<human>: Not sure if this is the best Subreddit to post on, but I'm sure you guys can help me out.

I have a checking account at a Canadian bank and only use it to deal with my government funded student loan. I receive payments in January, June, and August, thus only really monitor and check my account during that period. 

Being now in June, I log onto my online banking only to be informed that my account had been closed down since it went into an overdraft - why? - because I was being charged a monthly fee every month since the new year for not declaring my student status. Now, I was never informed that I was responsible for declaring my student status every year, and even worse, I wasn't even informed that they closed down my account. I went to speak with the branch and was told by the manager that when I signed the agreement when opening the account that it was stated that it was my responsibility to check my account every month, thus they are not entitled to reimburse me for that amount. Furthermore, I can only reopen my account if I pay the amount that my account went in negative for.

Now, I have not received my loan since there is no account to deposit it into nor do I find it acceptable that I have to pay the balance just to reopen my account.

Thus two questions:
1) Does it affect my credit score when they closed down my account having for having a negative balance?
2) How should I proceed with the situation?

Thanks!

Summarize the given text in a few sentences.
<bot>: Account not check for while, was being charged monthly fees for not having shown student status, account closed for having negative balance, told to pay negative balance in order to reopen account since it's "my responsibility"