TCF Bank announced Monday that it will end its MCard partnership with the University effective April 30. According to an e-mail distributed to students, TCF account holders will no longer be able to use an MCard as a valid ATM or debit card.
The announcement marks the end of an almost 14-year partnership between the University and TCF.
Kim Broekhuizen, a University public affairs representative, said TCF informed the University last fall they would not renew their partnership.
“While the features associated with TCF bank accounts held by students and employees won’t change after the contract ends, it will no longer be possible to use the MCard as an ATM card,” she said. “Customers can still use their TCF Visa Check Card to access their accounts, including through ATMs.”
Mark Goldman, TCF director of corporate communications, said the bank and the University have worked well together throughout their partnership.
“Whenever our contracts with our various University partners are due to come up for renewal, we look at a variety of factors, including the length of agreement, service expectations and overall financial commitments,” Goldman said. “We ultimately make a decision that in the best interest of both the University and TCF.”
Goldman said he could not comment on the process by which the decision was made or whether there were negotiations between TCF and the University for renewal.
“The same benefits that students are receiving through the specially-designated student account with TCF will continue despite the exit of the relationship with the University,” Goldman said.
According to a 2014 University finance department document, about 40 percent of new students open a TCF Bank account.
The announcement also states that some of the bank’s ATMs will stay in University buildings. Goldman said the exact buildings and ATMs are up for consideration and TCF is working close with the University to keep as many as TCF ATMs possible.
“This discussion is ongoing and we expect some kind of resolution in the very near future,” Goldman said. “And of course we are committed to letting our customers and all of the campus community know when that decision and when that agreement is reached.”
TCF currently has 18 ATMs in University buildings across campus, including in the Michigan Union and the Michigan League.
Goldman said TCF is also working with the University to make the transition away from the partnership they have using the MCards as seamless as possible and added that the bank still plans to serve the Ann Arbor community and the University’s students.
“We are committed to doing everything we can to continue to help students and continue to serve the interest of the community,” Goldman said. “That could come in a variety of different ways, sponsorship of various charitable events as well as continuing to provide a compelling banking solution for the entire community.”
The end of the partnership may not mean the end of the MCard as a banking tool.
“The University has been reviewing proposals to select a new banking partner and expects to finalize its decision in the near future,” Broekhuizen said.