Information regarding financial aid rebates and student account refunds
When an overpayment has been made for all charges for the term, a rebate or refund will be ordered for the excess payment. Rebates are ordered when the source of the payment is financial aid. When the source is anything other than financial aid, a refund will be ordered. You will be notified through your TU email address if one has been issued to you.
To facilitate the efficient distribution of Financial Aid and to provide convenient banking services for our community, Towson University contracts with BankMobile and PNC Bank, NA. Students are not required to have a bank account with either service provider in order to receive their financial aid rebate or student account refund via direct deposit (ACH).
On October 30, 2015 the Secretary of the Department of Education amended the cash management regulations and other sections of the Student Assistance General Provisions regulations issued under the Higher Education Act of 1965, as amended (HEA). The updated regulations are intended to ensure that students have convenient access to their title IV, HEA program funds, do not incur unreasonable and uncommon financial account fees on their title IV funds, and are not led to believe they must open a particular financial account to receive their Federal student aid. In addition, the final regulations update other provisions in the cash management regulations and otherwise amend the Student Assistance General Provisions. The following information is provided for the benefit of our students.
|Bank Mobile||PNC Bank, NA|
|Arrangement Classification||Tier I
“processing direct payments of Title IV funds on behalf of the institution”
“financial accounts are offered and marketed directly to students”
(required by 9/1/16)
|Major Features, Commonly Assessed Fees, Terms, and Conditions*
||BankMobile Major Fees
||PNC Major Fees|
|Responsible Office||Bursar's Office||Auxiliary Services|
|Contact for Concerns||Thom Ruby, Director||Jacob Smith, Director|
* Format being developed by the Consumer Financial Protections Board (CFPB). Available information is provided until prescribed format is established.
This webpage is published to comply with the regulatory reporting requirements the Code of Federal Regulations Title 34, Part 668, Subpart K Cash Management (CFR 34.668.161-167).