Scrutiny Regarding Michigan State And Bank Of America Link

A longtime agreement between Michigan State and Bank of America is receiving increased criticism from students and government members alike.

Michigan State University and MBNA, a Bank of America subsidiary, have had a 14-year agreement in which the school has revealed address and phone information to the bank, in exchange for campus credit card exclusivity. Many students feel that this is an invasion of privacy, something that the U.S. Public Interest Research Group agrees with.

"Colleges should not be selling or sharing the names of their undergraduates with banks without the students' affirmative consent," said Ed Mierzwinski, consumer program director for U.S.PIRG told the Lansing State Journal. Mierzwinski added that students should not have their names sold to credit card companies without their consent.

The agreement is aimed at alumni, but students do represent a considerable amount of accounts, comprising 1,000 of the 40,000 that are active.

The credit limit is topped off at $2,500 and a Bank of America representative said that students pay lower fees and do not have an increased interest rate, no matter the situation.