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US College Bank Cards Present High Fees for Students

时间:2019-05-12 14:59:32

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(单词翻译)

 

Go to any college or university in the United States and you will find most students carrying the same items: books, laptops, cell phones and their official school identification1 cards, or IDs.

These small plastic cards do more than show the names and pictures of the students who own them. They also permit students to open the electronic locks to campus2 buildings and borrow books from school libraries.

In recent years, some colleges and universities have added an additional3 use for ID cards: buying things. The schools enter into agreements with banks so students can link their cards to private financial accounts. This way, students can use their cards to pay for things like food on campus and school supplies. In other words, their IDs become debit4 cards.

However, new research suggests that the way these card programs operate can harm students.

Some students at risk to pay high fees

Kaitlyn Vitez is the higher education campaign director for the U.S. Public Interest Research Group, or PIRG. Her organization aims to use research to support and protect people’s financial interests.

She told VOA that PIRG has been looking into agreements between schools and banks for several years. This April, the group released5 its latest findings6.

PIRG found that, overall7, students with campus debit cards paid over $24 million in fees during the last contract year. For example, students may be charged fees if they use another bank to withdraw8 money. Or, they may be charged fees if they spend more money than they have in their bank accounts. Many international students face fees for using the cards to buy things from their home countries.

Any large fee can create unexpected9 problems for students, says PIRG’s Kaitlyn Vitez. And, she argues that banks do not make possible fees clear enough to students.

But Vitez’s biggest concern is whether some schools may urge students towards banks that may harm them financially. She notes that some banks pay colleges and universities for permission to advertise their debit card programs on campus. The advertising10 can appear to be part of official school programming, she says, and students may feel pushed towards opening accounts.

PIRG also found a connection between schools with paid agreements and student fees. Students at schools that received money from banks ended up paying up to 2.3 times more than students at schools with unpaid11 agreements.

One example is Wells Fargo Bank. In recent years, the company has been involved in several situations that were either illegal or very harmful for consumers. It also earned nearly $11.3 million in fee payments12 from students at the 24 schools it had paid agreements with last contract year.

Vitez notes that many schools need financial support anywhere they can get it. But, she says, “When schools are setting13 their students up for … lifelong relationships with Wells Fargo, does that set students up for success? I would say no.”

What do the schools say?

VOA contacted several of the schools in the latest PIRG study. Texas State University, where students paid over $1 million in fees last contract year, chose not to comment. So did Florida International University, where students paid over $1.3 million, and Virginia Commonwealth14 University, where students paid over $500,000.

The University of Nevada, Reno, or UNR, started its paid agreement for a campus debit card program with Wells Fargo in 2005. Last contract year, UNR students paid over $700,000 in fees. The bank paid the school about $100,000.

Penny Leathley is the campus card manager for UNR. She argues that the fact that over 9,000 students have campus debit cards shows that the program works15 well.

“To me that’s a good program,” said Leathley. “That shows that many parents and their students want to be involved in it.”

She notes all banks have fees. And, she says, students can choose whether they want to use the Wells Fargo campus debit card program.

If students are paying extra, Leathley suggests, they are likely using their cards for things beyond the free services the accounts offer.

But Tanya Ladha argues irresponsible use is not the only explanation for why students face fees. She is the director of the Center for Financial Services Innovation16, a non-profit consumer support group. Ladha claims that some students just do not have the information they need.

To be sure, banks can give special permissions to parents to observe students’ debit card activities. And Wells Fargo Bank offers lessons on financial responsibility. In addition, workers at its on-campus bank speak several languages.

But Ladha notes that some parents lack financial knowledge themselves. And few high schools require students to take financial education classes. As a result, a number of students know little or depend on what the banks tell them.

What do the banks say?

Wells Fargo is not the only bank to operate campus debit card programs. U.S. Bank collected nearly $300,000 in fees from its 36 partner colleges and universities last year. SunTrust Bank earned over $1 million from one school alone: Florida State University, where 93 percent of students have accounts.

On the other hand, PNC Bank was able to earn $1.3 million in fees while keeping its average fee payments per student to nearly a third of what others charge. PNC representatives told VOA in an email the amount the company pays the schools is “never directly tied to the amount of fees paid by student account holders17.”

In April, Wells Fargo announced changes to its campus debit cards. The company said it would permit account holders to overdraft18 their accounts without a fee once a month. They can also withdraw money from another bank up to four times a month.

“We’re proud of the fact that four out of five students that join us through the campus card program stay with us after they leave school,” said Wells Fargo representative Jim Seitz. “We maintain19 that relationship by providing high-quality service and great customer experiences.”

But Kaitlyn Vitez of U.S. PIRG argues that the best solution is for the government to limit paid agreements between banks and schools and ban aggressive advertising of debit cards on campus.

“All this information at the Department of Education’s fingertips that they’re not looking into, and there’s real harm being done to students,” she said.

I’m Dorothy Gundy.

And I'm John Russell.

