Many areas of Dixie are changing during the university transition, and the Higher One Debit card policies recently joined the party.
Higher One recently aligned its debit card policies with the National Association of College and University Business Officers’ card policies.
“We applaud NACUBO for identifying guidelines that put students and their interests first when selecting a partner for disbursing financial aid and offering optional banking services,” said Miles Lasater, COO and co-founder of Higher One, according to a December 18, 2012 press release.
These newly applied policies have altered some of the fees connected to the Higher One debit card. These changes are effective as of Jan. 3.
A Monthly Service fee of $3.95 will be charged to non-students who do not direct deposit $100 or more per month.
The Abandoned Account fee has been removed. Students have had issues with this fee in the past.
“They are going to limit the inactivity fee, which has been a thing for students who get their financial aid once per term and then don’t do anything for the rest of the term,” said Carlene Holm, DSC revenue director of business services. “Then five, six months down the road they will charge an inactivity fee. It is an awesome thing to not charge that anymore.”
Higher One will no longer charge insufficient funds or unavailable funds fees on any recurring debit card transactions.
Higher One will only charge up to one non-Higher One ATM decline fee and up to one non-Higher one balance inquiry fee per day.
New Fee Schedule layout has been incorporated.
The Account Terms and Conditions have changed in regard to the order in which withdrawals are processed.
Lasater was quoted again in the press release and praised the newly administered guidelines.
“An objective voice has been long awaited and NACUBO is an authoritative position to provide guidance to college and universities on campus disbursement and banking partnerships,” Lasater said. “Higher One is pleased to say its practices for financial aid disbursement and banking services conform to NACUBO’s identified best practices.”
NACUBO’s new guidelines developed from a survey of its member institutions is titled “Safeguarding Student Finances: Guidance for Campuses Offering Student Debit Card Options” are “designed to keep students first and include best practices,” according to the press release.
These practices are designed to encourage students to use financial institutions, allow students to choose their banking relationships, provide electronic refunds, comply with Title IV federal student aid programs, and to negotiate low or no fee options for students, according to the press release.
Students can apply for a Higher One debit card by visiting Business Services or by filling out a form online at https://dixieonecard.higheroneaccount.com/
There are three separate accounts students can choose from. The most expensive account charges a monthly fee of $5.95.
“They are all less than I pay at my bank,” Holm said.