Students encouraged to sign up for direct deposit
By Samantha Watson : June 12th, 2012
When it comes to getting your student financial aid refund, direct deposit is the fastest and most secure way of receiving it.
Starting this year, direct deposits will be processed multiple times per week while paper checks will be issued only once every two weeks. This new priority system has been put in place to save the University money and time.
If students elect for a paper refund check, it can take up to three weeks to receive the funds. Students must wait two weeks for the check to be processed and allow additional time for printing and mailing.
The University also encourages direct deposit because checks are much less secure since they can be lost, stolen or never received at all. When such a situation happens, students have to fill out a Stop-and-Search Form that includes a $20 processing fee.
To avoid the potential problems and the stress of paper checks, students can sign up for direct deposit on the myUT portal by clicking “Direct Deposit Authorization” under the My Accounts tab. Once there, students provide their banking information.
For students who do not have a bank account, Huntington National Bank offers an account with no monthly maintenance fees, as well as a Toledo Rockets debit card. There are several Huntington ATMs on campus that allow students convenient and free access to their funds.