Direct Deposit/EFT (Electronic Funds Transfer)
"Direct Deposit/EFT (Electronic Funds Transfer)" submitted by SchoolGrantsfor Editorial Team and last updated on Monday 9th January 2012
A payment method used by some lenders and servicers that allows you to wire funds for your loan payment directly to your lender or servicer without having to write a check for your payments. The money is transferred electronically instead of using paper. If you have a choice of funds transfer methods, use EFT.
EFT method of expediting your student loan from the lender to your student account. The funds are received electronically, therefore avoiding any need for you to stand in long lines waiting to sign your student loan check at the Business Office.
Electronic distribution of loan funds from the lender to the college. Direct Deposit/EFT (Electronic Funds Transfer) is the safest and quickest way to receive your Financial Aid or credit balance refund. Electronic Funds Transfer (EFT) allows for your monthly payment to be taken automatically from your checking or savings account.
Direct Deposit/EFT (Electronic Funds Transfer) refunds are sent beginning with the first official day of each quarter. Refunds process 3 times a week on Monday, Wednesday, and Friday nights. Verify with your bank when your funds will be available. Banks post electronic payments between 24-48 hours after the disbursement.
IMPORTANT: You will remain signed up for Direct Deposit until you cancel the authorization. Please keep your bank information current to avoid delay in receiving your refund.
Which student payments are eligible for Electronic Funds Transfer (EFT)?
- CARS 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.
Procedures for Electronic Funds Transfer (EFT) of Financial Aid and Payroll