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Wells Fargo offers new students short benefits after backlash



Wells Fargo said the holders of their student cards will see their costs fall by about half, as it expands after-exam benefits earlier this year for high university campus fees.

  A customer uses a cash machine at a Wells Fargo department in St. Petersburg, Florida.

A customer uses a cash machine at a Wells Fargo department in St. Petersburg, Florida.

The San Francisco-based bank said Wednesday that students who bank with Wells Fargo through their campus card program are entitled to have overdrafts or insufficient funds waived once a month. The lender reimburses fees for four buybacks a month from non-Wells Fargo ATMs, while respecting the transfer transfer fees and refunding the cost of an incoming line a month.

A consumer finance agency report released last year said Wells Fargo charged the highest fees to students of 573 banks examined. The results criticized lawmakers, including the United States Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez.

"In addition to what we have learned from our own customers, we have also benefited from the results of the industry's study of campus card programs released at the end of last year," said Ed Kadletz, head of Wells Fargo & # 39 ; s deposit group.

The changes came into force last month, according to bank spokesman Jim Seitz. Wells Fargo has said that it sees consumers in the age group as a growth opportunity, while the bank is navigating to a regulating growth coverage in the wake of scandals.

Bloomberg News


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