The Cashier’s Office often receives questions about direct deposit. Below
are the most frequently asked questions and their answers. If you have a
question that is not addressed below, please contact us by phone, email or just
stop by the office. Your question may just be on our next FAQ list.
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| Q |
How do I sign up? |
| A |
Easy. Just read the Direct Deposit Agreement,
complete a Direct Deposit Authorization form, attach a voided check for
your checking account, sign and date the form, then send it to the Cashier’s
Office. Or you may access the Cashier’s Office website at
www.winthrop.edu/cashiers
to access the Agreement and Authorization forms.
Or you may pick up a copy of these forms at either the Cashier’s Office
(Room 22, Tillman) or the Controller’s Office (Room 19, Tillman).
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 graduation or withdrawal from the program. |
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| Q |
How will the money be sent to the bank? |
| A |
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. |
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| Q |
How long before I can receive my direct deposit transaction? |
| A |
When a
student signs up for direct deposit, the Cashier’s Office creates a
direct deposit account using information from the Direct Deposit
Authorization form. Any funds resulting from a credit balance will be
transmitted electronically within two business days after the transactions
have been processed in Cashier’s. 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 their 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. |
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| Q |
I signed up for direct deposit this semester. Do I have to sign up
again next semester? |
| A |
No, a direct deposit consent form remains in
effect as long as you are in school. Just remember that if your checking
account information changes, please let us know so your direct deposit
account can be updated. |
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| Q |
Will I get my financial aid proceeds prior to the first day of class? |
| A |
Yes. All authorized financial aid transactions will be processed prior to
the beginning of classes each semester in time for the Cashier’s Office
to deposit the credit balance to your bank account by the first day of
class. |
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| Q |
Are there any reasons why the money would not be deposited to the bank? |
| A |
If you close your bank account without providing a new authorization, the
transfer will be rejected by your bank and will delay your disbursement. |
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| Q |
Can I designate more than one account for Direct Deposit? Can the money
go into a savings account or to my parents’ account? |
| A |
No, all
funds must be deposited in one checking account in your name. Excess funds
from Parent PLUS loans will be issued by check to the borrower (usually,
the parent). |
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| Q |
What if my account is at an out-of-state bank? |
| A |
Direct deposit can
go to any financial institution within the United States. |
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| Q |
Why does it take two or three business day 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? |
| A |
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 financial aid proceeds
before or after their 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. |
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| Q |
Will someone notify me when funds are deposited to my checking
account? |
| A |
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. |
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| Q |
I signed up for direct deposit but my financial aid hasn’t
come through. What’s going on? |
| A |
You may check your financial aid
status on Wingspan. Go to the Financial Aid section, select
Personal Financial Aid Information, select Award Year 03 (or current year)
and select Tracking Information. 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. |
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| Q |
Will you ever go into my checking account for any reason other than to
make a deposit? |
| A |
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 Cashier’s Office
will not use the information contained on the Direct Deposit Authorization
form for any purpose other than direct deposit transactions. |
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| Q |
When should I sign up? |
| A |
You should submit your authorization form
immediately, as direct deposit may take up to 10 business days to become
effective. |
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| Q |
If I decide that I don’t want direct deposit but I have already
signed up, what should I do? |
| A |
Contact the Cashier’s Office and ask to
have your direct deposit account deleted. The Cashier’s Office will take
care of the rest. |
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