Navient Bank Fee Changes Announced via Letter ✅

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The letter was sent to the National Association of Commissioner Representatives (NACREP), the National Collegiate Athletic Association (NCAA), and the Federal Reserve Bank of St. Louis, following the announcement of fee changes for Navient Corporation and its subsidiaries’ debit cards.

1.

A letter was sent out today announcing that beginning July 1st, 2018, any student who has a Navient bank account will have their monthly fee increase from $50 to $75. At first glance, this may seem like it’s not much money, but over time, this will add up really fast! So make sure you switch to a non-Navient bank ASAP!

2.

This comes only days after we announced our plan to use alternative banking services to avoid paying excessive fees charged by Naviant (and just about every other financial institution).

3.

We know many students will be able to get away with using the school’s free checking account. However, if you do choose to continue using your Navient bank account, please do so responsibly.

4.

If you’re currently enrolled at CUNY Empire State College, we encourage you to move your money out of Navient soon and to begin exploring alternatives. If you have already moved your money out, thank you! But remember, we still need to move our own funds out of Navient so we can take advantage of the alternative accounts. We’ll let you know how to do this soon.

Navient Bank Fee Changes Announced via Letter

A recent change was recently announced regarding the banks’ fees for debit cards. The letter stated that beginning April 1st, 2017, bank charges would increase due to the transition to EMV chip technology. The fee would go up to $0.50 per transaction. The letter suggested that customers should have their bank statements ready to show when they make transactions. They also advised people to keep receipts for tax purposes.

Another announcement was made about this year’s Super Bowl event. It was reported that Visa and Mastercard agreed to waive any interchange fees for companies using gift card sales at the big game. These two credit card providers were responsible for $200 million dollars being taken out of the economy because of these fees.

There was a report that the US government has released a list of approved charities that will receive funding from the IRS. The 501 (c)(3) organization status means it is considered a non-profit and it is not allowed to endorse political candidates or lobby members of Congress. It is often referred to as a charitable organization.

It was reported that the National Oceanic and Atmospheric Administration’s (NOAA) website had been hacked. Someone took control of the site and changed some information. They claimed to be connected with the Russian military and indicated that the hack was meant to protest climate change.

Finally, it was said that the UK may go to war with Russia over Syria. Apparently, UK officials believe that the Russians are supplying weapons to rebels fighting Bashar al-Assad. They think that Syria may use chemical weapons against civilians. In response, the UK says that they are preparing to launch airstrikes in order to prevent further attacks with chemical weapons. The UK says that they will also send troops if necessary.

Navient Bank Fee Changes Announced via Letter

You’re going to pay more fees if you have a loan with Navient.

The number of students who have loans with Navient has grown since 2010. In 2013, 6 percent of borrowers had a federal student loan serviced by Navient; today, that number is 8 percent. At the same time, the number of people using their federally subsidized Stafford Loans at Navient increased sixfold between 2008 and 2014.

Your monthly payment could go up.

Students whose loans were transferred to Navient in 2015 will see their payments increase by $0.50 each month starting in February 2016. Those who take out a new loan with Navient will likely face a similar hike. And those who took out a loan with Navient before January 1, 2016 might not see any change.

There’s no guarantee you’ll avoid these fees.

As of November 2nd, we don’t know what the final rule will look like. If the government wants to keep fees low, they may charge Navient for processing the loan (as opposed to the borrower) but still charge the borrower extra.

You’ll need to shop around for a different lender.

If you’d rather not deal with Navient, you’ll need to find someone else to lend you money. Navient is much less expensive than Sallie Mae and Nelnet, and some smaller lenders won’t charge you additional fees.

Navient Bank Fee Changes Announced via Letter

Dear Navient Customer,

As you may know, we recently announced changes to our credit card fees. We have been working diligently over the last few months to bring these changes to fruition, and we believe they will benefit both customers and our bank partners. As of July 1st, 2018, we changed the fee structure for debit cards. We hope you understand that while we do not yet have all the details finalized, we do expect some of these changes to take effect on September 1, 2018.

The following represents what is currently expected to happen based on our initial estimates.

A $10 monthly fee on cards issued after January 2020 will be added.

There will be no $10 fee on cards issued before January 2019.

Banks and credit unions will continue to charge processing fees as well as any additional interest for their services.

Fees related to checking account management (such as ATM withdrawals) will remain unchanged at present.

We appreciate your patience as we work toward finalizing these details. If you have questions about these changes or if you would like to speak directly with our team, please contact us at 855-874-9000 or email us at info@naviantfinancial.com. Sincerely,