Banking Contract Disclosure

In an effort to protect students and insure their best interest, 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 the University of Cincinnati to maintain, account, and disburse Federal Title IV funds in accordance to these regulations. In addition, refunding credit balances associated with Federal Title IV should always be in the best interest of the student. This webpage is published to comply with these regulatory reporting requirements.

On March 31, 2010 the University of Cincinnati (UC) entered a banking services agreement with PNC Bank. The agreement, and subsequent amendments, do not include services for handling student related Title IV credit balance refunds. However, since many UC students bank with PNC the U.S. Department of Education requires that UC publish the contract for public review by September 1, 2016.

Students are not required to have a bank account with PNC to receive their refund via direct deposit (ACH). The University of Cincinnati encourages students to shop around to find a banking partner that fits their financial situation and needs. A good place to start is checking out Bankrate (http://www.bankrate.com)

Student Banking Costs with PNC Bank

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), the university 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. The university is also required to publish the number of students and the mean and median student costs. For the most recently completed award year the university and PNC Bank, NA had this type of relationship.  The information required under the regulations:

  • Time Period: July 1, 2022 through June 30, 2023
  • Mean student cost: $6.11
  • Median student cost: $0.00
  • Number of accounts: 3,327
  • Total monetary consideration paid to UC: $341,802.23 ($302,474.25 + $39327.98 in branch rent)

PNC Virtual Wallet Student Fee Sheet

UC/PNC Banking Information

Payments made to UC under contract since 2010-2011.
Fiscal Year Payments Received
2010 - 2011 $108,000
2011 - 2012 $182,500
2012 - 2013 $252,000
2013 - 2014 $290,010
2014 - 2015 $320,000
2015 - 2016 $283,460
2016 - 2017 $280,633
2017 - 2018 $298,058
2018 - 2019 $1,006,031
2020 - 2021 $330,975
2021 - 2022 $333,452