Wells Fargo recently launched its first student funds disbursement program at Texas A&M University, College Station. The program, which directs students to a Web site to select how they want to receive financial aid or other refund payments from the university, streamlines the university’s operations by outsourcing payment preference collection and payment processing.
“This new program significantly reduces the administrative support required to process more than 100,000 student refund payments annually,” said Terry Pankratz, A&M’s chief financial officer.
Under the new system, students can choose to have their refunds deposited directly to any domestic checking or savings account, or they can choose to receive a check in the mail. Students who opt to have their refunds deposited directly into their Wells Fargo account are able to access their refunds through the new Aggie Bucks Unlimited Gold debit card designed exclusively for the Texas A&M community.
Launched in January, the Aggie Bucks Unlimited Gold Card offers no-fee PIN and signature-based purchase capability anywhere Visa debit cards are accepted, enrollment into Wells Fargo’s optional Exclusive Rewards program and free access to more than 12,000 Wells Fargo and Wachovia ATMs.
Wells Fargo has been working with Texas A&M University since 1998, and began collecting student preferences and processing student refund disbursements in April.