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• Position: In Brief - Universities open Internet banks - Brief Article

You probably thought you had enough competition already, what with expanding national banks, insurance companies and brokerage firms all encroaching on your turf. Time to make room for one more: dear old alma mater.

Drexel University recently opened AJDrexelBank.com, an online consumer bank available to students, faculty, staff members.., and the university's 60,000 or so alumni. Other schools are looking into the idea, reports The Chronicle for Higher Education, a sort of trade journal for the college biz. AjDrexelBank.com offers checking and savings accounts, debit cards, CDs, loans, IRAs and other goodies. One service, called Lifeline, allows parents to deposit funds directly into students' accounts.

AJDrexelBank, named for the university founder, doesn't bother with brick and mortar-it's all phone, ATM or...