Coach Dana Holgorsen announced the suspension Monday but did not provide details regarding the academic issue.
Holgorsen said on the Big 12 coaches' call that the team is happy that Banks' issue was resolved.
Banks will be eligible to play starting with the Mountaineers' home opener on Sept. 20 against No. 4 Oklahoma. The senior will miss Saturday's season opener against Alabama in Atlanta, the Sept. 6 home opener against FCS Towson, and a Sept. 13 road game at Maryland.
Banks started all 12 games last season, making 32 tackles and two interceptions.