The Cashiers Office often receives questions about direct deposit. The most frequently asked questions and their answers are shown below. If you have a question that is not addressed, please contact us by phone, e-mail, or just stop by the office. Your question may just be on our next FAQ list!
How do I sign up? You can sign up via WINGSPAN. Click the 'Personal Information' tab, then follow the link to 'Direct Deposit Setup' and enter your routing and account numbers from the bottom of your check. All funds must be deposited in one personal checking account in your name.
When first signing up for direct deposit, please allow 10 business days for the direct deposit to take effect. Once you have signed up, any future credit balance will automatically be deposited into your bank account until you cancel the direct deposit, we receive written notification from you to discontinue the direct deposit, or until your graduation or withdrawal.
How will the money be sent to the bank? The funds will be sent electronically through the banking system in the same manner as direct deposit for payroll. Electronic Funds Transfer (EFT) is safe, timely, and convenient.
How long before I can receive my direct deposit transaction? When a student signs up for direct deposit, the Cashiers Office creates a direct deposit account using information provided by you when you signed up via Wingspan. Any funds resulting from a credit balance and eligible for refunding will be transmitted electronically within two business days after the transactions have been processed. The proceeds are disbursed to the State of South Carolina's bank. During the bank's nightly processing, proceeds are sent out to the receiving banks (the student's bank). Each receiving bank posts transactions at different times during their business day. Your bank could receive your deposit proceeds before or after the daily posting of direct deposit transactions. It is important that you contact your financial institution to verify the deposit prior to writing any checks or attempting to withdraw the funds.
I signed up for direct deposit this semester. Do I have to sign up again next semester? No, a direct deposit authorization form remains in effect as long as you are in school. Just remember that if your checking account information changes or you have closed the account, it is the student's responsibility to update the banking information in WINGSPAN.
Will I get my financial aid proceeds prior to the first day of class? In the Fall and Spring semesters, disbursements are done automatically - typically 5-7 days before the first days of classes for those students who qualify. Qualified refunds will be processed within 14 days after the financial aid is disbursed to your account.
Summer disbursements will be done manually - typically 3-4 business days after the first day of the session for those students who qualify. Refunds will be processed approximately 14 days after financial aid is disbursed to your account. How student aid is awarded and disbursed in the summer is described at http://www.winthrop.edu/finaid/summer/.
Are there any reasons why the money would not be deposited to the bank? All funds must be deposited in one personal checking account in your name. Excess funds from Parent PLUS loans will be issued by check to the borrower (usually, the parent).
If you close or change your bank account without providing a new authorization or you have provided incorrect information, the transfer will be rejected by your bank and will delay your disbursement. Please use extreme care when entering your banking information to avoid any delays.
If the funds are rejected by the bank for any reason, please contact the Accounting office. Once we have received notice from the bank that the funds have been returned, we can begin to process a replacement refund. The process generally takes 10-14 days.
If the funds are not returned to Winthrop, we cannot reissue a refund. You should contact your banking institution to find out why the funds have not been returned to Winthrop. We cannot contact your bank for information about your personal account.
Can I designate more than one account for Direct Deposit? Can the money go into a savings account or to my parents' account? No, all funds must be deposited in one personal checking account in your name. Excess funds from Parent PLUS loans will be issued by check to the borrower (usually, the parent).
What if my account is at an out-of-state bank? Direct deposit can go to any financial institution within the United States.
Why does it take two or three business days for the direct deposit to get to my checking account? Don't you know exactly how long it will take for the money to get to my account? The proceeds are disbursed to the State of South Carolina's bank. During the bank's nightly processing, proceeds are sent out to the receiving banks (the student's bank). Each receiving bank posts transactions at different times during the business day. Your bank could receive your financial aid proceeds before or after the daily posting of direct deposit transactions. Again, it is important that you contact your financial institution to verify the deposit prior to writing any checks or attempting to withdraw the funds.
Will someone notify me when funds are deposited to my checking account? No. You may check your refund status by accessing your student account summary via Wingspan. When you see a refund transaction, the funds should be in your checking account within three to five business days. Again, it is important that you contact your financial institution to verify the deposit prior to writing any checks or attempting to withdraw the funds.
I signed up for direct deposit but my financial aid hasn't come through. What's going on? You may check your financial aid status on Wingspan. Go to the Financial Aid tab, select Award, and select Award Payment Schedule. This screen will allow you to determine the status of your financial aid. You might also access the Academic Progress screen for more information. After checking the status of your aid, if you still have questions, please contact the Financial Aid Office at 803/323-2189.
Will you ever go into my checking account for any reason other than to make a deposit? In the event that funds are disbursed to you in error by direct deposit, the University reserves the right to debit your checking account for the amount of overpayment. NACHA, the National Automated Clearing House Association, requires that we notify you before processing a debit against your account. Otherwise, the Cashiers Office will not use the information you submitted when you signed up for direct deposit for any purpose other than direct deposit transactions.
When should I sign up? You should sign up for Direct Deposit at least 2 weeks before the first day of classes to ensure your bank information is properly set up. The Direct Deposit may take up to 10 business days to become effective. However, if you missed the 2 weeks before the first day of class, it's not too late! Visit Wingspan now to sign up!
If I decide that I don't want direct deposit but I have already signed up, what should I do? To cancel your Direct Deposit, you must email the Cashiers Office and request to have your direct deposit account deleted. Their email is firstname.lastname@example.org. The Cashiers Office will take care of the rest.