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������Ƶ has entered into a 10-year agreement with U.S. Bank that will provide nearly $3 million to support student services and bring the campus its first bank branch.

U.S. Bank is counting on advertising privileges and a new campus identification card — with a bank logo on the back and optional ATM access — to help generate new customers.

Although the agreement had its beginnings in 2005 with a campus study and competitive process, its implementation now will help sustain student services through more recent state budget cuts.

“By forging public-private partnerships,” said Fred Wood, vice chancellor for Student Affairs, “the university has embraced a much-needed entrepreneurial spirit, one that balances the unique needs of our community with opportunities to generate new revenue.”

Bank logos on ID cards

The agreement will establish a bank branch in the Memorial Union Building on campus next summer; add six U.S. Bank ATMs this spring to the existing seven on campus that belong to five banks and credit unions; and allow for limited advertisements and signage featuring U.S. Bank at certain campus events and facilities.

In addition, the university next fall will roll out a new card for employee and student identification. The card will offer optional access to U.S. Bank’s debit and ATM services and display a small bank logo on the back.

Financial management

U.S. Bank is guaranteeing the university annual payments of $130,000 to $780,000 a year based on the number of banking accounts activated; the partners estimate an average annual payment of $280,000.

The bank will also offer optional financial literacy and credit management seminars for students.

Wood said he recognizes that there are concerns about corporate partnerships at a public university. In developing the bank partnership, Student Affairs adopted a set of guiding p rinciples that require “a process that is open, fair and competitive, consultative, and readily available for scrutiny and discussion.”

In 2005, the university invited multiple banks to submit a proposal for financial services on the campus — U.S. Bank was selected. The university has been involved in contract negotiations and campus consultations since then.

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