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Higher One Debit Card Lawsuit
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A Higher One debit card lawsuit has been filed, alleging the company opens bank accounts for students without their authorization and charges high fees for use of the account. The Higher One debit card lawsuit further alleges that students are not made aware of the Higher One debit card fees associated with the account until they are well into the process of approving the account and that students who opt for the Higher One student account receive their financial aid refunds more quickly than if they do not opt for the account.
The Higher One class action lawsuit was filed by student Sherry McFall and alleges that Higher One misleads students into thinking that the Higher One debit card is a school's recommended means of receiving financial aid refunds. Furthermore, the lawsuit alleges, Higher One automatically creates bank accounts for students without their knowledge.
Higher One Class Action Lawsuit
Among the fees associated with the Higher One student accounts are $2.50 fee for using an out-of-network ATM and a 50-cent fee for every debit card use that involves a PIN code rather than a signature. Critics argue that the money given to students is meant to help them pay for college, not to increase the profits of a service provider.
Higher One Deceptive Debit Card Fees
McFall argues in her lawsuit that on her campus there are only two Higher One ATMs, and those ATMs are accessible at certain hours and one is even closed during winter vacation. She further claims that students who do not opt for the Higher One account are penalized and forced to wait for their financial aid refund.
Higher One is responsible for disbursing students' financial aid at more than 800 campuses across the US. According to reports, Higher One automatically sets up the account for students and deposits money in the account, unless the student requests the money go elsewhere. Students often receive an email from Higher One before they arrive on campus; the letter implies the company is partnering with the school and that the card is the preferred method of disbursement.
Higher One Debit Card Class Action
The Higher One class action lawsuit seeks restitution of all PIN-based transaction fees and non-Higher-One ATM fees paid to the defendant by the plaintiffs and classes, as well as actual damages and attorney's fees.
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Last updated on Jul-19-12
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