PNC – Reporting of Fee Information

August 29, 2017

Subject: Institutional Reporting of Fee Information under the New Cash Management Regulation.

On January 1, 2016 Youngstown State University entered into a T2 arrangement with PNC Bank to provide students with banking and financial literacy products. As a result of this agreement the U.S. Department of Education requires that we disclose the following information:

Posting the accountholder and fee data.

No later than September 1, 2017, any institution with a T 1 arrangement and any institution with a T2 arrangement that meets or exceeds the credit balance thresholds under 34 CFR 668.164 (f) (2) (ii) must post certain information prominently on the same website where the institution posts its full contract with a financial account provider. The institution must disclose:

  1. The total consideration paid or received by the parties under the contract; Youngstown State University received $56,383.56.
  2. For any year in which the institution’s enrolled students open 30 or more financial accounts under the arrangement,
    1. The number of students who had financial accounts under the contract at any time during the most recently completed award year.
      July 1, 2016 thru June 30, 2017 – 779 accounts.
    2. The mean and median costs incurred by those student accountholders.
      Mean student costs: $26.15 in the year ended June 30, 2017.
      Median student costs: $0.00 in the year ended June 30, 2017.

 

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