Updated: 09/06/2013 5:34 PM
Created: 09/05/2013 12:56 PM KSTP.com
By: Maricella Miranda
An inquiry by a consumer watchdog agency is shedding light on the relationship between the University of Minnesota and TCF Bank - as well as other universities and big banks across the country.
The U.S. Consumer Financial Protection Bureau - the nation's top consumer watchdog agency - is inquiring into multi-million dollar deals between American universities and big banks for recruiting students to open checking accounts that critics say might have extra fees, according to an ABC News report. Locally, the U has forged agreements with TCF Bank.
The U released a statement Thursday, Sept. 5, regarding its relationship with TCF Bank. The statement can be found here, along with information about TCF student banking policies.
A study by the Public Interest Research Group last year found that there are now 900 card partnerships between colleges and banks - agreements that could impact more than 9 million students nationwide.
Members of Congress and the Consumer Financial Protection Bureau told ABC News they are now examining hundreds of these agreements. In many cases, students and parents were never told that banks paid millions of dollars in exchange for exclusive campus access.
The full ABC News report can be found here.