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Direct deposit new option for student refunds

Direct deposit, common for pay roll checks and tax refunds, is now an option for students expecting a financial aid refund.

Launched this semester, the option allows students to forgo waiting in line for their financial aid refund checks and have the money sent directly to their bank account, said Larry Cass, director of Student Accounts.

“We thought this would be a better way and a more efficient way for students to get their refunds without the need to stand in line,” he said.

Students can enroll online at http://busi.binghamton.edu by providing their bank’s routing number and their account number, he said. The site also allows students to check on their refund status.

More than 100 students signed up when the program was first launched and Cass expects that number to increase.

“Eventually, we’ll see more and more students sign up,” Cass said. One group of students expected to benefit from the new option are those students who do not spend time on the Binghamton campus, including those students taking part in overseas study programs. Without direct deposit, those students must wait for the check to be mailed to them.

The student accounts office generates about 25,000 refund transactions per year, with some students receiving refunds from more than one financial aid program.

Although the direct deposit option will allow students to skip the line, Cass does not expect to see the line disappear entirely. Some students will continue to pick up their checks in person, he said.

“Between 5 and10 percent of any population wants to do things in person,” he said.
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Last Updated: 10/14/08