The report authored by the Consumer Financial Protection Bureau and released late Friday showed that students paid an average of $46.99 in fees to Wells Fargo over 12 months. That's nearly double the fees charged students by TCF National Bank and U.S. Bank, which ranked second and third.
The CFPB report focused on what are known as college-sponsored accounts, for which a bank often pays money to a college or university to market their accounts to students when they arrive on campus. College-sponsored accounts have been controversial for some time, since a college's endorsement of a product tends to carry weight with students and parents when they are searching for a good or service.
In fact, the CFPB report found that banks that paid marketing fees to colleges and universities were often the ones charging students the higher fees. Banks that paid colleges to promote their products had an average fee of $36.52 while banks that didn't do paid promotion had an average fee of $11.93. The fees calculated by the CFPB included both account maintenance fees and overdraft fees.
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https://www.foxbusiness.com/markets/wells-fargo-tops-government-report-on-fees-paid-by-students
2 comments:
More of the same...mortgages, auto loans, fake accounts....the "Justice" Department needs more money to waste on TDS! "Banks and bankers hardly ever go through this process. Since the 2000 Enron scandal, no large bank has been prosecuted by the Justice Department for financial crimes (and no big bank executives have gone to prison)."
Money for nothing, taken from those who can least ably handle their own finances. Wells Fargo has turned into one of the most predatory banking companies in the nation.
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