Spring Break
GUEST COLUMNS
Aggie Bucks no longer needed
By: Tim Larson
Issue date: 4/7/09 Section: Opinion
The Aggie Bucks program has served as a staple of student life for two decades. I must now, regrettably, say that it is dead. Where we once had efficient service designed to fit student needs, we now have a debit card with an Aggie sticker on it. Why would anyone need this? The vending machines will likely be fitted with normal credit card readers, allowing any debit card to work with them.
The classic Aggie Bucks system could never be overdrawn and had no fees associated with it. Previously, if you swiped your card to get a Coke and you didn't have enough in your account, it will politely tell you "insufficient funds." Now, you will get your coke, along with a $35 overdraft fee. A specialized debit card catering to a captive market will doubtlessly have higher than average fees and other charges. Future students should select a debit card based on what bank is best for them, not which bank pays A&M the greatest brand licensing fees.
I have a hard time blaming the University; it is hard to resist a change that makes a large profit. Texas A&M had to pay to run and maintain the old system. If it is run like similar programs at other universities, Wells Fargo will be paying the University a substantial fee for this card. Likely the University will receive a portion of all fees. If the old system is not sustainable, perhaps it is time for it to go. However, full disclosure is required. The University needs to disclose exactly how much they are getting paid by Wells Fargo and the nature of these payments. Instead of this, we received in our e-mail advertisement for a Wells Fargo debit card. The list of fees was conspicuously absent.
I know I will never get this card. I don't have long left before I graduate, but it saddens me to think the Class of 2013 and later will never have Aggie Bucks, only the Wells Fargo debit card. I hope they remember the costs involved, and they realize that a University looks after its own interests, not just those of its students.
The classic Aggie Bucks system could never be overdrawn and had no fees associated with it. Previously, if you swiped your card to get a Coke and you didn't have enough in your account, it will politely tell you "insufficient funds." Now, you will get your coke, along with a $35 overdraft fee. A specialized debit card catering to a captive market will doubtlessly have higher than average fees and other charges. Future students should select a debit card based on what bank is best for them, not which bank pays A&M the greatest brand licensing fees.
I have a hard time blaming the University; it is hard to resist a change that makes a large profit. Texas A&M had to pay to run and maintain the old system. If it is run like similar programs at other universities, Wells Fargo will be paying the University a substantial fee for this card. Likely the University will receive a portion of all fees. If the old system is not sustainable, perhaps it is time for it to go. However, full disclosure is required. The University needs to disclose exactly how much they are getting paid by Wells Fargo and the nature of these payments. Instead of this, we received in our e-mail advertisement for a Wells Fargo debit card. The list of fees was conspicuously absent.
I know I will never get this card. I don't have long left before I graduate, but it saddens me to think the Class of 2013 and later will never have Aggie Bucks, only the Wells Fargo debit card. I hope they remember the costs involved, and they realize that a University looks after its own interests, not just those of its students.
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