Higher One making restitution of $11M to students

Higher One Holdings Inc. has agreed to make restitution for about $11 million to college students for overcharging them for fees on its debit cards and other practices, federal regulators said Wednesday, the Associated Press reports. The Federal Deposit Insurance Corp. said Higher One is also paying a $110,000 civil fine and agreed to change the way it imposes fees. In addition, the FDIC said that Bancorp Bank, which issued the OneAccount debit card administered by Higher One, is paying a $172,000 fine. Higher One said it began voluntarily refunding the fees in December 2011, and has already returned $4.7 million in fees to students. In addition, the company said it previously has waived about $6 million in fees that were incurred but not yet paid by the cardholders…

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