Leftover student financial aid, refunds and other reimbursements are now paid onto the Cowboy Card by default. Students are still given the option to select an alternative payment method, such as deposits into a personal account or receiving a HigherOne paper check. However, students are required to have their Cowboy Card before they can log into their HigherOne account and select these options.
While this system appears more efficient than a manual system of posting checks or having students collect them, there are drawbacks associated with the new method, all of which have potential impacts on students and their back pockets.
On the UW Cowboy Card website, there is a testimonial from a Portland State University student, who noted how the HigherOne account’s fees are not hidden “like those of other banks”.
“Most bank accounts tuck little fees into the fine print. And although the fees may be relatively small, over time they can add up and become significant,” the website said.
While the fees on the HigherOne accounts may not be hidden, they can, over time and without care, add up to become a significant drain on the account.
The Cowboy Card is specifically stated not to be a credit card, however, using it as a PIN-activated debit card will net the student a $0.50 fee every time it is used. To avoid this fee at the checkout, the student must choose the credit option and sign the receipt. While this information can be located easily, it does require the student to search for and read extra information.
In addition, there is an abandoned account fee of $19 each month after nine months of inactivity. This fee can sting, especially if the account is inactive in order to avoid the $0.50 transaction fee. There are also fees for outgoing wire transfers, which means the only way to retrieve money from the account is via an ATM – and even that is not without fees.
Students can avoid being charged ATM fees by using a HigherOne ATM, which allows free withdrawals. There is a single HigherOne ATM in Wyoming, located on the second floor of the Classroom Building on the UW campus. This makes use of the Cowboy Card away from campus a costly affair, with a $2.50 fee on top of the ATM’s own charge.
Programs similar to the Cowboy Card have been adopted throughout the country at other colleges and universities, with some schools merging the student IDs and the HigherOne account cards into a single card.
Between the fees for inactivity, incorrect use at the checkout and ATM charges, the Cowboy Card can quickly drain a student of their already meager funds.