In an effort to protect students and ensure 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 the University of San Diego 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 information is published to comply with these regulatory reporting requirements.
On June 5, 2008, USD entered a banking services agreement with U.S. Bank. The agreement, and subsequent amendments, do not include services for handling student related Title IV credit balance refunds. However, since many USD students bank with U.S. Bank, the U.S. Department of Education requires that we publish the contract for public review by September 1, 2016 (See below). USD and U.S. Bank also have written agreements related to the U.S. Bank ATM and branch office located on campus. Those agreements are also available for public review (See below).
By July 1, 2017, USD is required to list major features and commonly assessed fees using the prescribed format being developed by the Consumer Financial Protections Board (CFPB). At this time the prescribe format has not been released, however, as a good-faith effort we provide U.S. Bank Student Checking Common Checking Account Fees and U.S. Bank Terms & Conditions.
By September 1, 2017, USD is 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, USD is required to disclose contract data, such as number of students with U.S. Bank accounts and the mean and median costs associated with these accounts, within 60 days of the new award year.
Students ARE NOT required to have a bank account with U.S. Bank in order to receive their refund via direct deposit. USD 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 (http://www.bankrate.com).
NOTE: All disclosures relating to these new regulations and banking services contract will be made to this webpage.