Hills Bank presented the most comprehensive package that included:
- Over 20 surcharge-free ATMs on campus
- Two campus branch locations at the Iowa Memorial Union and the University of Iowa Hospitals and Clinics
The Department of Education regulation 668.164(e) requires the full disclosure of financial arrangements between the University of Iowa and Hills Bank. The agreement between the university and Hills Bank is considered a "T2" relationship as defined by the Department of Education. Under the terms of the agreement, the University receives support from Hills Bank through its financial contributions to scholarships, programs and student organizations Hills Bank-UI Student Checking Account Fee Disclosures.pdf.
University of Iowa students, faculty and staff are not required to open an account with Hills Bank, and they do not need to have a Hills account to use their Iowa One® Card for other card-authorized, campus services; such as meal plans, Hawkeye Dollars, laundry, door access, library services, and fee-based services like recreation centers.
For the award year period of July 1, 2016 through June 30, 2017:
Number of active student accounts = 10,409
Mean of fees assessed on active student accounts = $13.76 (average fees paid per student)
Median of fees assessed on active student accounts = $0.00 (midpoint of fees paid per student)
Total monetary consideration paid or received by the parties under the 6 1/2 year contract:
ID Card Financial Related Services: $1,005,346.44
Student Orgs Allocation: $159,364.13
IMU Branch Rent: $303,748.80
UIHC Branch Rent: $349,440.00