Bank Service Agreement

View the full printable licensing agreement

Executive Summary of Union Bank Licensing Agreements

Term: March 1st, 2015 – February 28th, 2023

Student Checking Account Features

  • Free Union Bank checking account with unlimited check writing capability.
  • Up to 200 personalized Union Bank checks
  • Free ATM transactions on the Union Bank’s network
  • Debit card point-of-sale transactions from the Union Bank checking account
  • Toll-free phone and free internet account balance inquiries
  • Free electronic transfers from third-party bank accounts to the Union Bank checking account
  • Free electronic bill payment services
  • No fees charged for first account overdraft in each calendar year
  • No fees charged by Union Bank for use of a non-Union Bank ATM

Additional Faculty/Staff Benefits

  • Market-based interest earned on checking accounts for customers who receive account statements electronically
  • Free wallet-style or duplicate Union Bank exclusive checks for the life of the account

Union Bank Payments to UNL

Annual Payment
Description Payment Amount
Royalty Payment $700,000
Estimated ATM Income $87,750
Branch Rental (includes utilities/custodial) $35,556
UNL Campus ID Program Support $30,000
UNL Student Organization Support $20,000
Total Benefit to UNL $873,306

Other Payments Included in Contract
Description Payment Amount
Royalty Payment at Contract Execution $700,000
Branch Bank Renovations $350,000
Marketing & Promotion $680,000
Option: Use of an On-Line Financial Literacy Training Program $220,000

Notes Regarding UNL Student Financial Aid

Union Bank’s contract with UNL does not include any provisions whereby Union Bank assists with the disbursement or delivery of any student financial aid. Disbursement of financial aid is only to the checking or savings account in the financial institution of the student’s choice. If a student elects direct deposit, the financial aid is not added as value to any debit card.

Student financial aid funds at UNL are applied to educational expenses. If a student voluntarily deposits their excess aid refund in Union Bank or any other bank, fees associated with that bank’s checking or savings account programs apply. UNL is not a party to those transactions.