“At that age, most people have less money coming in and more pressure to spend money, from peer pressure in particular.”

CBS News reports.

Yet another financial drain for college students

As college students pack up for summer break, there’s one housekeeping item they may want to add to their list: scrutinizing their bank accounts.

Many universities and colleges now work in tandem with banks to provide on-campus banking services to students. While those services may be convenient, they don’t provide a financial break in one area where young Americans need it most: overdraft fees. The average overdraft fee of 20 university-affiliated checking accounts analyzed by financial site NerdWallet was $34.50, barely better than the national median of $35.

Americans between the ages of 18 to 25 are the most likely to trigger overdraft fees, which is a financial penalty a bank levies when it covers a transaction if a customer’s account doesn’t have enough funds. Given that the typical consumer has an average of two overdraft fees per year, that means college students may face penalties of $70 or more a year. In some cases, that could snowball into several hundred dollars in overdraft fees.