Youngstown State University is requiring all students who receive refunds of credit balances on their student account have the money directly deposited into their personal checking or savings account beginning summer 2015.
Students can sign up for direct deposit through the YSU Portal. For step-by-step instructions, Sign Up for Direct Deposit. Under the Quick Links heading, click Online Instructions, then sign up for Direct Deposit. Students also can visit the Bursar Office at 227 Meshel Hall for one-on-one help.
Students are encouraged to see the Student One Stop or Bursar Office for help in setting up Direct Deposit. Failure to set up direct deposit may result in delays of refunds. As a reminder Direct Deposit of student financial aid is separate from Payroll Direct Deposit.
- Direct Deposit gives peace of mind – the payment is always there, no matter where the payee is located
- Direct Deposit allows faster access to the refund – there is no trip to the bank to cash a check and no waiting for a check to clear
- Direct Deposit eliminates the possibility of a lost refund check – whether that is lost in the mail, or misplaced or accidentally destroyed after received by the payee
- Direct Deposit is safe; no Direct Deposit payments have ever been lost – according to NACHA*, once an ACH** payment is created it really cannot become “lost”
- Direct Deposit reduces attempted check fraud by eliminating the possibility for a check to be stolen or misappropriated – billions of dollars are lost every year due to attempted check fraud
- Direct Deposit is more confidential – fewer individuals handle an ACH transaction as opposed to a paper check, and there is more security and control associated with electronic transactions
- Direct Deposit is cost effective, and environmentally friendly, for both the payer and the payee – paper payment documents are expensive to process and ultimately dispose of