Electronic Deposit - Refund Selection Process - Bankmobile Disbursements
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Move ahead with an electronic advantage

We agree that, in many circumstances, checks are a less efficient means of transferring money and understand the desire of many to move exclusively (to the extent possible) to electronic banking methods. Many government agencies are moving away from checks to electronic banking methods because direct deposit is safer, faster, easier, and more convenient...

– THE DEPARTMENT OF EDUCATION

Electronic deposit is safer, faster & more convenient

The Department of Education does not require that paper check be offered up front to students in the refund selection process.

Your institution is in compliance with current Department of Education regulations if:

  • There is a process for default paper check issuance
  • A paper check is made available upon request

These processes are built in to BankMobile’s Refund Management® service.

FOR STUDENTS

FASTER ACCESS TO FUNDS

  • Compare electronic methods of receiving funds the same day or within 1-2 business days as compared to 5-7 days via a check in the U.S. mail.
  • Checks get lost and/or damaged and become unusable, necessitating a replacement and adding delays.

SAFER

  • Checks are susceptible to fraud and forgery.
  • If students don’t have a banking relationship, they could turn to check cashers which encourage carrying cash.
  • If a student does not have or does not qualify for a bank account, BankMobile Vibe is a lowcost option to consider, as it accepts students regardless of banking history.
FOR ADMINISTRATORS

KEEP COSTS LOW

Disbursing checks is the most expensive part of our Refund Management® service, from handling returned checks to reconciliations. Going all electronic can make your program run more efficiently to help limit your exposure to increased costs.

ELIMINATE WASTE

Do your part to significantly reduce printing, postage and paper cuts.

Want To Learn More About BankMobile Disbursements?

Schedule a Consultation
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