NEW HAVEN, Conn.
Aug. 23, 2012
, a leader in providing services to higher education administrators and students at more than 1,200 campuses across the U.S., announces the launch of OneAccount Edge, a new account that eliminates a conventional fee schedule. Edge will launch later this year with only one simple fee—$4.95 a month. Account holders of Edge will not incur any other fees from Higher One. The account waives minimum deposit requirements and eliminates fees for PIN activity, overdraft or non-sufficient funds (or NSF), inactivity and other service charges normally associated with traditional checking accounts.
"We're listening. And we hear from customers that they are not just looking for a low-cost a la carte banking experience, but a simple one. So we're offering both," said President and COO
, who co-founded Higher One on a college campus in 2000. "We threw away convention and built this account from scratch. It's unmatched—with a fee schedule simplified to practically one line."
"The general trend in the banking industry is towards increased checking account fees," said
, financial expert and founder of
. "A checking account with a predictable model from month to month can really help students as they begin to build a sound financial future."
For those that prefer a more familiar structure in a checking account, Higher One also offers the no monthly fee OneAccount and Premier premium account with a monthly fee soon to be lowered to
. All Higher One checking accounts are FDIC insured and are offered to students—regardless of financial or credit history. Today, Higher One's
suite of checking accounts
is offered as a part of its proprietary
OneDisburse® Refund Management®
funds disbursement service. Higher One's automated financial aid refund process provides college students with up to three cost-free choices to receive their financial aid refunds. This may include direct deposit to any domestic bank account, a paper check in the mail, or a direct deposit into any full-service checking account offered by Higher One.