Federal Regulations - Cash Management

In an effort to protect students and insure their best interest, the U.S. Department of Education external website published new cash management regulations (34CFR668.161-167 external website) via the Federal Register external website on October 30, 2015.

The Program Integrity and Improvement rules require Wilkes University to maintain, account for, 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 August 1, 2012 the Wilkes University (Wilkes) 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 Wilkes students bank with PNC, the U.S. Department of Education requires that we publish the contract for public review by September 1, 2016 (See below).

Wilkes is required to list major features and commonly assessed fees using the prescribed format being developed by the Consumer Financial Protections Board (CFPB) external website. At this time the prescribe format has not been released, however, as a good-faith effort we provide the PNC Fee Sheet associated with PNC accounts below.

Wilkes is also required to disclose the total consideration, monetary and non-monetary, paid or received by the parties under the contract and update this information within 60 days of the new award year (academic year). In addition, Wilkes is required to disclose contract data such as number of students with PNC accounts and the mean and median costs associated with these accounts within 60 days of the new award year.

NOTE: All disclosures relating to these new regulations and banking services contract will be made to this webpage.

Students ARE NOT required to have a bank account with PNC in order to receive their refund via direct deposit (ACH). Wilkes University 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 external website (https://www.bankrate.com).


PNC Virtual Wallet Features and Fees  (.pdf)

PNC Bank Summary Fee Sheet (.pdf)


Award Year* Payments Received
July 1, 2012 - June 30, 2013 $13,335
July 1, 2013 - June 30, 2014 $8,222
July 1, 2014 - June 30, 2015 $10,200
July 1, 2015 - June 30, 2016 $9,540
July 1, 2016 - June 30, 2017 $8,820
July 1, 2017 - June 30, 2018 $9,667
July 1, 2018 - June 30, 2019 $19,668
July 1, 2019 - June 30, 2020 $13,333
July 1, 2020 - June 30, 2021 $13,333
  • The total number of customers holding student financial accounts which originated under the contract from July 1, 2019 through June 30, 2021:  265
  • Mean student costs:  $12.00 in the year ended June 30, 2021
  • Median student costs: $.00 in the year ended June 30, 2021

*Award year: The period beginning July 1 of one year through June 30 of the following year.