Consumer Group Alleges FSU Improprieties

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The relationship between a college and its student population is one that is built on mutual trust with students promising to follow clear lines of academic propriety while the school ensures that academic rigor college moneyis upheld and everyone feels safe on campus. This trust is broken from time to time when students plagiarize their work or when schools fail to provide adequate security to prevent on-campus crime.

Consumer Group Uncovers A Secret Agreement

A consumer group by the name of the Consumer Warning Network (CWN) has discovered that Florida State University (FSU) recently made a secret agreement with the Bank of America to disclose confidential information about students to the bank in exchange for a financial benefit. The bank was given an exclusive right to contact students and share with them a special deal using FSU’s official colors and symbols.

The CWN obtained a copy of a contract between the Seminole Boosters, FSU’s athletic fundraising arm, and the bank. The contract, which was endorsed by the university in a side letter, was supposed to remain confidential.

$10 Million Over Seven Years

Under the contract’s terms, the university receives a percentage of every dollar charged by university students and alumni, with a guaranteed payout of over $10 million for seven years. The money aids the Seminole Boosters who use these funds to pay the salaries of its coaches.

Besides sharing confidential information with the bank, the terms the students would face if they chose to accept Bank of America credit cards, are not particularly favorable with higher interest rates charged compared to non-student credit cards.

FSU Students Are Bothered By The Allegations

Students on campus were troubled by their school’s role in the deal. “It’s like they’re setting us up for failure,” said Yari Alpizar, a freshman from Marathon, Florida. “I don’t think they should be allowed to do this. It’s an invasion of privacy.”

The Consumer Warning Network is website launched by a team of former Federal Prosecutors, Investigative Journalists and former FBI Agents working together to expose fraud and educate the public on consumer issues. The report can be read on the organizations website at http://www.consumerwarningnetwork.com

(Source: Consumer Warning Network)


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