College bank criticised for 'FOMO' loans

The short-term €100 loans service, which could be applied for via text, received several complaints

Dublin City University (DCU) received a number of complaints after a bank on campus offered students so-called 'FOMO funds'.

The Sunday Business Post reports that Bank Of Ireland is trialling a short-term loan service based on the phrase 'fear of missing out'. The service allows students to receive €100 into their bank accounts instantly via text message.

An email promoting the new product said it would ensure students "did not miss out on some of the biggest events on campus".

The paper reports that give official complaints were received by the university in relation to the service.

"The DCU Bank Of Ireland branch recently circulated an email to students and staff to promote a financial offering on a pilot basis, with the intention of establishing its value or otherwise to the university's student population," a spokeswoman for the university said.

However, the spokeswoman added that the college had "no role in the day-to-day business operations of the bank nor its products offerings."

The product trial, which consists of 250 students, will run until the end of April. It is not expected to extend beyond that date or be introduced on a wider basis.