Words in This Story

account(s) – n. an arrangement in which a bank keeps a record of the money that a person puts in and takes out of the bank

consumer(s) – n. a person who buys goods and services

overdraft – v. to withdraw more money from an account than is available

proud – adj. very happy and pleased because of something you have done, something you own, someone you know or are related20 to

aggressive – adj. using forceful methods to succeed or to do something

at (the Department of Education’s) fingertips – idm. easy to find or use


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点击收听单词发音收听单词发音  

1 identification RbFxK     
n.视为同一,证明同一,确认
参考例句:
  • He's made a formal identification of the body.他正式确认了死者身份。
  • We should have identification card on the person when we go out.我们外出时应随身携带身份证。
2 campus iTOyj     
n.大学校园,学校校园;大学 
参考例句:
  • They spoke of the old days on the campus.他们谈起昔日的校园生活。
  • The campus covers an area of twenty square kilometres.这个校园占地二十平方公里。
3 additional rJTyM     
adj.添加的,额外的,另外的
参考例句:
  • It is necessary to set down these additional rules.有必要制定这些补充规则。
  • I think we can fit in an additional room.我想我们可以再加建一间房子。
4 debit AOdzV     
n.借方,借项,记人借方的款项
参考例句:
  • To whom shall I debit this sum?此款应记入谁的账户的借方?
  • We undercharge Mr.Smith and have to send him a debit note for the extra amount.我们少收了史密斯先生的钱,只得给他寄去一张借条所要欠款。
5 released 23690fd759f17135ec9879b56ff2600c     
v.释放( release的过去式和过去分词 );放开;发布;发行
参考例句:
  • He was released on bail pending committal proceedings. 他交保获释正在候审。
  • With hindsight it is easy to say they should not have released him. 事后才说他们本不应该释放他,这倒容易。
6 findings 4tYzV9     
n.发现物( finding的名词复数 );调查(或研究)的结果;(陪审团的)裁决
参考例句:
  • It behoves us to study these findings carefully. 我们理应认真研究这些发现。
  • Their findings have been widely disseminated . 他们的研究成果已经广为传播。
7 overall vJQxS     
n.工作服,工装裤;全面的,全体的
参考例句:
  • The shop assistant was wearing a white overall.那店员穿着白色的工作服。
  • How much will it cost overall?一共多少钱?
8 withdraw 1fgwr     
vt.收回,撤消,撤退;vi.缩回,退出,撤退
参考例句:
  • I want to withdraw a statement I made earlier.我想收回我早些时候发表的一项声明。
  • The general decided to withdraw his soldiers.那位将军决定撤军。
9 unexpected Qkpw8     
adj.想不到的,意外的
参考例句:
  • I always keep some good wine in for unexpected guests.我总保存些好酒,用来招待不速之客。
  • His promotion was unexpected.他的升迁出人意料。
10 advertising 1zjzi3     
n.广告业;广告活动 a.广告的;广告业务的
参考例句:
  • Can you give me any advice on getting into advertising? 你能指点我如何涉足广告业吗?
  • The advertising campaign is aimed primarily at young people. 这个广告宣传运动主要是针对年轻人的。
11 unpaid fjEwu     
adj.未付款的,无报酬的
参考例句:
  • Doctors work excessive unpaid overtime.医生过度加班却无报酬。
  • He's doing a month's unpaid work experience with an engineering firm.他正在一家工程公司无偿工作一个月以获得工作经验。
12 payments 84d5eaf713c96eecb3d2c4a83e64dc9a     
n.支付,付款,缴纳,报酬( payment的名词复数 );付出的[要付出的]款项;报答,报偿
参考例句:
  • Welfare payments cease as soon as an individual starts a job. 一旦就业,即停发福利救济。
  • The law can compel fathers to make regular payments for their children. 这项法律可强制父亲定期支付子女的费用。
13 setting 7i5zmt     
n.背景
参考例句:
  • The play has its setting in Vienna.该剧以维也纳为背景。
  • Where and when a story takes place is called the setting.故事发生的地点和时间称为故事背景。
14 commonwealth XXzyp     
n.共和国,联邦,共同体
参考例句:
  • He is the chairman of the commonwealth of artists.他是艺术家协会的主席。
  • Most of the members of the Commonwealth are nonwhite.英联邦的许多成员国不是白人国家。
15 works ieuzIh     
n.作品,著作;工厂,活动部件,机件
参考例句:
  • We expect writers to produce more and better works.我们期望作家们写出更多更好的作品。
  • The novel is regarded as one of the classic works.这篇小说被公认为是最优秀的作品之一。
16 innovation 06Wxr     
n.改革,革新,新观念,新方法,新发明
参考例句:
  • There are all sorts of possibilities for technical innovation.技术革新的门道很多。
  • An enterprise should encourage innovation.企业应鼓励创新。
17 holders 79c0e3bbb1170e3018817c5f45ebf33f     
支持物( holder的名词复数 ); 持有者; (支票等)持有人; 支托(或握持)…之物
参考例句:
  • Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
  • It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识,才使得死刑的提倡者指控主张废除死刑的人感情用事,同情谋杀犯胜过同情受害者。
18 overdraft 3m3z5T     
n.透支,透支额
参考例句:
  • Her bank warned that unless she repaid the overdraft she could face legal action.银行警告她如果不偿还透支钱款,她将面临诉讼。
  • An overdraft results when a note discounted at a bank is not met when due.银行贴现的支票到期而未能支付就成为透支。
19 maintain d8hzP     
vt.支撑;赡养,抚养;维持,保有
参考例句:
  • He has to maintain a large family on a small salary.他不得不依靠很少的工资养活一家人。
  • We must do our best to maintain sales at their usual rate.我们要尽力使销售额保持在平日的水平上。
20 related vkGzSv     
adj.有关系的,有关联的,叙述的,讲述的
参考例句:
  • I am not related to him in any way.我和他无任何关系。
  • We spent days going through all related reference material.我们花了好多天功夫查阅所有有关的参考资料。

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