Welcome students! Need a checking account?

Source: Dan Bauman, The Chronicle of Higher Education

Ms. Sharma is not the only student whose college experience has included a hard lesson in finance. More of her peers are enrolling in checking accounts through their colleges, thanks to a surge in agreements the institutions are making with banks.

The Chronicle reviewed 50 of at least 135 known college-sponsored checking-account contracts. The deals can be lucrative for colleges, with banks paying millions of dollars in signing bonuses. Since 2001, the three big players — Wells Fargo, PNC Bank, and U.S. Bank — have agreed to pay almost $9.4 million in signing bonuses to 42 of the 50 colleges and college systems.

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