PNC – Reporting of Fee Information

August 7th, 2019

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.

Any institution with a T1 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. Total consideration paid in the period July 1st, 2018 through June 30th, 2019: $57,785.23
  2. Total number of customers holding student financial accounts which originated under the contract from July 1st, 2017 through June 30th, 2019: 1,109
  3. Mean student costs: $24.30 in the year ended June 30, 2019
  4. Median student costs: $0.00 in the year ended June 30, 2019

 

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