Overdraft U: Student Bank Accounts Often Loaded with High Overdraft Fees
Some colleges and banks enter into exclusive agreements to offer students checking accounts – usually these accounts come furnished with a debit card that prominently displays the school logo and can sometimes be used as student ID. For banks, these exclusive agreements mean a captive audience for their bank products (checking accounts, credit card accounts) and usually a customer for life. Studies suggest that banks are a "sticky" product – once a consumer chooses one, they're unlikely to change. For colleges, these exclusive agreements mean increased revenue. These partnerships may include...