Tuesday, Oct. 6, AASU hosted a speaker sponsored by Bank of America (BOA) and Monster. I attended this event with my wife and was disappointed to find the event not what I expect but rather a veiled attempt by for-profit corporations to target young people without jobs or regular income for loans. I find AASU hosting the event objectionable for several reasons.
My opinion is that AASU is trusted to provide protection and knowledge for the young adult students. Allowing corporate predators that have made a concerted and intelligent plan to lure people into financial traps is a violation of this trust. These corporations rely on a young person’s ignorance and lack of experience to move money from the student pocket to the corporation’s profits.
The second reason is that the event is deceitful to the audience. Although it is structured as an educational event, the real purpose became evident at the end when the personal information of students was collected. This information has a real money value in the marketplace. Obviously, the students will be marketed to by credit card offers and the like.
Thirdly, BOA is deceitful in its presentation by only offering select information. Of course it leaves out information that may make the student not want a credit card or other BOA offers. There is no mention of risk the credit card represents. Is it really a good idea for someone without a good paying job to borrow money? What is the risk taken by a borrower? Nor were the consequences of not paying your bill disclosed or the Fair Debt Collection Act mentioned. The fact that BOA collection department intentionally breaks federal law, harass its customers, engages in psychological warfare, and files lawsuits to collect money from people is not the image BOA wants and was not mentioned. Many people, including myself, can testify to these tactics
The large banks currently sign contracts with colleges to allow only that bank to market to the students and provide the students personal information in exchange for money. The question then arises: Did AASU receive payment to allow this presentation?
AASU violated its duty by allowing this event as it is. A complete discussion about money provided without a hidden agenda (profit for a bank) by the presenter is AASU’s duty to provide the students.



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