MICHIGAN — It’s a game changer, and that’s exactly what Chase Bank of America is looking to capitalize on as the online banking option for Michigan State football coaches gets its first major update in two years.
The $100-per-week appointment for the job opens Monday and is one of several new options available to the Spartans in the aftermath of the school’s decision to terminate its partnership with the NFL and take a run at the 2020 NFL Draft.
The school says the new option will allow its coaching staffs to “provide the full range of information” that is now required to open an account and make a deposit.
Michigan State athletic director Tom Jurich, who also leads the football department, announced the appointment at a news conference Monday morning.
Chase will operate a full-service banking program with full customer service and no account opening fees.
Jurich says it will allow the school to have more flexibility in how it wants to provide services to its players and staff.
“As the relationship with Chase continues to develop, the bank is looking at more of a full service banking option that would allow them to provide a full range to the student-athletes that are participating in their program,” Jurich said.
“We are committed to making sure that our student-to-student relationships are as seamless as possible and that our relationship with our players is as good as possible.”
The move to allow student-on-student banking will also help the Spartans “keep our doors open to new opportunities that we may not have had access to,” Juricich said Monday.
“And this is one more piece of that puzzle that we’re continuing to work on.”
The first-ever online banking feature for Michigan players came online in 2015, when the school introduced a mobile application for its mobile app that allowed students to make deposits and withdraw cash from the bank.
The feature was expanded to other states and was added to the bank app in 2019.
The app is available for Apple and Android smartphones.
While there are plenty of banks in the country offering services to students, the new banking option is the most technologically advanced and allows Michigan State to offer its football coaches more services.
It also allows for the first time a coach to access financial information from his or her phone during a game.
For the most part, the money that goes into the Michigan State account goes to the school, which provides it with funds to pay the coaches for travel, lodging and equipment.
Michigan’s other sports programs, including football, basketball, baseball and women’s lacrosse, have also added a suite of financial services that includes direct deposits from students.
In the end, the school says it has no plans to discontinue its relationship with the NCAA, but has not announced when the partnership with Chase will end.