Faster Student Refunds With Online Direct Deposit

LEXINGTON, Ky. (Nov. 1, 2010) − The check is not in the mail. That's the new slogan at the University of Kentucky's Student Account Services, as the office rolls out online direct deposit of student refunds. Students will now be able to enroll in the direct deposit program online via myUK. The new process replaces the previous manual data entry procedures.

“Direct deposit is more efficient for the student, because they can get access to their funds faster - usually in two business days," said Linda Smitha, director of Student Account Services. "It also saves the university more than a dollar per check and eliminates paper waste from the more than 40,000 refund checks issued each year.”

In addition to getting money to students faster, online direct deposit offers enhanced security. Students will manage their own accounts rather than relying on someone else entering their information.

"It's a green initiative, and it's a technological advance," Smitha said. "Students want things at their pace, not ours."

Student Account Services is encouraging students to enroll online by Dec. 3 to be automatically entered in a prize drawing. Prizes will include iPods and Plus Account gift certificates. To sign up for direct deposit, visit myUK and click on the myInfo tab.