As part of a required annual report to Congress monitoring these deals, the Consumer Financial Protection Bureau found that hundreds of thousands of students who opened BMTX college-sponsored accounts “are paying fees they might not be subject to if they opened different accounts.” The company signs those students up through partnerships with schools.įor years, regulators have scrutinized these partnerships broadly, arguing that by introducing financial products to students through colleges and universities, they put a vulnerable group of consumers at risk of being preyed upon. Sidhu’s talk of her company’s social mission is also being questioned by regulators and consumer advocates who are concerned about its approach to college students. The market valuation of the company is $36.9 million. Its stock has tumbled by nearly 50% in the past year and BMTX announced in January that it would lay off about 25% of its staff amid broader cost-cutting measures and the reorganization of its executive suite. Instead, it’s a financial technology company that partners with banks to provide accounts and other financial services. BankMobile is now known as BM Technologies, or BMTX Today, the company’s promise to upend the banking industry is faltering. “We are beginning what we consider a revolution that will disrupt the traditional banking landscape,” she said. In a 2014 press release announcing that BankMobile, then a division of Customers Bank, had appointed her as its chief strategy officer, Sidhu said BankMobile’s products would offer a solution for millennials, including her friends and peers, who were feeling overburdened by debt. Note that the college counts all days including weekends in the academic calendar but excludes breaks of five days or more.The 2018 appearance was one of many times when Sidhu, who was 28 years old when she founded the company, according to Forbes, described BankMobile in lofty terms. Īthens Technical College will use the following schedule to determine unearned TA fund to be returned to the government. The college will refund 100 percent of the tuition and fees (excluding the mandatory application fee) paid by students who are reported as No Shows by their instructors (see No Show Policy).Īthens Technical College has a policy that returns any unearned tuition assistance (TA) funds on a proportional basis through at least the 60 percent portion of the period for which the funds were provided to the military Service Branch. If an administrative withdrawal results in students being withdrawn completely for the semester, the college will refund 100 percent of the tuition and fees (excluding the mandatory application fee). If the director of registration and records administratively withdraws students because classes are canceled, because students fail prerequisite courses the previous semester, or because students are academically dismissed at the conclusion of the previous semester, the college will refund the original tuition if the reduction changes their enrollment from 15 hours or more to less than 15 credit hours. The college will not issue refunds to students who stop attending classes and do not complete the formal withdrawal process (see Withdrawing from Classes). The college will not issue refunds to students who withdraw from some or all classes after the last day to withdraw from classes without academic or financial penalties. To view our institution's contract with BankMobile, a Division of Customer Bank, click here. SELECT how you'd like to receive your moneyįor more information visit /refundchoices or see the Student Accounts Specialist or the Cashier.
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