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Study: Wells Fargo, other banks charge large fees to students, U.S. PIRG says.

Public interest advocate U.S. PIRG said" "According to U.S. PIRG Education Fund's new report, Debit Cards on Campus: Putting Student Financial Well-Being At Risk, many banks are adding to that expense by partnering with schools to offer and aggressively market new checking accounts to students. Students with these accounts, including some with Wells Fargo, paid twice as much in fees on average as students at campuses without these shared agreements, despite federal protections put in place in 2015."Many students already carry a crushing burden of student loan debt to pay for college. High bank fees make that load even heavier," said David Rossini, chair of U.S. PIRG Education Fund's Consumer Protection program. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). [Reference Link]:[]

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Publication:The Fly
Date:Apr 4, 2019
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