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Published August 13, 2012, 08:48 PM

Higher One to Pay $11 million for Over-Charging Students

A company focused on helping out college students financially actually ended up hurting some. And now the company will pay 11-million dollars to college students nationwide for over-charging them for fees on its debit cards.

A company focused on helping out college students financially actually ended up hurting some.

And now the company will pay 11-million dollars to college students nationwide for over-charging them for fees on its debit cards.

Higher One over-charged roughly 60-thousand students from 2008 to 2011. The company has card agreements with 520 campuses nationwide, and UND is one of them.

As a result the company will no longer be able to fine people with accounts in the red for more than 60 days and it can't charge more than three insufficient fund feeds in one day.

Due to privacy restrictions, officials will never know the exact number of students affected at UND, but there's a chance that at least one student of the 60,000 affected nationwide attends UND.

The company will pay resititution in the form of credit to students that still have an open account, and by check form for students that have closed accounts but as in any case, the FDIC says people should always be watchful of transactions in their account.

Higher One will also be paying a $110,000 civil fine and Bancorp bank, which issues the debit cards adminstered by Higher One will be paying a $172,000 fine.

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