Texas A&M University to launch debit card program

The new disbursement program was created to provide students with quicker access to financial-aid checks and tuition refunds. The program will also include an educational component designed to help students with general financial management. The pilot program is addressed to incoming freshmen as well as a select group of current AggieBucks users. If the tests will be successful, the disbursement program will be opened to all students in January 2009. Under the debit card pilot program, A&M will contract with a third-party financial institution. The university will provide student information to the bank, which will disburse money through paper checks or direct deposit. Students will be able to sign up for a free checking account with the selected bank. Money due to the student can be directly deposited into that new account or automatically transferred to any other bank. Paper check and direct deposits are the only ways the Texas A&M University can disburse money to students in the present. Interim vice president and chief financial officer for Texas A&M Terry Pankratz said the problem is too many students often change addresses or banks without telling the university resulting in a significant number of checks and payments being returned to the university.