A newly released report shows millions of college students may be paying more for school sponsored bank accounts.
The Consumer Financial Protection Bureau (CFPB) looked at marketing agreements between financial institutions and 573 colleges during the 2016-2017 school year. The report includes information from the University of North Carolina, East Carolina University, and Coastal Carolina.
CFPB said the report raises some concerns about the agreements and if they create a conflict of interest that results in higher fees. The bureau found students paid more than $27 million in fees during the 2016-17 school year.
Data shows Wells Fargo charged the highest average fee per active account at $46.99. The bureau also found that banks that paid colleges to promote their accounts had higher average fees than the banks that did not do paid promotion.
Students who are interested in opening bank accounts should make sure to read all of the fine print or ask for information about account maintenance fees.
You should also make sure you know how much you could be charged for overdrafts or returned checks. You can read the entire school sponsored bank account report here.
Students pay more fees for school sponsored bank accounts, report says
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