Direct Deposit
All financial aid and graduate/postdoctoral fellowship disbursements (credit balance refunds) through the UCR Student Information System (SIS) will be available through DIRECT DEPOSIT. What is DIRECT DEPOSIT? It is the electronic deposit of funds directly into personal bank accounts, which will allow you to have access to your money faster and more conveniently. DIRECT DEPOSIT may be used for checking or savings accounts at any bank or credit union in the United States.
DIRECT DEPOSITS will begin to be disbursed on the first day of the quarter, as published in the Schedule of Classes. You will be notified of any Direct Deposit transactions via your monthly Statement of Account.
To ensure DIRECT DEPOSIT is effective for the first disbursement, your bank account information must be submitted three weeks prior to the start of the quarter. Please submit by December 14, 2009 for the Winter 2010 quarter. Any authorization forms submitted after that date will not be in effect for the first quarterly disbursement.
*Direct deposits for the Winter 2010 quarter should be disbursed into bank accounts on January 4, 2010...provided all requirements have been met.
TO ENROLL IN DIRECT DEPOSIT, GO TO GROWL.
Notice to Students Who Receive Direct Deposits
The University of California is obligated to comply with the requirements of the United States Department of Treasury Office of Foreign Assets Control (OFAC), which oversees payments sent outside the territorial jurisdiction of the United States. This includes automated clearing house (ACH) payments, such as direct deposits of payments to students. Effective September 18, 2009, the University is obligated to identify as an “International ACH Transaction” (IAT) any direct deposits that are (1) made by the University to a financial institution located outside the U.S. or (2) made by the University to a domestic financial institution if that financial institution immediately transfers the full deposit amount to a financial institution outside the U.S. in a “back-to-back” transaction.
If you have instructions with your recipient bank to immediately wire the full amount of the direct deposit to a foreign bank, we request that you complete a form that provides further details about the foreign transaction. The form, with instructions on completion and where to return, may be accessed here IAT Form.
To comply with the OFAC requirements going forward, the University will require that students confirm, at the time that they request direct deposit of their checks be set up, that the direct deposit is being made to a domestic financial institution and will not be part of a back to back transaction to a foreign institution.