Banking at Loyola
PNC Bank provides exclusive banking services on Loyola campuses. PNC is committed to the success of the students providing financial education and literacy programs, customer service, and unique money management tools like Virtual Wallet ® Student. PNC is a visible presence on campus and provides students with convenient access to financial services.
Federal Regulations - Cash Management
In an effort to protect students and insure 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 Loyola University of Chicago to maintain, account, and disburse Federal Title IV funds in accordance to these regulations. This webpage is published to comply with these regulatory reporting requirements.
On June 2, 2011, Loyola University of Chicago (LUC) entered into a banking services agreement with PNC Bank. The agreement, and subsequent amendments, do not include services for handling student related Title IV credit balance refunds. However, since many LUC students bank with PNC the U.S. Department of Education (DOE) requires that LUC publish the contract for public review by September 1, 2016.
The agreement between LUC and PNC for these services can be found here.
The Virtual Wallet ® Student account is not a requirement to receive Federal student aid. If you are eligible to receive a Federal student aid refund, your refund can be directly deposited via ACH to any bank and bank account of your choosing.
On July 1, 2017, LUC is required to list major features and commonly assessed fees and information about the PNC Virtual Wallet they are listed below:
Virtual Wallet ® Student
DOE Virtual Wallet Student Template Summary
Additional information about the Virtual Wallet ® Student can be found at the following links:
Short Virtual Wallet Student Summary
Detailed Virtual Wallet Student Disclosures
Defines Relationship between account holder and PNC
PNC Virtual Wallet Features and Fees for: Delaware, Florida, Illinois (excluding Boone, Cook, DeKalb, DuPage, Kane, Kankakee, Lake, McHenry, Will and Winnebago Counties), Indiana (excluding Jasper, Lake and LaPorte Counties), Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Virginia, West Virginia, and Washington D.C. markets. All Markets. All prices are subject to change. Products, services and prices may vary by market.
PNC Virtual Wallet Features and Fees for: Alabama, Georgia, Illinois (Boone, Cook, DeKalb, DuPage, Kane, Kankakee, Lake, McHenry, Will and Winnebago Counties only), Indiana (Jasper, Lake and LaPorte Counties only), North Carolina, South Carolina and Wisconsin markets. All Markets. All prices are subject to change. Products, services and prices may vary by market. https://www.pnc.com/content/dam/pnc-com/pdf/personal/Checking/fees-vw-B.pdf
On September 1, 2017, LUC 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, LUC is required to disclose contract data such as number of students with PNC accounts and the mean and median costs associated with these accounts within 60 days of the new award year.
LUC/PNC Banking Information
|Academic Year||Payments Received|
Student Banking Costs
Student Financial Accounts
from July 1, 2015
to June 30, 2017
PNC ATMS on Campus
|Lake Shore Campus|
|Damen Student Center, Gentile Center, Klarchek Information Commons, Simpson Living Learning Center and Sullivan Center|
|Water Tower Campus|
|Terry Student Center|
|Health and Fitness Center|
Branch Locations On or Near Campus
|On Lake Shore Campus:|
|Loyola University - Lake Shore Branch
Located in Damen Center
6511 N. Sheridan Road
Chicago, IL 60626
|Near Water Tower Campus:|
877 N. Rush Street
Chicago, IL 60611
|Near HSD (Maywood) Campus:|
6650 West Cermak Rd.
Berwyn, IL 60402
Additional PNC Branches near Loyola Campuses
Checks issued by Loyola University Chicago can be cashed at these PNC Branches.