PNC Bank has been chosen as the university’s new official consumer bank, effective May 1.
The agreement allows the bank to offer a variety of free — or low-priced — banking services to more than 80,000 employees and students at the university’s Ann Arbor campus.
Under the agreement, PNC Bank will also sponsor the university’s Mcard program, replacing TCF Bank as the sponsor of U-M’s official identification card.
“PNC Bank was chosen after a careful analysis based on a number of factors,” said John Sullivan, the university’s treasurer. “We wanted a banking partner that demonstrated a commitment to exemplary customer service, had experience in the higher education market, and had a wide breadth of financial literacy resources to help our students and employees understand banking services, among other considerations.”
The switch from TCF Bank to PNC Bank does not affect the vast majority of students and employees who use their Mcards for everything from accessing buildings and checking out library materials to purchasing meals at residence halls and complimentary boarding of Ann Arbor Area Transportation Authority buses.
“Only those students and employees who have linked their Mcards to a TCF Bank account are directly impacted by this change,” Sullivan said. “And they will have the option to establish a similar relationship with PNC Bank if they choose.”
Sullivan noted that TCF Bank notified its university customers of the coming change earlier this spring.
PNC Bank has relationships with more than 400 colleges and universities across 19 states and the District of Columbia. The bank has approximately 2,700 branches, including 15 in Ann Arbor, and more than 8,600 ATMs in its service area.
“This partnership links one of the world’s finest universities with one of the nation’s top financial institutions,” said Ric DeVore, PNC regional president for Detroit and Southeast Michigan. “In addition to providing world-class products and services, PNC will be empowering Michigan students through financial education workshops to achieve long-term fiscal success.”
More information about the university’s new partnership with PNC Bank, including the locations of on-campus ATMs and a list of the bank’s custom-designed services for students and employees, will be available in the near future on the Mcard webpage.