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Wells Fargo, after heavy criticism from Democrats in Congress, said this week that as of March it had dropped some fees for college-backed debit cards used by students on campuses.
The bank said it will cover one overdraft fee each month, waive overdraft protection fees and allow up to four withdrawals from non-Wells Fargo ATMs without charge for each monthly pay period.
“We value the relationships we have with students and colleges and universities across the country, and it’s important for us to make sure we are continually working to improve how we serve our student customers by listening to them and remaining competitive in the marketplace,” said Ed Kadletz, head of Wells Fargo’s Deposit Products Group, in a statement.
U.S. PIRG, a consumer advocate group, released a new report Thursday finding students at colleges with Wells Fargo partnerships paid the highest average fees -- nearly $45 -- of those at any campus. Students at those campuses paid a total of $11.3 million in fees in the most recent contract year, the report found.
