The purpose of these deals is to foster computerized cashless transactions on-campus, for example purchasing books, meals or tickets to athletic events through a debit card that doubles as a student ID. The students account balance may include monies received through financial aid. Under the agreements between the banks and schools, the schools receive revenue ? up to $1 million or so a year ? each time a student uses the card in an on-campus transaction.
The USA Today story alluded that the debit cards may be a good deal for the school, but not necessarily the best deal for the students, especially when it comes to overdraft fees. The article cites the a study by the Center for Responsible Lending, a consumer advocacy group that states that young adults ages 18-24 pay, on average, more than $3 in fees for every $1 overdrawn, compared with nearly $2 in fees paid by other adults.
The overdraft practices are reminiscent of the predatory practices of banks in their relationships with low-income customers: to levy the highest penalties on the customers who can least afford them. It is disappointing to see colleges buy into these practices, but easy to understand why: they have an opportunity to outsource transaction processing and student ID records to an outside provider. It is a means for an educational institution to turn a cost center into a revenue center.
The student debit card programs have become the latest higher education cause for New York Attorney General Andrew Cuomo, following a successful investigation into the student loan lending practices of banks that among other things, offered perks to financial aid officers to direct students to use their products. Cuomo's investigation is only in its infancy, but the attorney general's office is concerned about excessively high overdraft fees, and that banks may use their relationships with schools to pitch high-interest credit cards to their students.
Unless Cuomo's investigation finds new evidence of kickbacks to school officials, solutions to the problems of student debit cards can be worked out between the schools and banks without government intervention.
One solution is to not allow students to overdraw their account. The systems at the point of sale could tell a cashier or the bursar that the student has insufficient funds; a balance check would be unnecessary. This will work if a second solution is in place: student deposits clear in one day, instead of the usual three at most money center banks. Commerce Bank is one financial institution that markets such a service to competitive advantage.
Spokespersons for the banks and their associations have argued that the overdraft penalties force college students to manage their money responsibly. I would argue that preventing overdrafts will do the same, without putting students further behind the financial eight-ball or encouraging them to live beyond their means. They would also learn to have cash on hand for their coffees and mocha lattes.
My proposed solutions could be considered corporate social responsibility on the part of the banks and schools. No doubt it's in their best interest for students to graduate with better credit and more income to repay student loans.
If you are planning to organize a trade show, seminar, or convention, and trying to look for the best promotional item that can be handed out at end of the event, think about umbrellas. Many companies go for pens, mugs, and caps, but only a few intelligent ones go for promotional umbrellas. Promotional umbrellas are munificent and caring corporate gifts and can become a good statement for your business. Umbrellas are far more popular and useful than the normal clich? promotional items. If you are in UK, calculate the number of rainy days appearing in a year. You will understand the value of umbrellas in every household.
The best way to liven up the wet, damp and dreary rainy months is to gift umbrellas. Everyone uses umbrellas during rainy seasons and most people have umbrellas with plain or striped designs, save for the occasional print or flower pattern. Why not replace them with your promotional umbrellas imprinted with your business name, logo, message, slogan, or website URL. This will not only serve the purpose of gift but spread your company name amidst a large section of the society thereby creating brand awareness.
People think that it is very easy to design promotional umbrellas, which is not always true, as designing umbrellas involve planning, thought process, and colour combination.
Many companies who have selected promotional umbrellas as their promotional items often get confused about the design aspect and don't know how to proceed. If you are into this situation, look for an expert rather than giving up and selecting a plain umbrella without any design. Despite being useful, you have to remember that promotional umbrellas are left idle for a few months in a year, when your advertising usefulness gets reduced. But the same can be said for other promotional items too. The major advantage of promotional umbrellas is that the product is bound to be taken outdoors in public places.
Whenever potential customers are on the verge of taking a decision on whom to call for a particular service, they will certainly remember the company name they saw on their way from the streets that morning. Promotional umbrellas are capable enough to generate not just customer satisfaction but also advertising your company name to countless others. Hence, the bottom-line is, it is worth considering promotional umbrellas as a business gift.
At Ideasbynet, you can find a wide range of promotional umbrellas available in varied colours, makes, and designs. It is largest store in UK selling varieties of promotional items and exclusive umbrellas for the purpose of promotion. Its expert designers and assistants can help you out with aspects of product design and aesthetics. To buy promotional umbrellas, printed umbrellas, promotional gifts, and promotional items visit www.ideasbynet.com.
Both Stuart Nachbar & Gareth are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Stuart Nachbar has sinced written about articles on various topics from Education, Presidential Election Results and Education. Contact Stuart Nachbar at , a blog on education politics, policy and technology or read about his first book, The Sex Ed Chronicle, a novel on education a. Stuart Nachbar's top article generates over 9900 views. to your Favourites.
Gareth has sinced written about articles on various topics from Finances, About Branding and Writing. Gareth Parkin is the co-founder of Ideasbynet, the UK's largest online source of and. Gareth's top article generates over 40500 views. to your Favourites.