MORGANTOWN , W.Va.West Virginia University students will soon have a faster, more convenient way to access their refunds from financial aid or other sources on their student account.
Currently, all student refundsany remaining funds after tuition, fees, and housing costs have been paidare processed by check and mailed to recipients. Beginning this summer, students can register to receive a quicker delivery method of their refunds, which WVU officials are calling the eRefund program. The program will be operational for the fall refund process with several reimbursement options available for students.
This new program is being made possible by a recent agreement with PNC Bank. According to David Kosslow, director of WVU s treasury operations, WVU officials recognized the need for a more efficient delivery method for refunds.
PNC Bank was selected through a competitive process following a request for proposal (RFP). The RFP identified the provider that would best deliver student refunds and offer additional banking services. The University included student representation throughout the solicitation and evaluation processes.
I am very pleased with this new agreement with PNC . They will not only offer the convenience that busy students and employees expect in campus banking services, but also security measures to give customers peace of mind,Kosslow said.
Under the plan, students will have three new refund options: they can have money directly deposited into a free PNC checking account(which includes a VISA debit card), have money electronically transferred to a non-PNC account, or receive a prepaid VISA card. The prepaid card does not require the student to have a bank account and it can be disposed of once its funds have been used.
The PNC Bank VISA debit card is a co-branded card featuring the WVU logo. It will also be available to any PNC customer. Both the PNC Bank debit cards and prepaid cards can be used to obtain cash at PNC ATMsfree of chargeor make purchases anywhere VISA is accepted.
Students will make their eRefund choices by logging into the PNC Payment Portal, a new online tool that administers payments and refunds from the school directly to the student. They will still have the option of choosing a paper check, said Kosslow.
This new WVU eRefund process will be an opt-in program for students, offering a convenient and secure method of delivering their refunds, but the current paper check method will still be the default selection if another option isnt chosen,he explained.
Additional information about the eRefund program will be posted on the Mountaineer Information Xpress ( http://www.mix.wvu.edu ) and announced through other campus communication vehicles.
Under the new five-year contract, PNC will not only be offering the new eRefund program but will also provide other optional personal banking services to WVU students and employees.
Through this agreement, we are able to offer our campus community the opportunity to take advantage of value-priced money management solutions, along with easy access to their personal banking through PNC , which is highly regarded as the nations fifth largest bank,said Kosslow.This agreement will include a PNC branch in the Mountainlair, opening later this summer along with nine advanced function ATMs.
We are excited to be able to provide the students, faculty and staff of WVU the states flagship universitywith convenient and user-friendly resources to help manage their money and meet their personal banking needs,said Nickolas Certo, senior vice president for university banking at PNC .This agreement builds on our proven track record of helping more than 100 colleges and universities make banking easier and more convenient for their campus communities.