Melissa Korn
speaker
822 appearances
14 recordings
1 series
first heard Sep 2017
last heard Sep 2024
Melissa Korn’s voice in public audio — every appearance, attributed to the second.
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They also needed to tell the number of students who had such accounts in the prior year, and perhaps most interesting, the amount of total consideration, mostly in the form of money, that the school received from the bank.
So really all of the details about...
the nitty gritty on what these accounts mean for students and also for the schools.
Right.
So there's a few different royalty structures that schools and banks have in place.
One of the most common is a revenue share based on account volume.
So the more accounts that students and faculty and staff sign up for, the more money a university gets.
In some cases as well, the school can get money for every time a non-bank customer uses a bank ATM on campus.
Every time somebody uses their debit account, you know, a Visa swipe card, the school gets a cut.
And in some cases, the school gets a certain amount of money for each individual account.
So University of Illinois can get $200 and above per account once a certain number of accounts are opened.
Yeah, it's a significant revenue option for schools.
Right.
So, again, each school's contract is different.
But in many of them, we found that the banks would agree to host things like financial literacy, you know, how to manage your finances and for faculty and staff.
what you need to know about mortgages, and then also, oh, by the way, here are our options for those products.
And for some, it's a great financial literacy option if you've never really been exposed to the banking system, which many 18-year-olds have not been exposed.
It can be great.
But some critics say that the school shouldn't be the one making the decision on which bank or which banking product is right for you.
Right.
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