Melissa Korn

speaker

822 appearances 14 recordings 1 series first heard Sep 2017 last heard Sep 2024

Melissa Korn’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Banks Pay Colleges Big Bucks for Top Billing · 30 Jan 2018 podcast

And for some schools, there are limited options.

One of the contract terms we found at a number of schools is that the bank is the exclusive banking partner of a university.

So they might be the only ATM on campus.

And if you're at a school somewhere rural, a 20-minute drive to your local bank isn't really reasonable or practical.

But just for a school to say that it is the preferred banking partner leads some students and parents to think it's the only banking partner or that it's actually the best financial option for the student.

But in many cases, while these are generally free checking accounts, they do have fees attached when you don't use it properly.

And again, many 18, 19-year-olds aren't known for having the best financial know-how.

So there are overdraft fees and things like that.

So about a decade ago, the New York attorney general had investigated and found that some financial aid officers were recommending private student loans for individuals, even if they weren't the best financial option for the student.

But the financial aid officer would get some benefit for paying.

kicking business over to that particular financial institution.

And then more recently, there was a crackdown on schools doing credit card accounts.

So a lot of restrictions have been put in place in terms of preferred lender lists and in terms of how schools work with credit card companies.

But many of those protections haven't yet made their way over to the checking and debit accounts.

Yes, absolutely.

I know Senator Warren had introduced some legislation just last month in a bank bill that would have barred schools from participating in revenue sharing agreements with the banks.

That didn't move forward, but my understanding is there might be some more along those lines later this year.

The Future of Everything podcast from The Wall Street Journal.

Another new episode is coming soon.

WSJ Your Money Briefing · College Rankings Part 4: The Success of Public Schools · 30 Sep 2017 podcast

So public universities are a fantastic educational option for many students, many families, just because their coffers aren't quite as full as the likes of Harvard and Yale doesn't mean they're bad places to go.

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