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Using the bank your college recommended? Check for fees

Wednesday, December 12, 2018
Annie Nova | CNBC
Whitney Barkley-Denney

College-sponsored bank accounts ding students with millions of dollars in fees each year, according to a report by the Consumer Financial Protection Bureau.

The Education Department under President Donald Trump never published the analysis but advocacy groups recently obtained it through a Freedom of Information Act request.

The bureau reviewed 573 colleges across the country with marketing agreements with banks.

It found that 1.3 million students attending these colleges had open and active accounts with their colleges’ account providers.

Students using accounts at these schools paid more than $27 million in fees during the 2016-2017 academic year, including overdraft and penalty charges.