Delaware State University has partnered with Investor Cash Management to offer a new cash management account (CMA) for students, faculty, staff, and alumni that combines a bank account with the investment options of a brokerage account. The program is available to all members of the university community.
The Delaware State University CMA combines investment options access and liquidity of a Visa contactless debit card. The CMA features higher rates than traditional bank accounts.
ICM’s patent-pending technology combines immediate access to cash and invested funds for in-store and online purchases, surcharge-free ATM withdrawals at over 55,000 locations nationwide, bill payments, and direct deposits. In addition, users can manage their accounts via a Delaware State University CMA Apple/Android app and corresponding web portal.
DSU President Dr. Tony Allen stated, “87% of our graduates enter their career of choice or enroll in graduate school within six months of graduation. But they need more than their degree to change the economic trajectory for themselves, their families, and their communities. They need to know how to build wealth.”
He continued, “That takes planning, time, and tools. We are already committed to comprehensive financial literacy training, and the new Delaware State University CMA provides our entire university community with a responsible financial product built just for us. We hope many of our sister institutions will join us as well.”
Tolan Steele, Visa global head of Core Products, stated, “One of Visa’s driving purposes is to build a global economy that serves everyone, everywhere. We’re proud our technology and products, through Investor Cash Management’s unique platform, will make an impact within Delaware State University’s community – and beyond.”
John W. Rogers, Jr., co-CEO of Ariel Investments and Investor Cash Management board member, stated, “The ability to patiently build wealth is a crucial skill and requires access to responsible financial tools and educational resources. Delaware State University is making a focused effort to promote financial wellness and help close the racial and gender wealth gaps.”
The Investor Cash Management CMA provides Delaware State University the necessary tool to augment the institution’s commitment to financial literacy training for all members of the community, according to Dr. Michael Casson, dean of the College of Business. “We’ve spent the past few years developing a seamless, integrated system of financial literacy training that reaches out to high school students as we are recruiting them, to our students, and also to our alumni,” Casson said. “The CMA Account now allows us to provide a critical tool to implement what they’ve learned in their own lives.”
Members of the Delaware State University community can learn more about the CMA by visiting www.desu.edu/about/alumni-relations/delaware-state-university-cma.