College-sponsored bank accounts cost students millions of dollars in fees each year. Wells Fargo charged students $46.99 a year, on average.
College-sponsored bank accounts ding students with millions of dollars in fees each year, according to a report by the Consumer Financial Protection Bureau.
Wells Fargo charged students $46.99 a year in fees, on average. College students who used accounts with PNC typically paid $15.84 a year. . PNC does not charge a monthly fee on student accounts and it waives the first overdraft fee in the account's first year, said Amy Vargo, vice president of media at the bank.
In its agreement with Wells Fargo, Texas State University could receive up to $300,000 if every enrolled student were to open an account. A spokesperson for the Consumer Financial Protection Bureau said the bureau doesn't comment on unpublished studies.
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