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Wiscards can now double as debit cards

UW-Madison enters into deal with UW Credit Union

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(AP) - University of Wisconsin-Madison students will soon have the option of using their school identification as debit cards.

UW-Madison is entering into a contract that gives UW Credit Union the exclusive right to provide the service for up to 10 years. In exchange, the university is expected to receive as much as $6.4 million in revenue.

A committee of the UW System Board of Regents approved the deal on Thursday. The full board is expected to approve it Friday.

Some universities have been criticized for steering student business to banks in exchange for receiving more revenue, but UW-Madison’s deal is not structured that way.

The school will get the same amount of revenue no matter how many students sign up for the checking accounts.