College-Sponsored Bank Accounts Are Charging Students Millions in Fees Banks recommended by universities are raking in fees from students, The report reviewed 573 colleges who have marketing agreements with
certain banks. Through their college's provider,
1.3 million students had open and active bank accounts. During the 2016-2017 academic year, these students paid a shocking $27 million
in fees. That includes overdraft and
penalty charges. The Education Department under the Trump administration never published the report. The report was made public through a Freedom of Information
Act request.