By moving to card-based financial aid disbursement, the refund process can become much more cost effective for the school.
Enid, OK (PRWEB) April 16, 2010
Students at North Central Missouri College received their financial aid refund faster than ever before thanks to a prepaid debit card issued by Central National Bank and processed by its subsidiary Interactive Transaction Services.
The cards were first issued during the spring semester of 2010, and were loaded by CNB with over $2 million in financial aid refunds. Customized for the college with their logo and colors, the cards seamlessly integrate with the campus ID cards already being utilized by the college as a part of the Heartland Payment Systems'® (NYSE: HPY) OneCard platform.It was a partnership between CNB and Heartland that allowed for the financial aid distribution product.
With the OneCard students can access buildings and parking facilities as well as library and dining services. It can also be used to make purchases on campus at bookstores, vending machines and at laundry machines. But because they also now have a network-branded debit card, students have the ability to expand their off-campus purchasing.
For years colleges and universities have provided students with paper checks when they had a financial aid refund coming.
“That process is inefficient and slow,” said Brud Baker, president and CEO of Central National Bank.
“By moving to card-based financial aid disbursement, the refund process can become much more cost effective for the school. At the same time it provides students greater access to products and services, convenience and security in managing their money. We are all familiar with the cash flow problems experienced by college students. Having their refund in days rather than weeks makes a great deal of difference for them.”
Unlike other financial aid refund cards on the market, students do not need a checking account to carry the CNB-issued card. Additionally, each card carries FDIC insurance at the individual level. Central’s proprietary software also offers a variety of functionality such as SMS mobile and email alerts, bill pay, and internet banking. CNB also drives an on-campus ATM where students can withdraw their funds for no fee. Future releases of the card may also include an international money transfer capability. Such functionality further separates the CNB-issued card from others on the market today.
“We haven’t forgotten about the thousands of international students attending colleges and universities in this country,” Baker said. “Many of them send money back home to their families. We have a perfect solution for them as well.”
The prepaid debit card issued by CNB also satisfies Title IV, Regulation E and PCI requirements.
“This card is a complete, compliant, and cost effective tool for managing the financial aid refund process,” Baker said.
About Central National Bank
Central National Bank is an FDIC-insured financial institution headquartered in Oklahoma and is held by Central Services Corporation. There are eight branch locations throughout the state. The bank reported assets of $505 million in the first quarter of 2010. CNB has been issuing and processing prepaid cards since 2002. http://www.cnb-ok.com
About Interactive Transaction Services
As a subsidiary of the Central National Bank, Interactive Transaction Services was established to provide marketing, sales, delivery, and processing services for the prepaid card products of CNB. http://www.itsvcs.com