U.S. college students shell out more than $795 million a year on bank and credit card fees, according to a new report. That's money that could be better spent on tuition and books.

About 85 percent of undergrads have a checking account, yet that doesn't mean they are banking wisely. The average college student overdrafts more than twice a year, according to personal finance site NerdWallet, and coughs up $35 in fees each time.

With more than 11 million full-time undergrads as of 2016, that's potentially more than $722 million wasted annually in overdraft fees alone.

In addition, about one-third of college students have also paid a credit card bill late. With late-payment fees on student cards similarly averaging $35 a pop, that's another $73 million out the window, the report said.

And in most cases, these fees are entirely avoidable — even for students who haven't taken Accounting 101.