Consumer Group To Investigate Products Banks Market to College Students

Consumer Group To Investigate Products Banks Market to College Students
Photo (cc) by CollegeDegrees360

The Consumer Financial Protection Bureau wants to know how college students access money, and whether they think it’s reasonable.

With credit cards, financial companies have to publicly disclose these types of agreements with schools. However, we know less about these arrangements when it comes to other things, like debit cards to access your student loan funds and student checking accounts. We’ve heard from students that sometimes these arrangements are a convenience, while other times we’ve heard that they didn’t feel they had a choice. We want to see if students are getting a good deal and what schools can do to help them through the process.

They’re seeking comments from students, of course, but also from their parents, schools, alumni associations, financial aid workers, and banks. If there’s something that bugs you about how products are marketed to students, what access they have to accounts, what fees students pay, what financial options are available to them, and so on – it’s time to speak up.

You can email [email protected] directly until March 18. They ask you leave out personal information like your account details or Social Security number because they won’t be editing anybody’s submissions and these will become public records.

You can view over 40 specific questions CFPB wants to answer in their official request.

Read Next

The Worst Nursing Homes in America Are Revealed
The Worst Nursing Homes in America Are Revealed

The nursing homes with a history of providing subpar care previously hadn’t been identified for a government list.

How to Buy a Refrigerator, Step by Step
How to Buy a Refrigerator, Step by Step

I had hours to replace a failing refrigerator. Here’s how I got the perfect appliance at the perfect price in a matter of minutes.

A Veteran Thrift Store Shopper Shares His 8 Best Secrets
A Veteran Thrift Store Shopper Shares His 8 Best Secrets

Here’s how an experienced thrift-shopper scores the best deals time after time — and turns a profit from them.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

Trending Stories