Direct deposit for student financial aid refunds

What is direct deposit?

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.

What are the advantages of direct deposit?

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.

*Changes must be made at least 3 weeks in advance of a disbursement to be in effect for that disbursement.

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.

Do I have to receive my benefits electronically?

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.

I'm interested in receiving my benefits electronically but I don’t currently have a bank account.

What should I do? 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. Look for one that meets your needs.

Please note: You may use either a checking account or a savings account. The account must be with a U.S. bank.

How do I sign up for direct deposit?

You may sign up electronically on your Patriot Port Account. Select the link for Bank Information then complete the form and select submit. That’s it!

Instructions to enter banking information in Patriot Port

Will entering direct deposit information in Patriot Port change my payroll direct deposit?

No, Banking information entered into Patriot Port is not for payroll. If you need payroll direct deposit information, please contact the payroll department at iccpayroll@isothermal.edu.

The enrollment form asks for my checking or savings account number and my bank’s routing number. How do I find that information?

Checking and savings account numbers are normally printed at the bottom of your checks along with 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 Patriot Port there are examples. Please click on the link at the top of the banking information form to see those examples.

How do I know when my money is in my account so I can pay my bills?

You will receive an email in your Isothermal student email account that the money has been transmitted and what the deposit date will be. Please check with your bank after the deposit date to be sure that your money is in your account.

When can I use my money?

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. 

Can I join direct deposit at a later date?

Yes, you may choose to participate at any time. But why wait?

Is it possible to have a portion of my check put into my savings account and the balance in my checking account?

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.

What if I decide to change banks? What do I have to do?

To change your direct deposit to another account, you must log back into Patriot Port and add a new account. It will automatically update our system. Changes must be made at least 3 weeks in advance of a disbursement to be in effect for that disbursement. Please be sure to add a new account before deactivating an old account. If you have any issues, please email the Business Office at businessoffice@isothermal.edu from your student e-mail account.

What if I want to stop participating? What do I have to do?

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 Patriot Port and mark the information to be deactivated. Then click submit. You may cancel up until the refund process starts if you have any issues, please email the Business Office businessoffice@isothermal.edu from your student e-mail account.

Are there any costs to me for participating in direct deposit?

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.

I realize electronic payments will be more convenient for me, but what are the benefits to the college?

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 about direct deposit for students?

If you have questions, you may contact the Business Office in person, by phone 828-395-1298 or send an email to businessoffice@isothermal.edu.

Will I be able to pay tuition and other charges with this account information?

No, this account information will only be used to refund the student.

Why does my bank account say Not verified after I have entered my banking information and clicked submit?

Your bank account will say Not Verified on Patriot Port until your account information has been prenoted by the Business Office. Once the prenote process has ran you will see that your account will say Verified. A prenote is when the bank verifies they will be able to deposit funds into the account you entered. If for any reason the Business Office receives information that the account number entered was rejected by the bank, your direct deposit will be ended and you will receive a check. At this point when you log back into your Patriot Port account under Banking Information, it will state “ You have no active refund/reimbursement account. Your entire refund/reimbursement will be paid by paper check.” Please remember if you have any questions to contact the business office at businessoffice@isothermal.edu, call 828-395-1298 or stop by in person and we will be glad to help.