NEW YORK (CNNMoney) -- The U.S. Marines recruit college students to become one of the few, one of the proud.
Bank of America just wants their financial future.
The Charlotte, N.C.-based bank spends exponentially more money than any other bank to recruit students for credit cards.
In 2009, Bank of America unit FIA Card Services paid colleges and alumni associations $62 million for the rights to market cards to students and members, according to a report from the Federal Reserve.
The second biggest spender, Chase, dropped $13.8 million to recruit new borrowers, while U.S. Bank forked over $2.5 million.
When the Credit Card Accountability and Responsibility and Disclosure Act -- better known as the CARD Act -- went into effect in February, it required credit card companies to disclose how much they pay colleges for the right to set up on campuses -- plus how many new borrowers it racked up. On Monday, the Federal Reserve made its first report.
In total, the report showed that credit card companies spent $82.4 million to net 53,164 new student accounts.
The University of Notre Dame got the biggest payment of any school: Chase paid the school $1.8 million and in the end got 77 new borrowers. The school used the funds exclusively for financial aid, according to university spokesman Dennis Brown.
Meanwhile, Bank of America spent $1.5 million on the University of Southern California campus to sell 659 new accounts.
"If you look at how much is being paid per account, the numbers vary wildly," says Josh Frank, senior researcher at the Center for Responsible Lending.
In pre-CARD Act year, Frank estimates that 200,000 to 600,000 new accounts were opened on college campuses and through alumni and other organizations.
"But even in a normal year," he said, "this seems like a lot of money to pay per account. But it's possible that they just value those accounts more highly and that they're more profitable for them."
One major change from the CARD Act is that students under 21 can no longer obtain a credit card without a co-signer -- something that could severely limit new accounts. Credit card companies also can't entice new borrowers through T-shirts and other giveaways -- unless they are 1,000 feet (about three football fields) away from the campus.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.90%||4.01%|
|15 yr fixed||3.01%||3.13%|
|30 yr refi||3.98%||4.12%|
|15 yr refi||3.08%||3.23%|
Today's featured rates:
Some families are outraged at the sums they've been offered by Lufthansa as compensation for the Germanwings plane crash in March which killed 150 people. More
As the public weighs in, debates about the $10 bill redesign are heating up. More
Uber just raised another $1 billion in funding, which values it at nearly $51 billion. More
Fast-food chains that operate in more than 30 locations nationwide are the sole target of a new rule in New York to hike their minimum wage to $15. But consumers and small business owners, as well as some employees, may be the ones to pay the price. More
You can't blame it on the economy anymore. More Millennials now have jobs, but are still living at home. More