The Division of Finance and Business Affairs is pleased to announce direct deposit of travel and other non-payroll related payment transactions for faculty and staff. The implementation of this new feature will increase our efficiency, reduce processing time and other related cost required to produce paper checks while providing added value and increased customer service.
The roll-out of this new feature will start October 2009. When funds are disbursed, an electronic notification will be sent to the employees email address indicating the purpose and amount of the disbursement.
Business Operations implemented a direct deposit option for student refunds starting September 2009. Students now have two options for electronic refunds, which includes the Paycard and direct deposit into a checking or savings account of choice. The electronic refund option increases our efficiency and reduces long lines and waits time. Electronic processing further reduces cost to the university by eliminating paper check processing and cashier time in distributing refunds. Students now receive an email alerting them that funds have been deposited to their card or bank account.
| Initiator: | Katherine Napier Associate Vice President for Business Operations |
|---|---|
| Board Action Date: | October 23, 2009 |
| Effective Date: | October 23, 2009 |
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