Campus debit card company Higher One will pay $11 million in restitution to students in a settlement with the Federal Deposit Insurance Corp. over its fees, the FDIC announced Wednesday. The campus banking company, which specializes in providing debit cards for financial aid refunds to students, will also change the way it charges fees. The FDIC said Higher One violated federal law in several of its overdraft fee practices. About 60,000 students paid the fines between 2008 and 2011.
- Consumer bureau issues initial findings on college debit card deals
- Federal and state regulators fine Higher One bank partner for misleading and deceptive practices
- Higher One agrees to $15 million settlement to resolve charges over fees
- Chasing Higher One
- Draft rules on campus debit cards would ban certain fees, restrict marketing
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