Federal Regulation: Cash Management
In accordance with the U.S. Department of Education, on October 30, 2015, new cash management regulations were published via the Federal Register (34CFR668.161-167).
The Program Integrity and Improvement rules require the Saint Louis University to account for, and disburse Federal Title IV funds in accordance to these regulations. This information is published to comply with these regulatory reporting requirements.
As provided by U.S. Bank, no later than September 1, 2017, and each year after, 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. For any year in which the institution’s enrolled students open 30 or more financial
accounts under the arrangement,
a) The number of students who had financial accounts under the contract at any time
during the most recently completed award year; and
b) The mean and median costs incurred by those student accountholders.
Saint Louis University
| ID Linking Method w/ two-year co-hort | 2023-2024 Award Year |
| Number of students with financial accounts | 1,816 |
| Mean | $19.08 |
| Median | $0.26 |
2. The total monetary and non-monetary consideration paid or received by the parties
under the contract;
Card Operations Payment to Saith Louis University: N/A
2023-2024 Total Non-Monetary Consideration: N/A
Marketing Commitment to Saint Louis University: N/A
2023-2024 Total Non-Monetary Consideration: N/A
On March 23, 2001, Saint Louis University (SLU) 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 SLU students bank with U.S. Bank, the U.S. Department of Education requires that we publish the contract for public review by Sept. 1, 2016 (See below).
SLU is contracted to market and directly offer enrolled students the option to open an account with U.S. Bank. While your SLU ID includes the U.S. Bank logo, you are not obligated or required to open or maintain a financial account with U.S. Bank; nor are you required to open or maintain a financial account with U.S. Bank in order to receive your refund via direct deposit. You are also not required to obtain an access device offered by or through U.S. Bank. (Federal Regulations [668.164 (d),(e), (f)].). SLU encourages you to research a financial institution that best fits your financial situation and needs.
This information is included in the University's annual disclosure that is communicated to all enrolled students each academic year. For more information, view the contract established with U.S. Bank.
Note that all future disclosures relating to these new regulations and banking services contract will be made to this webpage.
U.S. Bank Disclosures for Student Accounts
You do not need this account to receive your Federal student aid. Ask the financial aid office about other ways to receive your money.
U.S. Bank Smartly Checking Account for Young Adults (age 18-24)1
| Monthly Maintenance Fee | Per Purchase | ATM Transactions2 | Cash Reload | Overdraft Paid Fee3 |
|
$0* *Monthly maintenance fee waived until you turn 25 (otherwise $6.95/month) |
$0 |
$0 U.S. Bank ATMs $3.00 non-U.S. Bank ATMs |
N/A |
$36 for each item of $5.01 or more $0 for each item of $5 or less and/or for overdrawn Available Balances of $50.00 or less |
| ATM Transaction means each withdrawal, balance inquiry, denied transaction, fund transfer or deposit. (Some ATMs have limited functionality) |
$0 U.S. Bank ATMs or $3.00 non-U.S. Bank ATMs* *First four non-U.S. Bank ATM fees waived per statement period
|
| Customer Service (automated or live agent) |
$0 per call
|
| Dormant account4 (after 11 months of no activity) |
$5 per month
|
The financial institution offering this account charges 16 other types of fees1. Here are some of them:
| Wire Transfer fee5 |
Incoming (domestic internal): $15 Incoming (domestic): $20 *First two incoming wire transfer fees waived per statement period Outgoing (domestic internal)6: $25 Outgoing (domestic): $30 |
| International Processing Fee |
U.S. Dollars: 3% of transaction Intl Currency: 3% of transaction |
This account is eligible for FDIC insurance.
1. Benefits listed are from the Young Adult customer group (ages 18-24) as listed
in the Consumer Pricing Information disclosure. A minimum
deposit of $25 is required to open a U.S. Bank checking account.
2. ATM Transaction Fee: U.S. Bank will assess this fee for each ATM Transaction conducted
at a Non-U.S. Bank ATM. Non-U.S. Bank
ATMs are defined as any ATM that does not display the U.S. Bank logo in any manner,
physically on the ATM or digitally on the screen.
ATM Surcharge: Non-U.S. Bank ATM owners may apply a surcharge fee on ATM transactions
at their ATMs. U.S. Bank participates in
Moneypass® an ATM surcharge free network. To find Moneypass ATM locations, select
“visit the Moneypass Locator” at the bottom of our
ATM locator search results to be taken to the Moneypass website. If you use an ATM
that uses the Moneypass® Network and are charged
a surcharge fee, please call us at 800-USBANKS (872-2657) for a refund of the surcharge
fee. However, a Non-U.S. Bank ATM
Transaction Fee may be assessed on transactions at a MoneyPass ATM.
3. In the event the Available Balance at the end of the business day is or would be
overdrawn $50.01 or more and the transaction paid is
$5.01 or more, an Overdraft Paid Fee may be assessed for each item. In the event the
Available Balance at the end of the business day is
or would be overdrawn $50.00 or less, a fee will not be assessed. U.S. Bank limits
the number of charges to a daily maximum of three
Overdraft Paid Fees per day, no matter how many items we pay on your behalf.
4. Unless excluded by account type or prohibited or restricted by state law.
5. Additional fees may be deducted from the transfer amount by other financial institutions
involved in the payment process. Deposits received
in a foreign currency, whether by check, wire-transfer, or otherwise, must be converted
to U.S. dollars prior to being credited to your
account. U.S. Bank will convert your funds at a retail exchange rate established by
U.S. Bank on the business day when such exchange is
processed based on factors such us market conditions and risk, economic and business
factors. The exchange rate will include our profit,
fees, costs and charges. See the Foreign Currency section of the Your Deposit Account
Agreement for more information.
6. An internal domestic wire transfer (incoming and outgoing) is where both the debit
and the credit accounts are held within U.S. Bank.
For a comprehensive list of account pricing, terms and policies see the Consumer Pricing Information brochure and the Your Deposit Account Agreement. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657. Deposit products offered by U.S. Bank National Association. Member FDIC.