Skip to main content

Office of the Bursar

ECSI’s Discover Cashback Checking Account

The University has partnered with TouchNet / Educational Computer Systems, Inc. (ECSI) to process the University’s refunds. Students can receive their refunds via direct deposit to an existing bank account, opening a Discover Cashback Checking account or check. In accordance with sections 668.164 (d)(4)(B)(2), (e)(2)(vii)(A), and (f)(4)(iv)(A) of the U.S. Department of Education’s amended Cash Management regulations, the following provides the required disclosure of student financial account fee data and contract monetary / non-monetary considerations.

The following is the accountholder information for cardholders who opened a Discover Cashback Checking account during the July 1, 2016 and June 30, 2017 award period:

  Number of Students Who Opened Accounts Avg. Fee Amount Median Fee Amount
Discover Cashback Checking Account 2 $ – $ –

 

Discover Student Deposits Program Fee Schedule

Account Opening $0
Account Maintenance $0
Debit Card Replacement (including expedited delivery) $0
Check Orders $0
Insufficient Funds $0
ATM Withdrawal (in-network) $0
Online Bill Pay $0
Outbound ACH Transfers $0
Incoming Wire $0
Outgoing Wire Transfer (per wire) $30
Deposit Item Returned (per item) $15
Stop Payment (per request) $15

The funds on deposit at Discover Bank are FDIC-insured to the maximum allowed by law.


Monetary / Non-Monetary Consideration

  Monmouth Paid ECSI ECSI Paid Monmouth
Monetary Consideration * $5,240 $0
Non-Monetary Consideration None None
* In addition to the annual licensing fee, the University pays TouchNet a per-Refund processing fee for ACH and paper check refunds.