Feds eye campus bank card deals

  • Article by: JENNIFER BJORHUS , Star Tribune
  • Updated: February 1, 2013 - 12:16 PM

The college business is a lucrative one, and it has attracted the attention of the federal Consumer Financial Protection Bureau.

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dr4golfJan. 31, 13 9:13 PM

My bet is that Democratic operatives are after Bill Cooper because of his very aggressive Republican activities. This is how politics work. Wouldn't be surprised if that slumdog Emmanuel is a key driver in Chicago (while his 'constituents' are being mowed down daily). Bill, lots of folks have your back. This is nothing but a witchhunt by liberal thugs.

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dedo112Jan. 31, 1310:03 PM

From my experience college is a great chance to make some mistakes and learn. It's a great opportunity to be an adult and take some responsibility. I didn't need protection from all these govt agencies.

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jcinmnJan. 31, 1310:47 PM

I wouldn't trust anything offered by TCF. Past experience and stories from others say "steer clear". Nothing is free especially from the banks

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SirMikanJan. 31, 1311:19 PM

I used this service at the University of Michigan, which has a very similar deal with TCF as well. I personally don't see anything wrong with any deals they've made. All they do is add the option to use your student ID as a bank card. If you don't use TCF, you still have your bank's own card that they issue to you. I even still carried both my ID and my TCF-issued bank card. These deals do help the sponsoring bank by having good on-campus locations for ATMs, but honestly, at an urban campus like Minnesota or Michigan, a competing branch is literally right across the street. I hate defending TCF because their accounting was awful (direct deposits were processed at the end of the day, giving you a whole day to possibly overdraft so they can collect a fee if you're low) but they seem to be fairly on the level here, compared to some of the other banks mentioned in the article that have more control over your finances.

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viktorvaughnJan. 31, 1311:22 PM

Yeah, total witch hunt. Why would the Consumer Financial Protection Bureau be interested if students are getting ripped off by their school's agreement with a bank? Other then, that's their mandate. I quickly learned not to use my U card as a debit card. And no where in my life were predatory credit card hustlers more aggressive then when tabling in academic buildings between classes. I'm glad the new bureau is looking into this.

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rlwr51Feb. 1, 1312:00 AM

TCF stadium is built on 19 year old's overdraft charges. Used to be society would help out students rather than parisitize them.

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aanen1Feb. 1, 1312:33 AM

Two of my kids got campus bank cards without requesting them. After dropping classes, the refunds were put into the cards' balances. Since they haven't active and we no longer have them, we have been unable to get our money back -- about $300. Also when my son did use it once to withdraw $40 at a campus ATM, they deducted $44.50 from his account. They are a ripoff.

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bebefortyFeb. 1, 13 6:32 AM

The U of M made a deal with the devil and threw the students under the bus to get that dump of stadiette built!

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stjohnsonFeb. 1, 13 7:37 AM

My child is at the U and uses TCF. It is convienient for him and when used responsibly, students should not have a problem. It is up to the students to know what they are getting into before signing up for the service. Personal responsibility - it's a great thing to teach today's youth.

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furguson11Feb. 1, 13 8:52 AM

TCF has been hawking to U students and offering "free" checking for years. Nothing is free.

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