Higher One, Bancorp Force Students Into Accounts, Suit Says

Law360, New York (August 22, 2012, 5:43 PM EDT) -- Higher One Holdings Inc. and The Bancorp Bank were hit with a proposed class action in Alabama on Friday accusing the companies of automatically creating bank accounts for college students without their knowledge or permission, as well as other violations of consumer protection law.

The suit follows the companies' agreement made earlier this month with the Federal Deposit Insurance Corp. to pay $282,000 in penalties and $11 million in restitution over claims they deceptively collected fees from student debit card holders, in violation of the Federal...
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