Item 1.02. Termination of a Material Definitive Agreement

On February 8, 2013, Higher One, Inc., a subsidiary of Higher One Holdings, Inc. ("Higher One"), and Cole Taylor Bank, an Illinois chartered bank and Federal Reserve Member ("Cole Taylor") agreed to a mutual termination of the Deposit Processing Services Agreement (the "Agreement") between the parties that was entered into on March 29, 2012. The termination will be effective August 30, 2013.

Under the Agreement, Cole Taylor provides Federal Deposit Insurance Corporation-insured depository services for a portion of the depositor accounts that are serviced by Higher One. The Agreement obligates Cole Taylor to transfer deposits to another institution that Higher One designates.

Having converted to a multi-bank partner strategy over a year ago, Higher One plans to move the depositor accounts held at Cole Taylor to other bank partners and will add additional bank partners as necessary.