Imagine you’re on co-op across the country and there is a credit reflected in your student account from your financial aid. You would like to use it to help pay for your rent expenses that are quickly coming due. However, to have the check mailed to you could take between 10-14 business days. Or, perhaps you’re spending the semester abroad and want to use the credit in your student account to assist with travel costs. To access the funds, you would need to have the check mailed home so that a family member may deposit it to your personal bank account. Rather than having your refund check mailed, we’re excited to announce that there is an easier and faster way to access your refund. In addition to payroll, direct deposit is now available for student account refunds and all other reimbursements from the university!
In the event your account reflects a credit, meaning the total of awarded financial aid, supplemental loans or direct payments exceed the billed charges on your account, you may be eligible to receive the excess in the form of a refund. To initiate the process, you must submit a Refund Request Form, which is available through your myNEU student portal. In the past, students had the option to have their check held for pick-up in our office or mailed home. However, with the new direct deposit process, funds can be deposited directly into your U.S. checking or savings account.
In addition to being free and completely secure, direct deposit has a number of benefits for students, including:
- Quicker access to funds
- No waiting in line to pick up a refund check or to deposit your funds at the bank or ATM
- No need to worry about losing your check
Ready to enroll in direct deposit? It’s simple. Just login to your myNEU student portal and complete the Direct Deposit Form, located under the “Self-Service” tab. You’ll need to have your U.S. bank routing and account numbers on hand.
After enrolling, initial set up and activation of direct deposit will take 3 business days. Please keep in mind that during this window, you will not be able to submit any new refund requests. For student payroll transactions, it will take up to 5 business days for your direct deposit to become active.
If you’re already enrolled in direct deposit through student payroll, then you’re one step ahead. As a current student employee at Northeastern University with a valid Direct Deposit Form on file, you do not need to complete a new Direct Deposit Form. Any future refund requests that you submit and are eligible to receive will automatically be deposited to the bank account on file with the university.
For additional information regarding the process, be sure to visit our FAQ.
We encourage students to take advantage of this new and exciting service. Stay ahead of the pack and enroll in direct deposit today!