SunTrust and MasterCard Introduce Reloadable Prepaid Campus Card Program
Expanded financial capabilities on ID cards offer students greater flexibility, security and convenience when making purchases both on and off campus
ATLANTA and PURCHASE, N.Y., April 27, 2011 /PRNewswire/ --SunTrust Banks, Inc. (NYSE: STI) and MasterCard Worldwide today announced the launch of the SunTrust Campus Card, an innovative product that integrates a student identification (ID) card with a MasterCard reloadable prepaid card.
With this new campus card, universities and colleges will now be able to offer their students access to a reloadable prepaid account to pay for everyday expenses on and, in some instances, off campus, while benefiting from the flexibility and security of a reloadable prepaid card. In the instance of off campus use, students will be able to use the SunTrust Campus Card to make purchases at millions of locations where MasterCard cards are accepted or withdraw funds without a fee from more than 2,900 SunTrust ATMs. Safer and more convenient than cash, the prepaid card will also provide students greater security and control over their finances.
"The SunTrust Campus Card program offers colleges and universities a simplified way to disburse funds while making the financial lives of their students easier," said Whitney Stewart, Senior Vice President, Senior Payment Strategy Manager, SunTrust Banks. "By linking an ID card with a MasterCard reloadable prepaid card, the SunTrust Campus Card empowers students with a convenient and safe way to pay for expenses and manage funds both on and off campus."
Students and parents can easily add funds to the cards via an online site. In addition, and in some instances, certain colleges and universities can directly load financial aid disbursements onto the SunTrust Campus Card, replacing the need for paper-based payments.
Providing Access to Funds and a Financial Education
The SunTrust Campus Card program can easily be customized, enabling participating schools to select the desired level of card functionality and the extent of financial access they wish to provide eligible students.
"The SunTrust Campus Card is an excellent example of how a choice in payments makes lives easier while empowering financial responsibility," said Ron Hynes, Group Executive, Global Prepaid Solutions, MasterCard Worldwide. "In research, we received positive feedback from administrators and students on the convenience, control and security of the payment options. Additionally, administrators highlighted the added benefit of enhanced efficiency for their financial disbursement programs."
As part of the program, as currently configured, SunTrust and MasterCard will launch a website for college students and faculty members targeted to teaching financial literacy and featuring budgeting tools and educational materials. Students will also have access to an online site that they can log into for account management, including setting up account alerts (email and SMS). The sites will be launched later this year.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of March 31, 2011, SunTrust had total assets of $170.8 billion and total deposits of $124.0 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.
SOURCE SunTrust Banks, Inc.
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