After OSPIRG reported on problems in its debit card practices, Wells Fargo took steps to eliminate some "surprise" fees on student cards.
When asked to comment on “Debit Cards on Campus,” an April 4 report produced by our research partners at U.S. PIRG Education Fund, Wells Fargo announced it would eliminate some fees on the debit cards it provides to students on many college campuses. The report found that students at schools with Wells Fargo partnerships paid half of all fees nationwide, despite only holding a quarter of all campus debit card accounts.
But Wells Fargo can and should do more, said Kaitlyn Vitez, director of U.S. PIRG Education Fund’s Make Higher Education Affordable campaign. "According to [Wells Fargo’s] own press release, student fees will only be cut in half—which still leaves Wells Fargo as one of the most expensive campus debit card options for students."
Added Kaitlyn, "We continue to urge the Department of Education to investigate paid marketing agreements between banks and colleges that push students into accounts with hidden fees.”
Read our statement.
Photo: Banks, including Wells Fargo, partner with schools to offer and aggressively market new checking accounts to students. Photo Credit: Andrey Kuzmin via Shutterstock