Youngstown State University is requiring all students who receive refunds of credit balances on their student account to have the money directly deposited into their personal checking or savings account beginning summer 2015.
“We are making this requirement because it’s faster and it’s more secure for our students,” said Gloria Kobus, YSU bursar.
About 8,000 credit balance refunds from the university are generated each term, mostly the result of students receiving financial aid, scholarships and student loans in excess of tuition, fees, room and board charges. Currently, about half of the refunds are issued via a standard paper check.
Kobus said the University is making the change to direct deposit because:
- It gives peace of mind – the payment is always there, no matter where the payee is located.
- It allows faster access to the refund – there is no trip to the bank to cash a check and no waiting for a check to clear.
- Direct deposit eliminates the possibility of a lost refund check – whether that is lost in the mail, or misplaced or accidentally destroyed.
- Direct deposit is safe; no payments have ever been lost.
- Direct deposit reduces attempted check fraud by eliminating the possibility for a check to be stolen or misappropriated.
- Direct deposit is more confidential – fewer individuals handle the transaction as opposed to a paper check, and there is more security and control associated with electronic transactions.
- Direct deposit is cost effective, and environmentally friendly.
Students can sign up for direct deposit through the YSU Portal. For step-by-step instructions, go to http://www.ysu.edu/dd-signup . Under the Quick Links heading, click Online Instructions, then sign up for Direct Deposit. Students also can visit the Bursar Office at 227 Meshel Hall for one-on-one help.
“Students are encouraged to see the Student One Stop or Bursar Office for help in setting up Direct Deposit,” Kobus said. Failure to set up direct deposit may result in delays of refunds. As a reminder Direct Deposit of student financial aid is separate from Payroll Direct Deposit.
For more information, visit http://web.ysu.edu/saur or call 330-941-3142.