The company at the center of financial-aid disbursement has left investors with losses and college kids with questionable fees

In 2018, Luvleen Sidhu, founder of BankMobile, sat on the floor of the New York Stock Exchange and told Cheddar, a news site geared towards millennials, that she wanted millions, including college students, to open accounts at her online financial services company. 

“[It’s] not because the numbers matter,” Sidhu said of the company’s aim. “It’s because we have a social mission here and we’re hoping to help these students.” 

The…