Wells Fargo charges students the most in fees on average to have a bank account, according to a government report. The report from the Consumer…
Wells Fargo charges students the most in fees on average to have a bank account, according to a government report.
The report from the Consumer Financial Protection Bureau, released late Friday, showed that students paid an average of $46.99 in fees to Wells Fargo over 12 months. That’s nearly double the fees charged students by TCF National Bank and U. S. Bank, which ranked second and third.
The report focused on what are known as college-sponsored accounts, for which a bank often pays money to a college or university to market their accounts to students when they arrive on campus. College-sponsored accounts have been controversial for some time, since a college’s endorsement of a product tends to carry weight with students and parents when they are searching for goods or services.
