Desert Financial Credit Union is now ASU’s official retail banking partner, replacing MidFirst Bank after their 11-year contract with the University ended earlier this semester.
The expanded partnership, announced on April 12, means that there will be on-campus branches, ATMs at all four campus locations, and the bank will be the exclusive provider of ASU-branded debit and credit cards.
READ MORE: Midfirst Bank’s on-campus locations to close after University partnership ends
To kick off the partnership, Desert Financial is donating $25,000 worth of recovery aid equipment items for women’s sports at ASU, according to a press release.
The credit union has held ties with the University for several years and and has had naming rights for the University’s Desert Financial Arena in Tempe since 2019.
ASU's initial five-year contract with the credit union is scheduled to end in mid-2024 and includes an annual $1.5 million investment from Desert Financial to the University.
Desert Financial plans to provide community engagement events and volunteer opportunities and financial education for the students and faculty.
"Arizona State University and Desert Financial Credit Union share a strong belief in the power of education and our collaborative ability to support student learning and success," said ASU President Michael Crow in a University statement. "ASU is excited to grow this valued partnership as a dynamic resource offering great service, convenience and financial literacy to our students and our broader Sun Devil community."
Since 2020, nearly 30% of Desert Financial employees have been able to enroll in tuition-covered undergraduate and graduate degree programs at ASU through the Desert Financial InvestED Program.
READ MORE: ASU's Wells Fargo Arena to be renamed Desert Financial Arena
"Our existing partnership with ASU has improved access to higher education for our employees, and we’re building on that foundation to increase access to high-quality, local financial services and financial education for the ASU community," said Desert Financial President and CEO Jeff Meshey.
The ASU debit cards will be available soon, but students can now open an account through DesertFinancial.com.
Edited by Sadie Buggle, Jasmine Kabiri and Caera Learmonth.
Reach the reporter at lboykins@asu.edu and follow @BoykinsLauren on Twitter.
Like The State Press on Facebook and follow @statepress on Twitter.
