This is a repeat of a blog post I did in October of last year, but I think it warrants reposting for those that may have missed it:
A new debit card product has been developed by a company called Higher One and has hit college campuses. It is offered at many college campuses by the college or university itself to the parents and students. Often, the students excess scholarship or grant money is placed on the Higher One debit card account, so the student will often begin using the account and not be aware of penalties and fees that can be assessed on the account. Although it is NOT a credit card, the students and parents should be aware as this debit card has some fees that normal, traditional debit cards that folks may be familiar with don’t have. This Washington Post article has a good review of this company and the possible charges and fees that apply. Please read and be aware ! Just Google “washington post” and “higher one” to find the article. CBS News Moneywatch.com has a good article here on Higher One.
John Rogers, Kentucky Bankruptcy Attorney