Providing financial services for college students may not seem like a lucrative endeavor because it’s not uncommon for us to use the phrase, “poor college student,” so we found it interesting when we read The Huffington Post’s article, “CFPB (Consumer Financial Protection Bureau) Launching Investigation of College Debit Cards, Financial Products Marketed to Students.”
Published on January 31, the article shares a brief synopsis about the mischief banks on college campuses are up to involving hefty fees on students’ accounts, which includes charges for balance inquiries and transfers. The part that made our hearts ache is that students are paying these fees using their federal student aid allowance, which means students are paying these fees using money lent to them by the federal government that was intended to be used for paying tuition and housing costs, buying books, and making any other necessary purchases.
College students should be worrying about completing their homework, studying for quizzes and exams, and preparing for their futures – not if they’re going to be the victims of hidden fees.
Affinity Plus has four campus branches located on or near the college campuses of Bemidji State, Minnesota State University Mankato, Minnesota State University Moorhead, and St. Cloud State. Students are more than welcome to visit one of our branches to learn about the different products and services Affinity Plus offers with minimal or no fees like our Free2BU Student Checking Account and if you have time, you can read our two page Service Fees brochure.