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 | 2022-2023 Award Year |
| Number of students with financial accounts | 1,367 |
| Mean | $17.63 |
| Median | $2.00 |
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
2022-2023 Total Non-Monetary Consideration: N/A
Marketing Commitment to Saint Louis University: N/A
2022-2023 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 Fee |
|
$0* *Monthly maintenance fee waived until you turn 25 (otherwise $6.95/month) |
$0 |
$0 U.S. Bank ATMs $2.50 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 $2.50 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 account3 (after 11 months of no activity) |
$5 per month
|
The financial institution offering this account charges 22 other types of fees. Here are some of them:
| Wire Transfer fee4 |
Incoming (domestic): $20 *First two incoming international wire transfer fees waived per statement period Outgoing (domestic): $30 |
| Statement fee | Paper Statement fee: $2 |
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. No ATM Transaction fees charged on first four Non-U.S. Bank ATM Transactions per statement period (Non-U.S. Bank ATM Transaction fees apply after four). If a Non-U.S. Bank ATM Transaction fee applies, U.S. Bank will assess a fee for each ATM Transaction conducted at the Non-U.S. Bank ATM. Additionally, Non-U.S. Bank ATM owners may apply a surcharge fee unless they participate in the MoneyPass® Network. If you use an ATM that uses the MoneyPass Network and are charged a fee, please contact us at 800-USBANKS (872-2657) for a refund. To find MoneyPass ATM locations, select “Show MoneyPass ATM Network locations” in the ATM locator https://locations.usbank.com/search.html. Non-U.S. Bank ATMs are defined as any ATM that does not display the U.S. Bank logo in any manner, physically at the ATM or digitally on the screen. 3. Unless excluded by account type or prohibited or restricted by state law. 4. Additional fees may be deducted from the transfer amount by other financial institutions involved in the payment process.
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.