Direct deposit allows you to receive your refund directly into your checking or savings account. Students with direct deposit generally receive refunds in their bank accounts 2-3 business days from the processing date shown on the student account. In order to safeguard student financial data, we have implemented two-factor authentication for student direct deposits.
Students who choose not sign up for direct deposit receive refunds by check sent through U.S. Mail to the current ‘billing’ address listed in One.IU. Checks sent through normally take between 7 to 10 business days from the refund date shown in One.IU to arrive at the final mailing destination. By contrast, direct deposit of student refunds normally occurs within 2-3 business days … so, be sure to sign up for DIRECT DEPOSIT to get your money faster!
Students are responsible for keeping their address on file up-to-date. Use the Personal Information One.IU task to update your address.
Important Notice About International ACH/Direct Deposit
Due to new banking regulations, beginning September 18, 2009, funds electronically deposited via Automated Clearing House (ACH) in a U.S. bank and then forwarded to a non-U.S. bank are required to include additional information that is not currently being collected. Until this additional information can be obtained, payments of this nature must be paid by paper check or will be rejected by the ACH network. THIS INCLUDES ACH PAYMENTS PROCESSED BY INDIANA UNIVERSITY FOR VENDOR INVOICES, PAYEES ON DISBURSEMENT VOUCHERS, BURSAR STUDENT REFUNDS, PAYROLL DIRECT DEPOSIT, AND TRAVEL REIMBURSEMENTS.
If you currently forward, or in the future plan to forward, ACH payments to a non-U.S. bank; steps should IMMEDIATELY be taken to inactivate or change your direct deposit information currently on file with Indiana University. YOU NEED NOT TAKE ANY ACTION IF YOU DO NOT AND WILL NOT FORWARD ACH PAYMENTS TO A NON-U.S. BANK.
Students receiving Bursar Refunds can inactivate or initiate changes using the Direct Deposit Sign-up One.IU task or you may contact your Campus Bursar Office.
Failure to take action will result in your bank rejecting your international deposit and returning the funds to Indiana University. Indiana University is not responsible for international ACH transactions that are rejected and/or delayed due to missing information.