Have you been offered a ‘free student ID’ or received emails about school refunds from Refundselection.com? It might not be what it seems. This article reveals their tactics, how they team up with schools to attract students, and what you need to know about the hidden fees and costs.
About Refundselection.com
Refundselection.com claims to offer a legit way to get your school refunds, but there’s more to it. They partner with BankMobile, and their main goal is to get you signed up for their banking services. But BankMobile isn’t your typical bank. Before you use their services, there are a few important things you should know.
What We Discovered About Refundselection.com
Refundselection.com targets students, especially those in junior colleges and community schools, by promising to handle their school refunds and offering a “free student ID.” They send emails hinting that your school might have sent you a refund, and the only way to get it is to register with their bank. But once you sign up, there’s no refund waiting for you as promised.
Instead, they push you to open a checking or savings account with BankMobile, and that’s where the trouble starts. Suddenly, you’re hit with fees and charges that add up fast, and before you know it, they’ve got your banking business at a high cost to you.
Is Refundselection.com A Scam
It’s not exactly a scam, but it’s definitely shady. Some schools do use Refundselection.com to disburse excess financial aid funds, but there are tons of complaints on the Better Business Bureau (BBB) and Reddit about their services. Many students have said that this website takes advantage of naive and unsuspecting students. It’s very unethical.
They know that students, especially those new to handling money, will fall for their tactics and then stick around, either because they don’t know any better or because they’re afraid to leave. It’s a system designed to trap students, making it hard for them to get out once they’re in.
Other Options To Consider
If you’re exploring banking options, consider credit unions—they’re often much more trustworthy than for-profit banks. I’ve been with a credit union based in Colorado for years, even though I live in California, and the experience has been fantastic. They offer competitive rates, top-notch services, free ATMs nationwide, and minimal fees without any hidden charges or gimmicks.
Also read: Black Falcon 4K Drone A Scam? Review, Pros & Cons
Nora