Direct Deposit Frequently Asked Questions
You can now sign up for direct deposit for any financial aid disbursements or other refunds! You will get the money deposited into your bank account the same day that everyone else’s check is being put into the mail!
It is faster, safer and better for the environment!
Please log into your WebAdvisor account and select the link “Bank Account Information”. You will need to have your bank account number and routing number available to complete the form.
Q. What is direct deposit?
A. Direct deposit is also known as Electronic Funds Transfer (EFT) and delivers your money into your bank, savings and loan or credit union quickly and safely. The U.S. Treasury sends an electronic message to your bank, savings and loan or credit union crediting your account with the exact amount of your deposit. You can withdraw money, put some in savings or pay bills-the things you do with your money now. The difference is, your check isn’t printed or mailed. If you choose not to receive Direct Deposit payments, you will continue to receive a check. That check would be mailed on the same day that the direct deposit would be credited to your account.
Q. What are the advantages of direct deposit?
A. Some advantages are:
- Financial Control: With direct deposit, you are in control: 1) you may have your monies deposited to your account; 2) you may change your financial institution at any time; and 3) you may cancel your authorization at any time.
- Privacy: Direct deposit is one of the most confidential methods of processing your monies and access to your financial account information is restricted; there are privacy laws to protect your confidentiality.Reliability: Funds are automatically deposited into your selected financial account even if you are out of town, sick or unable to get to the bank.
- Security: No worries about lost or stolen checks; funds are automatically deposited to your account.
Convenience: No matter where you are, your monies will be sent to your account.
Q. Do I have to receive my benefits electronically?
A. No. If you choose not to receive Direct Deposit payments, you will continue to receive a check. That check would be mailed on the same day that the direct deposit would be credited to your account.
Q. I’m interested in receiving my benefits electronically. What should I do?
A. Here are three options:
- If you have an account, contact your bank, savings and loan or credit union. They can answer your questions about direct deposit. The bank will also be able to provide you with the routing number and account number in case you are concerned about identifying that information yourself.
- If you don’t have an account, consider opening one and sign up for direct deposit at that time. Most banks, savings and loans and credit unions offer a variety of accounts, including accounts designed for students, some with little or no fees. Look for one that meets your needs.
- You can purchase a reloadable debit card at many retail locations. Card types and charges vary so GTCC recommends that you understand all terms before signing up for a card. Make sure that you can get the routing number and account number that will be needed for the direct deposit enrollment.
Please note: You may use either a checking account or a savings account. The account must be with a U.S. bank.
Q. How do I sign up for direct deposit?
A. You may sign up electronically on WebAdvisor. Select the link for Bank Information. Complete the form and select submit. That’s it!
Q. When I sign up for direct deposit, how long does it take before my money is in my account?
A. GTCC will begin transmitting student financial aid disbursements and student refund payments during the Summer of 2012. The first distribution is anticipated to be on June 20, 2012. In order to participate in that first run, you must be signed up by June 6, 2012. After that, we cannot guarantee that your first disbursement will be via direct deposit.
Q. The enrollment form asks for my checking or savings account number and my bank’s routing number. How do I find that information?
A. Checking and savings account numbers are normally notes at the bottom of your checks as well as the 9 digit routing number. In order to avoid confusion on properly recording your information, you may want to contact your bank and request assistance. Additionally, in WebAdvisor there are examples. Please click on the link at the top of the banking information form to see those examples.
Q. How do I know when my money is in my account so I can pay my bills?
A. You will receive an email in your GTCC email that the money has been transmitted and what the deposit date will be. Please check with your bank to be sure that your money is in your account.
Q. When can I use my money?
A. Your money is available for use as soon as the bank deposits it into your account. You can write checks, pay bills, withdraw money or put some into savings. Anything you usually do with your money now, you can also do with direct deposit.
Q. After I sign up for direct deposit, do I have to stay with the same bank?
A. No, you can use direct deposit at any federally insured bank, savings and loan or credit union. You will need to log into WebAdvisor and change your banking information. Open the new account and make sure your deposits are going to the new bank, savings and loan or credit union before you close the old account. Please allow up to 2 weeks prior to any disbursement in order to allow time for processing.
Q. Can I join direct deposit at a later date?
A. Yes, you may choose to participate at any time. But why wait?
Q. Is it possible to have a portion of my check put into my savings account and the balance in my checking account?
A. No. Your direct deposit will all go into one account. Your bank may provide options for you to transfer the funds to another account. Please ask your bank for assistance if needed.
Q. What if I decide to change banks? What do I have to do?
A. To change your direct deposit to another account, you must log back into WebAdvisor and change your information. It will automatically update our system. Changes must be made at least 2 weeks in advance of a disbursement to be in effect for that disbursement.
Q.What if I want to stop participating? What do I have to do?
A. We hope you will find that this a quick and easy method for getting funds due to you. However, should you choose to stop participating, log back into WebAdvisor and mark the information to be deleted. Then click submit.
Q. Are there any costs to me for participating in direct deposit?
A. No. The option is provided as a service for you. Please check with your bank to see if any fees apply from them. In many cases, direct deposit may actually reduce fees but you should check with your bank to find the information that would pertain to your situation.
Q. I realize electronic payments will be more convenient for me, but what are the benefits to the college?
A. In addition to being safe and convenient for recipients, electronic payments are more efficient and cost effective for the college because they cost less than preparing and mailing checks. In addition, the college doesn’t have to pay to replace checks that are lost, stolen or missing.
Who do I contact if I have questions?
A. If you have questions, you may contact the Cashier’s Office or send an email to firstname.lastname@example.org.