About Electronic Funds Transfer (EFT)
Which student payments are eligible for Electronic Funds Transfer (EFT)?
- Refunds, graduate student stipends, and any non-payroll University payments to students, except Emergency Loan checks, can be directly deposited to your bank account.
- Some outside agency payments may be processed via EFT; some may not.
- Student employees can have their paychecks deposited automatically to their bank account each payday. Please see your hiring department for a special form and more information.
How will the money be deposited to my bank account?
The funds will be transferred electronically. EFT is fast, convenient, safe, and reliable.
How soon will my direct deposit start?
After you submit your bank information, EFT will be activated within 7 business days. Once set-up, refunds will continue to go to your designated bank account until you either cancel your authorization or edit your bank account information online.
How will I know when my money was sent to the bank?
You will be notified by e-mail one business day before each deposit is sent to the bank. With a quick call to your bank you can easily verify the deposit of funds into your account.
Are there any reasons the money would not be deposited to the bank?
If you close your bank account, the transfer will not go automatically to a new account. To avoid the disruption of EFT deposits, you must update your bank account information through the EFT website 7 business days prior to closing your bank account.
What else do I need to know?
- If you do not have EFT, a check will be printed and held at 120 Sproul Hall for you to pick up.
- You may cancel your EFT authorization at any time through the EFT web site.
- All funds must be deposited to an account in your name.
- The bank you designate to receive your EFT deposit must be in the United States.
- We cannot issue deposits to accounts held at investment firms.
- If you receive funds you are not entitled to, you will be billed for repayment