If it's a transfer using your authentication details they might put the transaction on hold or call you, but, no, they generally aren't liable with the processe

If it's a transfer using your authentication details they might put the transaction on hold or call you, but, no, they generally aren't liable with the processes they have in place unless there's significant negligence. The college might have been the one authorizing the transfer here to the wrong party. Banks can't or don't typically verify all of your vendors and clients and transactions. They provide the money pipes.