Madison, Wis.-based University of Wisconsin (UW) Credit Union on Wednesday said it has entered into a multi-year partnership with the University of Wisconsin-La Crosse.
Under terms of the agreement, the $2.2 billion credit union will provide on-campus banking services, support of the university's "It Make$ Cents" financial literacy program, and student scholarships and employment opportunities over the next seven years, with the opportunity for three, one-year renewals.
The University of Wisconsin-La Crosse said there was a "competitive bidding process" that resulted in UW Credit Union being awarded a contract that provides "significant" annual compensation to the university, which could exceed $850,000 over the potential 10-year contract period. The funding is guaranteed regardless of the number of people who open accounts with UW Credit Union, the two parties said.
In addition to providing surcharge-free ATMs on campus, UW Credit Union will open a full-service branch within the school's new Student Center in January 2017. The credit union will provide an interim branch at the Cartwright Center that opened Aug. 31.
"We are very pleased to be able to partner with UW Credit Union and look forward to having the credit union on the UWL campus," Bob Hetzel, vice chancellor for administration and finance at UW-La Crosse, said in a statement. "UW Credit Union provides exceptional services, which will be available to our students, faculty and staff through the new branch in the Student Center as well as online. They have a community-oriented philosophy that provides an excellent fit with UWL since UW Credit Union is committed to serving the best interests of students, faculty and staff."
The agreement officially began in August, offering UW-La Crosse students, faculty and staff the following:
- A checking account option that features no minimum balance and no monthly or online banking account fees.
- Leading on-the-go banking technology: Mobile App, Mobile Wallet, Mobile Deposit, email and text alerts, and more.
- Surcharge-free ATM services. Anyone using the on-campus ATMs will not have to pay terminal fees of up to $3 charged by many financial institutions.
- In partnership with the It Make$ Cents program, seminars aimed at encouraging responsible financial practices.
- A convenient on-campus location for conducting banking business.
In addition, UW Credit Union promised to provide "consumer-friendly banking practices." For example, UW Credit Union will not assess an overdraft NSF fee related to regular debit card transactions and charges no more than one NSF or overdraft transfer fee per business day, regardless of how many overdraft items are involved. Other financial institutions charge multiple NSF fees, some up to six per day, it noted. In addition, UW Credit Union accounts overdrawn by less than $10 will not be assessed overdraft fees.
"We are exceedingly proud to be able to serve the La Crosse campus community," said Rob Van Nevel, senior vice president and chief member solutions officer at UW Credit Union. "We are dedicated to business practices that promote the financial well-being of students, faculty and staff, as well as members of the surrounding community. Even though we do offer easy online access, our presence on campus adds another level of convenience to all of our consumer-friendly products and services."
The partnership will expand UW Credit Union's full-service branch and ATM network to eight campus communities: UW-Green Bay, UW-La Crosse, UW-Madison, UW-Milwaukee, UW Oshkosh, UW-Stevens Point, UW-Whitewater and Madison College.
UW Credit Union has 505 employees who serve more than 215,000 members via a network of 24 branch locations and more than 100 ATMs. Founded more than 80 years ago by members of the University of Wisconsin community, UW Credit Union today has locations in the Madison, Milwaukee, Stevens Point, Green Bay, Oshkosh, Whitewater and La Crosse areas.
