RANTOUL, Ill.–Credit Union 1 has become the new “official banking partner” of the University of Notre Dame’s athletic department.
The deal provides access to school- and mascot-branded debit cards, as well as other banking services.
While specifics of the deal were not announced, an earlier report from Sportico stated, “A similar arrangement with Bank of America for banking services that ran through 2019 shows the Irish likely will collect a decent fee for every student and fan who signs up. Under the Bank of America deal, disclosed to the CFPB, Notre Dame collected $100 for every new sign-up for a credit card or rewards account (which were fee-generating checking accounts). On top of that, the school collected a portion of all the money Irish account holders generated: half a percent of charges on the credit card, 0.05% to 0.2% on debit spending, depending on the specifics of the account.”
In the past 10 years according to CFPB data, Notre Dame collected $4.7 million from the arrangement, while Bank of America gained 5,552 active accounts.