How College-Sponsored Banks are Charging Students Millions in Fees

According to a report by the Consumer Financial Protection Bureau, banks that are recommended by universities are raking in fees from students. The report reviewed 573 colleges who have marketing agreements with certain banks and found that 1.3 million students had open and active bank accounts through their college's provider. During the 2016-17 academic year, these students paid a whopping $27 million in fees including overdraft and penalty charges.