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Ohio University :: Finance :: Bursar :: Direct Deposit

Direct Deposit of Student Account Refunds

 

 

The Office of the Bursar offers direct deposit as a more convenient means of providing refunds to students. Instead of mailing a check, we will deposit the funds directly into the student's bank account.

 

Refunds via direct deposit are processed daily. Refunds via check will be issued once each week and mailed to your local address. Choosing a paper check over direct deposit will delay receipt of your refund.

 

Enroll in Direct Deposit

  • The deposit of financial aid funds will be credited to your bank account within 3-4 business days after the date the overpayment is recorded on your Bursar Student Account. The 1st day funds will be transmitted is the 1st day of quarter.
  • Refunds of cash payments must be requested through our office or by selecting Request a Refund and clicking the refund button.
  • Prior to writing any checks or attempting to withdraw deposited funds, you should contact your financial institution to verify your refund has been deposited.
  • In the event that the University may be obligated to withhold any additional part of your financial aid for any reason, Ohio University shall have the authority to immediately terminate any transfer in process.
  • You are responsible for repayment if you receive money that you are not entitled to.
  • If you take any action, without adequate notification to the Office of the Bursar, which results in non-acceptance of a transfer by your financial institution, Ohio University assumes no responsibility for processing a replacement refund until the funds are returned.
  • A REFUND NOTIFICATION will be sent to your oak e-mail address when a refund is processed.
  • Direct Deposit is only available for student refunds. Proceeds from Parent PLUS loans are issued by check to the borrower unless the parent requests funds be issued to the student.
  • Funds must be deposited in a bank account in the student's name.

Please note:

* If you have direct deposit for your University payroll, you will still need to submit a direct deposit application with the  Office of the Bursar.

 

Frequently Asked Questions

 

How will the money be sent to the bank?
The funds will be sent electronically through the banking system in the same manner as direct deposit payroll. Electronic Funds Transfer (EFT) is safe, timely, and convenient - NO MORE LOST MAIL.

 

Are there any reasons why the money would not be deposited to the bank?
If you close your bank account without providing a new authorization, the transfer will be rejected by your bank and will delay your refund.

 

What if I want to cancel Direct Deposit?
Select Enroll in Direct Deposit and login. Under Available Options (located to the right of the check image) select "inactivate."

 

Can I designate more than one account for Direct Deposit? Can the money go to my parent’s account?
No, all funds must be deposited in one checking or savings account in your name. Excess funds from Parent PLUS loans will be issued by check to the borrower.

 

What if my account is at an out-of-state bank?
Direct Deposit can go to any financial institution within the United States.

 

When should I sign up?
You should submit your authorization online immediately.  If you currently have a credit on your account, a direct deposit refund will be issued in two business days of signing up for direct deposit.

Office of the Bursar
010 Chubb Hall
Athens OH 45701
740.593.4130
bursar@ohio.edu


 
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