CFPB Wants 'Your Two Cents On Student Cards and Bank Accounts'

The Consumer Financial Protection Bureau (CFPB) announced this week that it is launching an inquiry into the impact of campus financial products marketed to students by colleges to determine whether these arrangements are in the best interest of students. Campus financial products include school issued debit cards that are used to access a student’s financial aid and school-affiliated bank accounts.

As part of the initiative, the CFPB wants input from college students. From their website:

College is a time when many of us signed up for our first bank account. Often schools set up agreements with financial companies to offer cards and accounts to their students. Today, some students can use their student ID card to pay for everything from washing a load of laundry to shopping online.

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.

That’s why we need your help. We want to hear about your experience with financial products designed for college students.

To participate in the project and offer 'your two cents,' email the Bureau at CFPB_StudentsFedReg@cfpb.govby March 18 to tell them about any aspect of your experience. For more information, visit www.consumerfinance.gov