SOUTH PORTLAND, Maine (AP) _ A subsidiary of South Portland payment processing company WEX Inc. must pay a $1.75 million fine for its role in deceiving college students about disbursements of financial aid.
The Portland Press Herald reports WEX Bank has also been ordered to pay a share of $31 million in restitution to 900,000 customers. WEX Bank settled with the Federal Deposit Insurance Corp. on Wednesday.
The bank will pay the $31 million jointly with Higher One, a Connecticut company affiliated with WEX Bank that provides disbursement services for students. Higher One must pay a $2.23 million fine for its role.
FDIC concluded that Higher One's materials omitted facts and certain fees, features and limitations of its ``One Account'' product. WEX Bank approved the materials.
WEX's corporate spokeswoman didn't return a call.