Why is UW-Stout using eRefunds?
In a banking relationship satisfaction survey, Stout students stated that they wanted refund clarity and an electronic refund disbursement option. 82% of students had a checking account prior to attending UW-Stout.
Knowing this, there are several reasons why UW-Stout is excited about using eRefunds:
- Convenient: students can avoid trips to the bank and update their eRefund profile 24/7 as needed.
- Secure: students enter their own banking information into the system so there is no need to share account information with another person. Also, no lost or stolen checks in the mail.
- Cost-Effective: eRefunds reduce the costs associated with paper checks for both UW-Stout and the student (i.e. check stock, postage, envelopes, transportation to the bank, time, stop payment fees, etc.).
- Environmentally Friendly: eRefunds reduce paper consumption.
- Reliable: If you move, money is not being mailed to an old address.
Are eRefunds Secure?
TouchNet is fully certified for both PA-DSS and PCI-DSS.
PA-DSS: Payment Application Data Security Standard (PA-DSS) is the certification that all vendor applications which accept, process or store payment card information must meet.
PCI-DSS: Payment Card Industry Data Security Standards (PCI-DSS) is a detailed set of security requirements that applies to all merchants with regard to payment card acceptance.
Is my personal account information safe?
Yes. Once you sign up, your information becomes part of an electronic transaction that is sent through the safe and secure ACH Network. In fact, fewer people see your information with Direct Deposit via ACH than with paper check processing.
Why would I receive a refund?
Students receive a refund when a credit balance is created on their student account. The reason(s) for the credit may be due to one or more of the following:
- Grants, Loans or Scholarships in excess of student account charges.
- Personal overpayments.
- Account adjustments.
In the event of an overpayment on a student account, UW-Stout will pay any past due charges with Title IV funds, state funds, scholarships, private loans or personal payments. Remaining overpayment will be returned to the student’s account. See your Student Account Contract (SAC) for additional information.
Subsequent changes made to your course schedule will likely result in additional charges or refunds. Any refunds that occur because of schedule changes will be refunded to the students e-Refund account or to the student.
Do I receive notification when the eRefund has been sent?
Yes, you will receive an e-mail when the eRefund has been initiated, but please allow up to five business days for the funds to be deposited into your bank account. Be sure to verify with your bank that the funds are available before using them.
Can my Authorized User set up an eRefund account profile?
No. Only students can designate an account for the eRefund profile. Authorized Users do not have access to this option.
Can I set up my parents, guardians, or someone else to receive the refund?
Yes, you can. eRefunds can be deposited into any valid U.S. checking or savings account as designated by you, the student.
Are there any exceptions to eRefunds?
The only exception to eRefunding is if the credit is the result of Parent PLUS loan. In this case, if requested, the refund will be sent by paper check to the parent/guardian.
Will money ever be taken out of my eRefund account?
Your eRefund account will only be used for deposits. If you have the same account saved for making online payments, you are the only one who can initiate that transaction.
What if I change bank accounts?
Please update your eRefund profile in TouchNet immediately. If your funds are sent to a closed or invalid account:
- The funds will be returned to the University.
- A $20.00 non-refundable return charge will be added your student account.
- You, the student, will be notified by e-mail from UW-Stout.
- A new eRefund will be issued once the account has been updated.
What do I do if I am an international student and I do not have a United States bank account?
Currently, we have three local banks that work with international students and do not require social security numbers when setting up a new checking or savings account. If you have questions regarding this, please call, email, or stop in to visit the Office of International Education.