It’s an encouraging sign that an increasing number of students are completing high school and then enrolling in college. That’s a good thing.
But it’s a bad thing when student bank accounts come with abusive overdraft fees and place their financial aid at risk. Dollars intended to pay for textbooks and other course materials should not be stripped away by high-cost fees. Depending upon bank account terms, students could incur over $100 in fees in a single day. For those learning to manage their own finances, these fees could run as high as $700 a year.
New research <https://www.responsiblelending.org/student-loans/research-policy/overdraft-u-student-bank.html?utm_source=overwrite&utm_medium=overwrite&utm_campaign=slider> by the Center for Responsible Lending finds that more often than not, students would do better finding their own financial institution of choice, instead of relying on the convenience of a student bank account offered through an exclusive marketing agreement the school has with a given bank.
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