank of America’s relationship with the university extends well beyond marketing at sports events. The bank has an $8.4 million, seven-year contract with Michigan State giving it access to students’ names and addresses and use of the university’s logo. The more students who take the banks’ credit cards, the more money the university gets. Under certain circumstances, Michigan State even stands to receive more money if students carry a balance on these cards.
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University officials say that their agreements with card issuers comply with the law and bring in valuable revenue.
“It provides money for scholarships and other programs,” said Terry R. Livermore, manager of licensing programs at Michigan State. He said that the program was aimed primarily at alumni and the university would not include sharing student information in future credit card contracts. “The students are such a minuscule portion of this program.”
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The alumni association of the University of Michigan is guaranteed $25.5 million over the term of its 11-year agreement with Bank of America. Under the agreement, the association agreed to provide lists of names and addresses of students, alumni, faculty, staff, donors and holders of season tickets to athletic events.
Much of the money goes toward scholarships, said Jerry Sigler, vice president and chief financial officer of the alumni association. He was unsure what students were told about the program.
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How do you guys feel about this? For instance, would you support FAU doing it to you guys as season ticket holders, if they don't already?
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VIP DONOR
Member since 2008
Re: Colleges Selling Alumni info to Credit Card Companies?
Posted
VIP DONOR
Member since 2005
Re: Colleges Selling Alumni info to Credit Card Companies?
Credit card affinity programs are commonplace at universities, including FAU. If you are a BofA customer you have an FAU debit and credit card option and membership in these programs does provide money to the school, so I think if younalready have an account there, and already have one of those accounts, you might as well take out the fau logo'd cards, it helps the school along the way.
As for selling access to banks, I believe fau does not participate in this practice. I remember hearing last summer that we were very close to a naming sponsor of the stadium, they were a bank, and part of the deal was that they wanted access to our students/alumni and that didn't jive with fau and or bank Atlantic so the deal fell through.
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Wise Owl
Member since 2004
Re: Colleges Selling Alumni info to Credit Card Companies?
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