The University of Toledo

Direct Deposit - Information and Frequently Asked Questions

Information regarding student refunds

The Treasurer’s Office strongly urges students to enroll in direct deposit immediately to avoid any refund delays.  It is the student’s responsibility to update account information with The University of Toledo if account numbers or bank information changes.

Please note the student has to be one of the bank account owners.  The account can be joint with another person, such as a parent, spouse, etc.  In other words, students should not deposit refunds to an account they have no access to.

All University employees who also are a student, and who already receive payroll disbursement via direct deposit, would need to complete a direct deposit authorization for the student account refund.  A payroll direct deposit does not authorize a student account refund. Direct deposit forms can be updated electronically via the MyUT Portal.    

Direct Deposit Benefits

• Security – student refunds are deposited in an account owned by the student and are traceable.  There are no stop payment fees.
• No lost or stolen checks – if a student dioes not receive the refund check, they have to wait three weeks from the time of issue to allow enough time for deliver and/or a returned check before beginning the stop payment process.  There is also a stop payment fee. 
• Quicker refunds – No more waiting for the mailman to deliver the check

 Frequently Asked Questions 

• Do I need to apply every term? – Students only need to apply once.  The request will be automatic from one term to another.  Please note if there is no activity on a bank account for a period of time,  some financial institutions may deactivate or close an account.
  
• What if I want to change the account my student refund is deposited to? - Students can review their bank account information via the MyUT Portal and adjust bank account information as they deem necessary.
  
• What if a student does not sign up for direct deposit?    A paper check will be issued and mailed via the U.S. Postal Service.  All stop payment fees and wait time processes will remain if the check is lost, stolen, or never received.  There is also a stop payment processing fee assessed regardless of whether the check was cashed or not. 
  
• How will parent PLUS loan refunds be issued?  At this time, the parent PLUS loan refunds will be issued by traditional paper check.