Direct Deposit FAQ
- Can I designate more than one account for Direct Deposit? Can the money go to my parent's account number?
- How do I change my direct deposit bank account information if I have changed banks or account numbers?
Direct Deposit of Student Account Refunds
The Student Accounts office offers direct deposit as a more convenient means of providing refunds to students. No more taking the chance that your paper check may be sent to an old address or get lost in the mail. Direct Deposit is more secure and faster than a paper check. Once the student is enrolled in direct deposit the refund will be electronically transferred into the student's bank account instead of mailing a check. Students may use their checking or savings account to receive their refund. The checking or savings account must be a bank account within the United States.
A refund to a student occurs when the University owes the student money. A refund could be generated due to financial aid (scholarships, grants, loans etc.) being applied to the student's account that covers more than what is being charged, a departmental credit, or an overpayment. Refunds via direct deposit are processed Monday, Wednesday and Friday. Refunds via paper check will be issued once each week and mailed to your mailing address indicated in MyInfo. Refunds cannot be picked-up. Choosing a paper check over direct deposit may delay receipt of your refund.
To enroll in or update direct deposit, login to MyInfo and select Electronic Billing and Payment.
- The deposit of financial aid funds will be credited to your bank account as soon as 3 business days after the refund is processed on your student account.
- Prior to writing any checks or attempting to withdraw deposited funds, you should contact your financial institution to verify your refund has been deposited.
- You are responsible for repayment if you receive money that you are not entitled to.
- If you take any action which results in non-acceptance of a transfer by your financial institution, Montana State University assumes no responsibility for processing a replacement refund until the funds are returned.
- A DIRECT DEPOSIT NOTIFICATION will be sent to the email you indicated on your Direct Deposit enrollment.
- 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 into a bank account, checking or savings, within the United States.
*If you have direct deposit through University payroll or Accounts Payable, you will
still need to enroll in direct deposit for student refunds.
Funds are deposited in your bank account as soon as 3 business days, mailing address problems are eliminated, no waiting for the university to go through the process of printing, folding and stuffing envelopes, no waiting for the mail service to deliver your check, no standing in line at your bank to deposit or cash your check.
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.
If you close your bank account without providing a new authorization, the transfer will be rejected by your bank and will delay your refund. A direct deposit can also be rejected if you entered an incorrect bank account number.
The account must be with a United States bank and can be either a checking or savings account.
Can I designate more than one account for Direct Deposit? Can the money go to my parent's account number?
All funds must be deposited in one checking or savings account however, you may designate any checking or savings account you choose. Excess funds from Parent PLUS loans will be issued by check to the borrower unless the parent requests funds be issued to the student.
Direct deposit transactions typically take 3-4 business days after the Student Accounts Office processes your refund. It is important that you contact your financial institution to verify the deposit prior to writing any checks or attempting to withdraw the funds.
A direct deposit notification will be sent to the email you indicated on your Direct Deposit enrollment. Please note: It is your responsibility to verify with your financial institution that the funds have been received prior to writing any checks or attempting to withdraw funds from your account.
No, direct deposit remains in effect as long as you are in school or you deactivate your direct deposit.
Login to Myinfo, select Electronic Billing and Payment, select the link to sign up for Direct Deposit and then click on the Deactivate Account button. If you deactivate your account and are eligible for any further refunds, the refunds will be sent via paper check to your mailing address in MyInfo.
How do I change my direct deposit bank account information if I have changed banks or account numbers?
Login to Myinfo, select Electronic Billing and Payment, select the link to sign up for Direct Deposit and then click on the Deactivate Account button to deactivate your current banking information. Click on Direct Deposit again and follow the steps to setup a new Direct Deposit bank and account number.
Direct deposit refunds are processed on Monday, Wednesday and Friday. Paper check refunds will be issued once each week and mailed to your mailing address indicated in MyInfo. Paper checks cannot be picked-up.