Wells Fargo & Co. said it expects holders of its student credit cards will see their costs decline by about half as it expands benefits after drawing scrutiny earlier this year for high fees on college campuses.
The San Francisco-based bank said Wednesday that students will be eligible to have overdraft or non-sufficient funds fees waived once a month. The lender will waive fees for four withdrawals a month from non-Wells Fargo ATMs, while eliminating overdraft-protection transfer charges and refunding the cost of one incoming wire per month.
A Consumer Financial Protection Bureau report released last year said Wells Fargo charged the highest fees to students of 573 banks examined. The results drew criticism from lawmakers including U.S. Senator Elizabeth Warren and Representative Alexandria Ocasio-Cortez.
“In addition to what we have learned from our own customers, we also benefited from the findings of the industry study of campus card programs released at the end of last year,” said Ed Kadletz, head of Wells Fargo’s deposit products group.
This article was provided by Bloomberg News.