PNC markets debit cards to students
Over the years, banks have been roundly criticized for their aggressive marketing of credit cards on college campuses.
In the boom years, banks were willing to take such hits, which revolved mainly around elevated interest rates, but things may be changing in this era of reform. The Washington Post notes that the Credit Card Accountability Responsibility and Disclosure Act of 2009 included provisions "that limited banks' presence on university campuses and prohibited them from giving out gifts in exchange for credit cards."
But there were no similar measures for debit cards. Consider PNC efforts to market debit cards more aggressively to students at Georgetown University. The bank is making available "GOCards," which are being marketed to students as well as faculty. The card also doubles as a student ID, allowing customers to use a single card for a whole lot of purchasing and other activities.
PNC waives the first overdraft fee (and I don't doubt there will be overdrafts!) and students are allowed one free incoming wire transfer a month (good news for parents). The bank also provides an online management site and on-campus financial workshops.
We'll likely see other banks take the leap. PNC has already signed up 25 universities. This is a great idea to develop customers early.
- here's the article