US financial services holding company SunTrust
together with Mastercard has developed SunTrust Campus Card – a
reloadable prepaid card that integrates with a student’s
identification (ID) card.
Universities and colleges across the US will
be free to offer the product to their students for everyday
expenses both on and off campus.
In the instance of off campus use, students
will be able to use the SunTrust Campus Card to make purchases
anywhere MasterCard is accepted or withdraw funds without a fee
from more than 2,900 SunTrust ATMs.
In addition to parents and students themselves
adding funds onto the card, certain universities and colleges will
be able to directly load financial aid disbursements, which is said
to cut administrative costs associated with paper-based
“The SunTrust Campus Card programme offers
colleges and universities a simplified way to disburse funds while
making the financial lives of their students easier,” said Whitney
Stewart, SVP and senior payment strategy manager for SunTrust
“By linking an ID card with a MasterCard
reloadable prepaid card, the SunTrust Campus Card empowers students
with a convenient and safe way to pay for expenses and manage funds
both on and off campus.”
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The SunTrust Campus Card programme is
customisable, enabling participating schools to select the desired
level of card functionality and the extent of financial access they
wish to provide eligible students.