Consumer Disclosure Federal Regulations - Cash Management

Consumer Disclosure

Federal Regulations - Cash Management

With the intention of protecting the best interests of students and providing them access to Title IV refunds without unreasonable financial account fees, the U.S. Department of Education published new cash management regulations (34CFR668.161-167) via the Federal Register on October 30, 2015.  The Program Integrity and Improvement rules require all universities to maintain, account, and disburse Federal Title IV funds in accordance with these regulations.  In addition, the rules require universities to disclose to its students any banking agreements the university has with financial institutions.  This webpage is published to comply with these regulatory reporting requirements.

On January 1, 2018, Salisbury University entered into a banking services agreement with PNC Bank.  The agreement provides PNC Bank with exclusive marketing rights to market its banking products and services to students and employees.  It also allows PNC to install three ATMs on the SU campus.  This agreement does not entail services related to the disbursement of Title IV credit balance refunds (T1 relationships as defined in the “Program Integrity and Improvement” rules.  

IMPORTANT: Students DO NOT need to obtain a financial account with PNC Bank to receive any federal financial aid refunds.  Students are encouraged to shop around for or consult others regarding banking products that best fit their situations and circumstances.

Student Banking Costs with PNC Bank

Award Year Ending June 30, 2019

Under Department of Education regulations 34 CFR 668.164(e)(2)(vii), e(2)(viii), (e)(3), (f)(2)(ii), (f)(4)(iv), (f)(4)(v), and (f)(5), SU is required to publish on its website contract data on the total consideration paid or received in connection with a financial institution or entity that offers financial accounts through a financial institution under which financial accounts are offered and marketed directly to students.  SU is also required to publish the number of students and the mean and median student costs.  The information required under the regulations is posted below.

Total consideration paid in the period July 1, 2018 through June 30, 2019: $51,400.00 plus $20,000.00 ATM rent = $71,400.00

Total number of customers holding student financial accounts which originated under the contract from July 1, 2017 through June 30, 2019: 759

Mean student costs: $13.03 in the year enged June 30, 2019

Median student costs: $0.00 in the year ended June 30, 2019

 

 

PNC Student Banking Fees

Click here for fees associated with PNC student accounts.

PNC Atm Lease Agreement