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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.