A campaign is being launched telling Glasgow University students that many bank charges may be unlawful and could be challenged in the courts.
The advice centre is being set up at Glasgow University
It follows research at the university which found that its students pay up to £1.3m a year in bank charges.
Many of the charges were levied after students went over their overdraft limit, some by as little as £4 or £5.
A Plymouth student recently received £5,000 in compensation for unfair bank charges in an out-of-court settlement.
An advice centre is now being set up at Glasgow University. Workers there have teamed up with Govan Law Centre, which has undertaken pioneering work on the issue.
Almost 2,500 students participated in the survey, which was carried out by the university's Student Representative Council (SRC).
The research found that 92% of students were subject to bank charges in the last 12 months, with the average charge being £72.
Of those charged, 8% paid between £141 and £500 per annum, with just under 1% paying more than £500 each year.
Almost half of those subject to penalty charges claimed they had made a simple mistake, often with bank charges of £30 to £50 being levied for a students going over their overdraft limit by £4 or £5.
Reasons given by the students for using an unauthorised overdraft were paying rent, buying food and books, paying for travel costs and paying utility bills and other debts.
Glasgow Kelvin MSP Pauline McNeill, convener of a Scottish Parliament justice committee, said: "I have been concerned for some time by the ease with which banks apply charges and the effects on low income households, particularly students.
"I very much welcome the SRC's initiative and with so many students in my own constituency I will do all I can to support the campaign and stand up for students."
Matt Davies, SRC vice president, said: "Students have enough trouble trying to make ends meet and it's all too easy to slip into the red by a few pounds occasionally.
"Through the advice centre we intend to challenge the banks and put an end to this scandalous profiteering."
Senior advice worker Helen Speirs said: "We urge any student who feels they have been penalised in this way to come in and speak to one of our advice workers or log on to our website."