Direct Deposit of Excess Financial Aid Funds for Students

What is direct deposit?

• Instead of receiving a check for your excess financial aid, funds are electronically transferred from the university to a bank account.

What are the benefits?

• Direct deposits are processed daily, and there is no charge for this service.
• Excess funds are delivered directly to the bank account within the next two business days.
• There is protection against the theft or loss of checks. Lost checks take several weeks to replace.

Can a direct deposit be made to any bank?

• The university can direct deposit to any financial institution within the U.S. with electronic funds transfer capabilities.
• Most banks participate in the electronic funds transfer network.
• Contact the bank if you have questions about its ability to accept direct deposit.

When can I sign up?

• You may sign up any time during the semester.
• To guarantee processing, please sign up for direct deposit at least one week prior to the anticipated refund.

How do I sign up?

• You can sign up for direct deposit online through your myOleMiss account.
• When prompted, enter your WebID and password.
• After you read the terms and conditions and check the acknowledgment box, enter your bank’s routing number and your checking account number. When finished, click the “Add Bank Information” box.
• Verify the information in the pop-up box, then press confirm.
• You will receive a message that your account information has been added.