Bank Services Agreement and Fees
The id+ Card Program manages the University's student banking program. We renewed our Agreement with PNC Bank in January, 2015 after completing a thorough, two-year long Request for Proposal evaluation process. The University Banking Services Agreement is our record of the University's contract with PNC Bank.
Our oversight of student banking does not stop at selecting a provider. We monitor PNC Bank's campus activities and communications year-round, meeting regularly with PNC representatives. Every two years, we will conduct due diligence reviews to ensure that our students are best served by this banking program and that its account fees are consistent with or below prevailing marketplace rates.
The Summary of Virtual Wallet Student (PDF) details the terms, conditions, fees, and benefits associated with PNC Bank's account for students. As a reminder, banking with PNC Bank is optional. No student is ever expected or required to bank with PNC. Linking a student id+ card to a PNC Bank account is also optional. Student-focused information is available on our student Banking page on the id+ website.
In compliance with the Department of Education Cash Management regulations requirement - 34 CFR Sec. 668.164
PNC Bank reports the following financial information:
- Total consideration: $889,999.98
- Total number of customers holding student financial accounts which originated since July 1, 2019 and were open at any time during the year ended June 30, 2021 and linked to a University ID: 8,666
- Mean student costs: $11,75 in the year ended June 30, 2021
- Median student costs: $0.00 in the year ended June 30, 2021