Federal Regulations – Cash Management
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 Temple University 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 June 1, 2005 Temple University 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 Temple University students bank with PNC the U.S. Department of Education requires that Temple University publish the contract for public review by September 1, 2016.
Students DO NOT need to have a bank account with PNC to receive their refund via direct deposit (ACH). Temple University strongly 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.
Student Banking Costs with PNC Bank
Award Year Ending June 30, 2024