Are you aware that the university can disburse most reimbursements and refunds by direct deposit? This process supports funds getting to our students, faculty, staff and vendors much quicker, is less expensive, and promotes sustainability. Here are some interesting facts:
Currently 73 percent of students have signed up for direct deposit. Why is this significant?
- Those students no longer have to worry about checks going to the wrong address or getting lost in the mail.
- Students receive their money faster.
- The bank does not have to process that money at the teller window.
- The Bursar’s Office does not have to process those checks and pay the postage.
- There is no danger of check processing held up because of equipment problems (printer, folder sealer), or lack of staff.
- Student Accounts do not have to deal with returned and lost checks and related communication with the students and the bank. They can spend that time better serving the students.
Currently only 31 percent of travel reimbursements go out by direct deposit. Why so few?
- Employees possibly are not aware that direct deposit for non-payroll reimbursements is separate from their payroll set-up. Because of the separate process and policies, separate arrangements have to be made.
Currently 24 percent of vendors have signed up for direct deposit. How does this help?
- Vendors receive their money faster and call the university less.
- Departments deal with less vendor payment inquiries and can focus more on the students.
- The Bursar’s Office does not have to process those payments and can spend that time giving more attention to students.
- Financial Services have fewer lost check problems and deal with fewer calls from the vendors, allowing them time to deal with vendors more effectively.
- Less paper.
Signing up for direct deposit is a simple process. Employees can set themselves up for direct deposit at any time through BOSS, or they can email a request to Financial Services asking that their direct deposit be set up the same as their payroll account. Remember, in order to maintain the security of your accounts, no account information should ever be sent over email. Finally, unlike payroll, non-payroll reimbursements can only be direct deposited into one account. To request direct deposit for non-reimburseables, or if you have any questions regarding this process, email email@example.com. Please include your T number when requesting direct deposit.