Wells Fargo tops government report on fees paid by students
NEW YORK (AP) — A government report is showing that Wells Fargo charges students the most in fees on average to have a bank account with them.
The report authored by 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 CFPB report focused on what are known as college-sponsored accounts, which is when a bank pays money to a college or university to market their accounts to students when they arrive on campus.
Wells Fargo did not immediately respond to a request for comment.