Student Banking Program
i-card Programs oversees the University of Illinois' student banking program. We selected PNC Bank in August, 2015 after completing a thorough, year-long Request for Proposal evaluation process. The Student Banking Services Agreement (PDF) is our record of this contract with PNC Bank. We monitor PNC Bank's campus activities and communications year round and meet regularly with PNC representatives.
Every two years, we conduct due diligence reviews to ensure that our students are best served by this banking program and that its account fees are consistent with or below prevailing marketplace rates. In accordance with Department of Education regulations, we post figures from PNC Bank about this program's annual consideration, participation, and costs. The annual report from PNC Bank for the program year that ended June 30, 2024 is as follows:
- Total consideration: $936,000.00
- Total number of customers holding student financial accounts which originated under the contract from July 1, 2023 through June 30, 2024: 7,006
- Mean student costs: $8.50 in the year ended June 30, 2024
- Median student costs: $0.00 in the year ended June 30, 2024
The Virtual Wallet Student Summary (PDF) details the terms, conditions, fees, and benefits associated with PNC Bank's account for students. PNC Bank also makes available the detailed disclosures for student accounts in its Virtual Wallet Fine Print (PDF).
Banking with PNC Bank is always optional. No student is ever expected or required to bank with PNC. Linking a student i-card to a PNC Bank account is also optional. More student banking information is available at Bank with your i-card on our i-card website.