After TCF Bank announced in March it would end its 14-year partnership with the University, the University announced Thursday it will partner with PNC Bank, effective May 1.
In a statement to the University Record, University Treasurer John Sullivan said the University decided to work with PNC for a variety of reasons.
“PNC Bank was chosen after a careful analysis based on a number of factors,” Sullivan said. “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.”
TCF Bank members will no longer be able to use their MCards as ATM or debit cards.
PNC has agreed to offer this service to students who are members, as well as charge lower prices for banking services to students, faculty and staff members.
Sullivan said individuals who currently have TCF accounts will be affected by the switch. He said people who linked TCF accounts to their MCards were notified in March about the partnership’s termination.
“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.”
In an e-mail to The Michigan Daily, Robert Darmanin, who is vice president and senior manager of a PNC location in Troy, said PNC will allow students, staff and faculty members to utilize their MCards and bank cards. He also said TCF will maintain four bank locations on campus for the next two years to help ease the transition for former TCF bankers.
Overall, Darmanin said PNC hopes to become a dependable financial resource for the University community.
“Our goal is to become a trusted financial resource for Michigan students, faculty and staff,” Darmanin said. “ As their needs grow in size and complexity, PNC will be there to help them achieve their goals.”
The bank is partnered with more than 400 other colleges in 19 states and Washington D.C. Overall, there are about 2,700 PNC banks in the United States, 15 of which are in Ann Arbor with over 8,600 ATMs in the service area.
This partnership is not the first time the University has associated with PNC Bank.
In August 2012, the University Athletic Department and PNC entered a three-year contract naming PNC the official bank sponsor of University Athletics. According to mgoblue.com, the University’s official website for athletics, this agreement gave PNC rights to advertise in several outlets that broadcast University athletics, as well as allowed the bank to use the Block ‘M’ in advertisements around Yost Ice Arena and Crisler Center. This contract is set end after June 30.
Darmanin said PNC will also offer free sweatshirts to new account openers.
This article has been updated to include statements from PNC Vice President Robert Darmanin.