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Consumer Team: Banks Pitching Bad Deal to Students

Cynthia Rojas

August 9, 2014

(DALLAS-FT. WORTH, TEXAS)   Since the financial collapse of 2008, more consumers are aware of the nefarious activities of big banks.   On Saturday, August 16, 2014, The Consumer Team will explore a new area of bad banking behavior:  high-fee debit cards being targeted to college students.   Suzanne Martindale, a staff attorney from Consumers Union, will join Consumer Team host Pete Thomson for the first of several broadcasts that will be devoted to questionable banking practices.   The Consumer Team is broadcast Saturdays from 5-7PM (Central) on 1080 KRLD Radio, Dallas, Texas.

The Consumer Team - Banks Behaving Badly

The Consumer Team – Banks Behaving Badly

Consumer Team host Pete Thomson, commented about the banking segment.  He said, “This is the latest chapter of big banks taking advantage of consumers.   They’re using aggressive marketing tactics to pitch a bad deal to college students.  In addition, in many cases colleges are participating in the promotion with the banks and sometimes actually share in the revenue made at the expense of the student.”

The Consumer Team segment will focus on the marketing programs being used and the fee structure of debit cards.   Thomson added, “These deals are very insidious.  The marketing programs make it appear that the bank and the college are working together to bring a valuable service to the students.   In reality, the terms and conditions are often so bad that they become an unnecessary drain on a student’s financial aid.”

In addition to identifying the problem, Thomson promises that listeners will learn about alternatives to big banks.   Thomson added, “The good news is that informed consumers don’t need to become a victim to these bad deals.  We’ll talk about effective, low-cost alternatives including credit unions, which we feel are a real friend to the consumer.”

Thomson applauded Consumers Union for their work in exposing the issue with student debit cards.   He said, “We believe that Consumers Union’s work in consumer policy and action is invaluable to all Americans.  Without their vigilance, the consumer marketplace would be very different.    Relative to the powerful big banks, that are ‘too big to fail’ and ‘too big to jail’,  Consumers Union’s courageous research is essential to keeping these people accountable.”

For more information on The Consumer Team, click here.   To listen live, Saturday from 5-7PM Central, click here.   The Consumer Team is produced by McQ Media, Dallas, Texas.

 

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