NEW HAVEN, Conn., Aug. 23, 2012 /PRNewswire/ -- Higher One, 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 Miles Lasater, 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 Doug Schantz, financial expert and founder of Cheapscholar.org. "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
$5.95. 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.