Federal Cash Management Regulations
The U.S. Department of Education published Final Regulations on October 30, 2015 in the Federal Register that amended Subpart K of the General Provisions regulations at 34 CFR 668.161 - 668.167. Among other things, the regulations established new requirements for institutions (and their third-party servicers) that enter into agreements to offer financial account products such as debit or prepaid cards as a way for students to receive their Title IV credit balance refunds. The Final Regulations established new regulatory requirements for financial products offered to students under specific kinds of contractual arrangements. This webpage is published to comply with these regulatory reporting requirements.
On November 24, 2015, Slippery Rock University entered into a banking agreement with PNC Bank for Campus Banking Services. This contract and subsequent amendments do not include services for handling student related Title IV credit balance refunds. However the U.S. Department of Education requires that we publish the contract for public review.
Slippery Rock University does encourage direct deposit for student refunds, but does not require a student to open a PNC bank account to receive their refund. Students may receive a direct deposit refund in any bank account of their choosing. Please contact the Office of Student Accounts at 724.738.2088 with any questions.
Below are documents and resources pertaining to our agreement with PNC Bank:
PNC Contractual Information
PNC Bank Information
- Major features and commonly assessed fees of the PNC Virtual Wallet
- Full detailed terms and conditions of the PNC Virtual Wallet
- Banking contract Consideration, Account Holder, and Fee date for the Award Year Ending June 30, 2021
- PNC Virtual Wallet Student Account Features - Department of Education Template