From: Anne Gross (AGross@nacubo.org)
Date: Tue Mar 21 2000 - 10:24:05 EST
Robin:
If by student refunds you mean to include returning credit balances on
student accounts that may include Title IV funds, be careful on making
direct deposit mandatory. The Title IV cash management regs require a
written authorization from the student to do so, and specifically state that
it cannot be required or coerced. You could still find a way to make direct
deposit more attractive, or the alternatives more unattractive.
This has also been a problem for institutions that want to make direct
deposit of payroll mandatory, since the federal rules do not allow it for
FWS.
Anne C. Gross
Director, Policy Research and Analysis
NACUBO
202-861-2544 agross@nacubo.org
http://www.nacubo.org
-----Original Message-----
From: Robin Tearney [mailto:Robin.Tearney@colorado.edu]
Sent: Tuesday, March 21, 2000 8:22 AM
To: bursar-l@virginia.edu
Subject: mandatory direct deposit
We are interested in knowing what schools are currently using direct deposit
for student refunds. At the University of Colorado at Boulder (26,000 fte),
we are considering moving toward having ALL student refunds deposited into
their bank accounts (there would be some exceptions, i.e., athletes). We
currently have 17% of our population participate in voluntary direct
deposit.
If you have implemented mandatory direct deposit, could you please take a
few minutes to answer the following questions:
* Name of school and number of fte
* name of student information system
* how did you implement mandatory direct deposit?
* can students sign up via the WEB or VR?
* do you use electronic signatures or PIN numbers for validation?
* approvals needed?
* how often do you run your direct deposit program?
* what specific groups of students are excluded (athletes)?
Any additional information you can provide that might be helpful is
appreciated. Thanks!
_____________________________________
Robin Tearney
University of Colorado at Boulder
Student Billing and Cash Management
Campus Box 43
Boulder, CO 80309-0043
robin.tearney@colorado.edu
303-492-1222 phone
303-492-5501 fax
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