Disclosure
Loyola Marymount University Participates in an Affinity Checking Account Program with Wells Fargo Bank, NA. Wells Fargo Bank, NA has jurisdiction over the management and operations of the affinity checking programs in compliance to applicable State and Federal Banking regulations. Participation in the program benefits LMU in the form of a royalty for the use of the schools brand only.
The Department of Education's (ED) Cash Management regulations 34 CFR 668.164(d)(4)(i)(B)(2) (issued October 2015), require institutions participating in T2 (Campus Card) arrangements to list and identify the major features and commonly assessed fees as well as a URL for the terms and conditions of each financial account offered under the arrangement.
Wells Fargo Bank Financial Account Disclosure
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Disclosures
Loyola Marymount University and Wells Fargo Campus Card Agreement for the Award Year period of July 1, 2018 - June 30, 2019:
- Total number of student customers with accounts: 808
- Annual mean linked account costs: $48.06
- Annual median linked account costs: $8.80
- Total royalties received by LMU: $11,000
- Total marketing received by LMU: $10,000
Wells Fargo uses information provided to us directly by our customers to identify students with accounts.