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College ID Cards Doubling as Debit Cards

Something seems a little fishy here. Several large universities have deals with financial institutions to convert student ID cards into debit cards. The colleges can make up to $1 million each year from these deals but the cards come with high fees and surcharges, and students often aren't aware of these costly penalties. The arrangement makes money for the banks and the colleges, but students are paying for the convenience of having two cards in one.

Because the universities are promoting something that isn't in the best interest for students, protests have broken out surrounding the issue and it's gotten the attention of government officials. Students should always look around for the best deals and ask questions when something seems too good to be true. The best way to protect yourself is to compare different cards and look out for your own best interests.

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