December 12, 2018- Kohn, Swift & Graf is currently investigating Wells Fargo for charging high fees to students who used college-sponsored debit cards and other Wells Fargo products.
wells fargo student accounts charged high fees
The Consumer Financial Protection Bureau (“CFPB”) reported that Wells Fargo charged college students fees that were on average several times higher than some of its competitors. The report found that more than 1.3 million students using college-sponsored debit cards or other products collectively paid $27.6 million in fees during the 2016-17 school year. Wells Fargo collected more than half of all fees paid by students.
Wells Fargo was the second-largest provider with average annual fees of $46.99 per account. A spokesperson for Wells Fargo said the bank does not charge extra for its campus product but noted that “customers use their accounts in different ways.” However, it has been further reported that Wells Fargo and other big banks provide college-sponsored deposit and prepaid accounts that are burying students with crippling fees.
Additionally, The CFPB found that students ended up paying three times more in average fees when their bank or account provider had paid the college, and the Department of Education is doing nothing about it.
If you or someone you know opened a campus account with Wells Fargo and believes you were charged high fees, please contact us. All consultations are free of charge. You may be eligible to be included in a Class Action Lawsuit.
Kohn, Swift & Graf is a national leader in class actions, including complex consumer litigation. With experienced consumer class action attorneys and a competent support staff, our firm strives to provide the highest quality of service to our clients. We treat each case with careful attention to ensure that consumers get the justice they deserve. KS&G is centrally located in Philadelphia, PA. We handle cases nationwide.