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 acknowledgement 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.