A new breed of banker is turning up on college campuses. Barely old enough to take out loans, much less authorize them, undergraduate financiers have established federally insured credit unions at twelve schools, from Berkeley to Babson College in Wellesley, Mass. Estimated combined assets so far: $10 million. The University of Colorado at Boulder will open one in June.
Some of the operations offer just savings and checking accounts and personal loans, but others are more sophisticated. Through Connecticut Bank & Trust, for example, the 2,500 members of the University of Connecticut credit union can use electronicbanking cards to withdraw money...
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