Bank Linked to Prominent Debit-Card Provider Faces $3.5-Million Fine

July 1, 2014
Chronicle of Higher Education 
student loan news
The Federal Reserve has fined Chicago-based Cole Taylor Bank $3.51 million over its partnership with Higher One Holdings Inc.

Higher One, which provides campus debit cards, was under the supervision of Cole Taylor when it used deceptive practices in its management of checking accounts for college students, thus violating the Federal Trade Commission Act. The Federal Reserve reported that the practices included leaving out information about the fees that accompanied Higher One’s “OneAccount” product and omitting information about ATMs where students could access their accounts without paying a fee.

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