We recently got our hands on a copy of a contract between Bank of America (by way of its subsidiary, FIA Card Services), the Alumni Association, and GUASFCU, which reveals a seven-year agreement that pays out up to $2.8 million in royalties to the Alumni Association and GUASFCU.
As per the agreement, the Alumni Association and GUASFCU provided customer lists to Bank of America, which were then used to market credit cards to students and alumni. According to GUASFCU CEO Arjun Mehta (SFS ’11), the credit union only passed along a list compiled by the University Registrar’s Office.
Want to know more? We’re got more details and the contracts after the jump.