Certain higher education student bank account minimum standards requirement provision

This bill sets minimum standards for student banking accounts at Minnesota higher education institutions. It prohibits financial institutions from charging students overdraft, maintenance, closure, or deposit/withdrawal fees on accounts used to receive financial aid (Tier 1) or other student accounts (Tier 2). Institutions must ensure terms are transparent in plain language and at least as favorable as market norms, including competitive interest rates. They must also report annually on account types, fees received, partner banks, and compliance with these standards. The bill directly affects students, colleges, and financial institutions offering student banking services in Minnesota.