Word: mcloughlin
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According to McLoughlin, both Princeton and MIT have mandated similar arrangements for their student groups, the former establishing a partnership with Fleet, the latter requiring organizations to conduct business directly with the school...
...debit or credit cards, loans or online bill payments. An HUECU representative will advise student groups with significant assets on how to divide their money between an interest-bearing but restricted money market account which will earn 1.25 percent interest on deposits over $50,000 and a checking account, McLoughlin said...
...arrangement] allows for closer contact,” McLoughlin said. “But I am not going to go in and monitor those accounts; we have no online access, no login, and get no statements so there is no need to worry that we’ll be watching like big brother...
...McLoughlin said the dean’s office was interested in increasing accountability and limiting the chance of fraud and therefore restricted debit cards and required two signatures on each check. Blickstead and Mahan agreed that increasing accountability is important in the wake of the Hasty Pudding Theatricals scandal, in which two students embezzled thousands of dollars from the group...
College administrators began work on moving to the new system during the summer in response to demand by student group leaders last year for cheaper and more fluid banking solutions, McLoughlin said...