By Giselle Arroyo
As of Wednesday, students are required to pay a monthly fee of $1.99 for their BankMobile checking account.
The Los Angeles Community College District recently found out their students, East Los Angeles College included, were now being charged a fee for their BankMobile Vibe checking account.
On February 8, the LACCD sent an email to their students regarding the situation and their disapproval of the fee, as well as their disappointment in the way this change was communicated.
This only affects students who choose to have their Financial Aid refund sent to their BankMobile checking account instead of their personal account.
According to a BankMobile representative, a way to waive this fee would be if the cardholder has an amount of $300 or more every month in their account.
Or, if cardholders have a zero-account balance, then there won’t be any charges.
However, refunds issued by the school, for instance, Financial Aid Refunds, will not count toward the $300 minimum deposit.
Including internal account changes, fee waivers, fee credits, returned items, or dispute credits.
Also, please be advised that there is a $24 insufficient funds fee.
This means that students will be charged $24 when they spend more than is available in their BankMobile account.
According to the same BankMobile representative, there hasn’t been any complains he has personally dealt with but there have been some complaints.
Some students were alarmed because it was new to them. Students have called to complain, they get a hold of representatives to ask why they were being charged.
However, after representatives explain the situation and the new fee students have to find a way to deal with the new update.
In the past, only non-students card holders for BankMobile had to pay $5.99 a month for their accounts and students didn’t have a fee.
Now both have to pay $1.99.
BankMobile Disbursements gives students the option to choose how they want to receive their Financial Aid refund.
Students who are receiving their financial aid refund have two options. They can either have their disbursements sent to their personal bank account or they can open an account with BankMobile for a fee of $1.99 a month.
For students with more question or comments, they can call their toll-free number at 1-877-327-9515 or visit their website at http://bankmobiledisbursements.com/