Banks charged college students more than $27 million in fees last year [CNBC]
Wells Fargo & Company (WFC)
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Source: CNBC
Getty Images College-sponsored bank accounts ding students with millions of dollars in fees each year, according to a report by the Consumer Financial Protection Bureau. The Education Department under President Donald Trump never published the analysis but advocacy groups recently obtained it through a Freedom of Information Act request. The Bureau reviewed 573 colleges across the country with marketing agreements with banks. It found that 1.3 million students attending these colleges had open and active accounts with their colleges' account providers. Students using accounts at these schools paid more than $27 million in fees during the 2016-2017 academic year, including overdraft and penalty charges. Wells Fargo charged students $46.99 a year in fees, on average. College students who used accounts with PNC were typically dinged $15.84 a year. (Most Americans pay around $9 a month , or $108 a year, for their checking accounts, acc
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- 4/23/24 - Form 8-K
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- 4/23/24 - Form 424B2
- WFC's page on the SEC website