LEXINGTON, Ky.—The $670-million University of Kentucky FCU has signed a new 15-year agreement with the University of Kentucky to remain the school’s official credit union.
The cost of the deal was not disclosed. The announcement comes just a few months after the university announced that PNC Bank had become its “official bank.”
The announcement with the credit union will mean a continued on-campus presence in the new University of Kentucky Student Center (scheduled to open in January 2018) with a full-service branch to offer complete banking and financial education services.
According to the University of Kentucky News, the agreement also includes:
- Two ATMs throughout the University of Kentucky’s main campus.
- Access to all UKFCU deposit and loan products and services with complete online, mobile and ATM access to include mobile deposit, free bill pay and free checking.
- Complete online financial literacy and education tools where faculty, staff and students can learn more about personal financial management, budgeting, home ownership and investing.
- Scholarconnect, a continuing monthly scholarship program for university students.
- Ongoing financial education seminars and programs on a wide variety of topics to prepare faculty, staff and students for financial challenges.
- Access to UKFCU’s CreditSMART loan to help establish the credit needed for a smart financial future.
“We are excited about this partnership with the University of Kentucky Federal Credit Union,” Eric N. Monday, UK’s executive vice president for finance and administration told the University of Kentucky News. “We have confidence that this expanded relationship — coordinated through our multi-media partner JMI Sports — will provide our students and the campus community with enhanced financial services and educational support.”
“We are excited to remain as the official credit union of the University of Kentucky,” David Kennedy, University of Kentucky FCU’s president and CEO told the newspaper. “Since our founding by UK employees in 1937, we have continuously partnered with the university to provide the faculty, staff, students and alumni, with the financial tools and education to last throughout their lifetimes.”
Under the earlier deal with PNC Bank, the university said that as part of its deal PNC will get a list each year of employees and students who have not opted out of the school’s directory information, allowing the bank to send mailings. PNC will be the only bank allowed to promote itself on campus and will have access to UK’s intra-campus email for distribution of PNC literature.
PNC also will set up seven ATMs around campus, including in the new Student Center, due to open in 2018, where the company will build a 645-square-foot office. Under the deal, students will be able to use their UK ID card as their PNC debit card.