Elizabeth Warren is demanding that Wells Fargo & Co. be kicked off college campuses, a market the bank has said is among its fastest-growing, Bloomberg News reported. Warren said yesterday that she requested more information from Wells Fargo Chief Executive Officer Tim Sloan and from 31 colleges where the bank does business. The inquiry follows a Consumer Financial Protection Bureau report said that Wells Fargo charged students the highest fees of 573 banks examined. “When granted the privilege of providing financial services to students through colleges, Wells Fargo used this access to charge struggling college students exorbitant fees,” Warren said in a statement. “These high fees, which are an outlier within the industry, demonstrate conclusively that Wells Fargo does not belong on college campuses.” Wells Fargo is “continually working to improve how we serve our customers,” a bank spokesman said in an emailed statement Thursday. “Before and since the CFPB’s review on this topic, we have been pursuing customer-friendly actions that support students,” including waiving service fees on some checking accounts offered to them.
