Direct Deposit of Student Account Refunds
The Office of the Bursar offers direct deposit as a more convenient means of providing refunds to students. Instead of mailing a check, we will deposit the funds directly into the student's bank account.
Refunds by direct deposit are processed Monday through Friday during the first three weeks of the semester. After the third week of the semester, refunds by direct deposit are processed on Tuesdays and Thursdays. Refunds via check are issued on Fridays and mailed to your mailing address. Students will receive an email from the Office of the Bursar to their OHIO email address when refund has been processed.
Ohio University employees who are also students must sign up for direct deposit through their My OHIO Student Center to receive refunds to their bank account. The direct deposit enrollment for payroll-related activity is separate from the student account.
Enrollment in Direct Deposit
Enrollment in direct deposit is a two-step process. Both steps must be completed or the direct deposit enrollment will not be valid and a paper check refund will be issued. To start the direct deposit enrollment process, sign into the My OHIO Student Center. In the Finances section, select “Enroll in Direct Deposit” from the dropdown menu.
Step One – Entering Bank Account Information
Step Two – Assign the Bank Account to Direct Deposit
After entering your bank account information in step one, BE SURE TO CLICK “Proceed to Enroll in Direct Deposit,” else enrollment in direct deposit is not complete. Enrollment is complete when the message, “Congratulations! You are now enrolled in direct deposit” has been displayed.
Direct Deposit Guidelines
- Financial aid refunds begin processing on the first day of a semester for students whose financial aid has disbursed and are enrolled in direct deposit.
- The deposit of financial aid funds will be credited to your bank account within 1-2 business days after refund transaction has posted to your student account.
- Prior to writing any checks or attempting to withdraw deposited funds, you should contact your financial institution to verify your refund has been deposited.
- In the event that the University may be obligated to withhold any additional part of your financial aid for any reason, Ohio University shall have the authority to immediately terminate any transfer in process.
- You are responsible for repayment if you receive money that you are not entitled to. This includes the return of a previously issued refund based on enrollment changes after the refund was initially given. Please see the Withdrawal Policy for additional information.
- If you take any action, without adequate notification to the Office of the Bursar, which results in non-acceptance of a transfer by your financial institution, Ohio University assumes no responsibility for processing a replacement refund until the funds are returned.
- Direct Deposit is only available for student refunds. Proceeds from Parent PLUS Loans are issued by check to the borrower unless the parent requests funds be issued to the student.
- Funds must be deposited in a bank account in the student's name.
Frequently Asked Questions about Direct Deposit
How will the money be sent to the bank?
The funds will be sent electronically through the banking system in the same manner as direct deposit payroll. Electronic Funds Transfer (EFT) is safe, timely, and convenient - NO MORE LOST MAIL.
Are there any reasons why the money would not be deposited to the bank?
If you close your bank account without providing a new authorization, the transfer will be rejected by your bank and will delay your refund. A direct deposit can also be rejected if you entered an incorrect bank account number.
Can I designate more than one account for Direct Deposit? Can the money go to my parent’s account?
No, all funds must be deposited in one checking or savings account in your name. Excess funds from Parent PLUS Loans will be issued by check to the borrower.
What if my account is at an out-of-state bank?
Direct Deposit can go to any financial institution within the United States.
When should I sign up?
To ensure processing a refund as a direct deposit, please enroll prior to the start of the term.