Coming soon, students will have the option to sign up for direct deposit of their student refunds. Refunds are generated and disbursed to students when financial aid is awarded, and costs for attending SMU are deducted. Students currently receive refunds in the form of paper checks, which must be mailed or picked up and then hand carried to their respective banking institutions.
Via a secure connection from SMURF to SMU's PCI compliant Internet payment partner Higher One Payments Inc., students will be able to sign up for direct deposit. To enroll, students will supply details on the checking or savings account to which funds will be deposited. Working on Higher One Payments ensures that bank account data is stored and transmitted securely, pursuant to federal privacy regulations.
Once final testing is completed and formal procedures are in place, a pilot group of students will be selected to ensure that the direct deposit program functions to expectation prior to full release to the SMU student population. We expect a pilot group to be selected later this year. Pilot testing is expected to occur during spring of 2012 with service for all students available by fall of 2012.