Direct Deposit Services at the University of Alaska

 

The University of Alaska is continuing to improve student services by offering the electronic Direct Deposit services to all our students.  Direct deposit enrollment allows your net financial aid and student refunds to be electronically deposited into your personal account.  It’s simple, safe and convenient.  No more waiting for your checks to arrive in the mail or standing in line to pick them up.  No more special trips to the bank!   Enrollment is available only over the Internet through your student account on our secure self-service web site.

 

What is Direct Deposit and how does it work?

 

·          Direct deposit is a safe, secure method of receiving a payment.  Money is electronically transferred from the university into your account.

 

What are the Benefits?

 

·          You are in control

·          Safe, confidential, convenient and potentially faster

·          Mailing address problems are eliminated

·          No more standing in line at your campus and/or your bank

·          No more delays because of lost checks

·          No more worries if you are out of town when your check arrives

·          There is no waiting for a check to clear as Direct Deposit gives you earlier access to your payments

 

What do I need to do or know about how to enroll in Direct Deposit?

 

·          An account at a financial institution that participates in the Automated Clearing House (ACH).  Most banks and credit unions participate in ACH.  The Bank can not be a FOREIGN Bank.

·          Contact your bank if you have any questions about its ability to accept Direct Deposit transactions.

·          Your UA assigned e-mail address where we can send you confirmation of your enrollment and deposit information.  You need to maintain this account, this is the only account messages will be sent to.

·          Setup and changes to banking information can take up to 2 working days.

 

The University of Alaska has a mandatory 2 day settlement agreement with the Bank.  This means from the day the bank receives our files it has 2 days to process the information to get it to the appropriate account.  This is what a normal processing schedule would look like.

 

Day Process by UA

Day in Person’s Bank Acct

Monday

Wednesday

Tuesday

Thursday

Wednesday

Friday

Thursday

Monday

Friday

Tuesday

 

ABSOLUTELY NO information will be process on Saturday or Sunday or Holidays

 

The Federal Reserve holidays are New Year’s Day, Martin Luther King Birthday, Washington’s Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day.  If the holiday fall on a Sunday the following Monday it will be closed. 

 

The Bank is also close on some State holidays as well.

 

When can I sign up for direct deposit?

 

·          You may sign up at any time.  It can take up to 2 days before funds can be transferred when you initially sign up or make changes to you account.

 

How do I sign up?

 

To sign up for Direct Deposit go to UAONLINE - and click on the Direct Deposit Enrollment link on the Student Services, Financial Aid & Accounting Information menu.

 

·          Select 1st time setup of direct deposit

·          Select the account type

·          Enter in the bank routing code

·          Enter account number

·          Re-enter account number

·          Click SUBMIT button

 

Will all Refunds come via direct deposit?

 

·          Yes, after you have selected to have direct deposit.

 

How will I know when my refund is posted to my account?

 

·          The university will notify you by e-mail to your university assigned email account.  Notification will NOT include the amount, bank name, or your checking/savings account number. You must confirm your deposit with your bank.  Do not write any checks using your credit balance until you confirm that the funds are available in your account.  The university is not responsible for bank charges you may incur by writing checks on an unconfirmed deposit.

 

What happens if I change banks?

 

·          You may UPDATE your direct deposit information any time through UAONLINE.

 

If I am a student worker and use Direct Deposit, do I still have to complete this form?

 

·          YES, student refunds are not related to Payroll.  To have your payroll direct deposited you must contact you HR representative.

 

Can I use my parent’s bank account or designate more that one account for direct deposit?

 

·          ONLY one bank account may be designated for direct deposit.  This account can be yours’, your parent’s, or another person’s name, as long as it is a valid account.

 

Do I need to apply each semester?

 

·          No, you need only complete the setup on time and this information will remain on file with us until you change it or you process a delete request via UAONLINE.

 

Will I be able to receive a check for part of my refund and have the rest deposited directly to my account?

 

·          NO – with direct deposit, the entire amount of your refund will be deposited to your checking account.

 

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