Paper tuition refund checks will soon become a thing of the past for students at the University of St. Thomas, according to Pam Peterson, director of the Business Office.
A version and process for electronic refunds has been around for a number of years. In conjunction with the launch of eBilling and ePayment in the fall of 2009, the university also installed a new version of electronic refunding for students. Last year, the Business Office processed more than 13,000 student refunds worth more than $31 million. Currently, 5 percent of refunds come through the original electronic refund process, 55 percent of refunds come through the new eRefund process and 40 percent of refunds are processed as paper checks.
According to Peterson, with the efficiency and cost effectiveness of electronic disbursement, paper refund checks are being eliminated at the end of this academic year and all refunds will then be processed through the new eRefund procedure.
Students have access to input, delete and update their refund profiles (bank account information) as needed – online anytime, anywhere. With eRefund, students will receive their payments faster and will no longer need to be concerned about refund checks in the mail, when they will arrive, which address the checks were sent to, or the process of depositing them in their bank accounts.
The benefits of eRefunds:
- Swift – the refund is in your bank account faster
- Secure – no risk of loss, delay or checks stolen in the mail
- Confidential – no need to share bank account data with the university and no need to contact the Business Office to update banking information
- Convenient – no trip to the bank to deposit refund checks
- Daily process – as opposed to once-per-week paper check production
- Cost savings – eliminates costs associated with paper checks; costs of printing, handling and distributing paper checks is far greater than just materials and labor
- Positive environmental impact – eRefunding reduces paper waste comprising not only the check but also the mailing envelope, accompanying inserts, and related deposit slips and receipts
eRefund is available now, and the Business Office urges students who have not yet done so to go to the eBilling and ePayment suite to enter their banking information and start taking advantage of the benefits of electronic refunding.
Click here for step-by-step instructions on entering and managing eRefund banking information. For more information call the Business Office, (651) 962-6600, or visit the Business Office eRefund website.