What is Direct Deposit? Direct deposit is also known as Electronic Funds Transfer (EFT). It is the transfer of funds from Montclair State University to an individual student’s checking or savings account at a participating bank, savings and loan association or credit union. Direct deposit delivers your money quickly and safely. The difference is a check isn’t printed or mailed.
Are there any costs for my participating in Direct Deposit? No, the program is offered as a service to our students.
I’m interested in Direct Deposit but I do not know if it is for me? If you have an account, visit your bank or credit union. They can answer your questions about Direct Deposit. If you do not have an account, consider opening one. Many banks offer a variety of accounts, some with little or no fees.
Why should I sign up? What are the benefits of using Direct Deposit? There are many benefits of using Direct Deposit, some are: There are no checks to be lost or stolen; You’ll get the benefits of your refund in a timelier manner; Both you and your money are safer
Where do I sign up for Direct Deposit? You can log onto your WESS account and complete the form on-line. The form can be found under the heading Student Records – Bank Account Information. You can also visit the Bursars Office in College Hall, Room 218. You can easily manage your information by using your WESS account which is generally available 7am to 11pm M-F, and Saturday - Sunday Noon to 6pm
The enrollment form asks for my checking or saving account number and my bank’s transit routing number. How do I find that information? Checking and savings account numbers are normally noted at the bottom of checks and deposit slips as well as the nine digit bank transit routing number. In order to avoid confusion on properly recording your bank’s transit routing number you can bring a voided check or deposit slip to your bank or the Bursars Office. Someone will help you complete the form.
When I sign up for Direct Deposit, how long does it take before my money is available in my account? When you sign up for Direct Deposit, you can expect your refund to be deposited to your account within 30 to 60 days of the application being submitted. This pertains only to students that are eligible for a refund because of either overpayment by a loan or financial aid. Also for students that drop classes within the appropriate add/drop dates.
What if I enroll in Direct Deposit and then change my mind? If you enroll in Direct Deposit and then change your mind you can DEACTIVATE your account. This can be done by accessing the original form you completed via your WESS account. You will need to change your status from ACTIVE to DEACTIVATED.
When can I use my money? Your money is available for use as soon as it is deposited into your account. You can write checks, withdraw money, and transfer into different accounts. Anything you usually do with your money now, you can also do with Direct Deposit.
After I sign up for Direct Deposit, do I have to stay with the same bank? No, you can use Direct Deposit at any bank. If you move your account to another bank, you can change your information by logging onto your WESS account or by visiting the Bursars Office in College Hall, Room 218.
Who should I contact if I have any questions? You may contact the Student Accounts office at 973-655-4177 or the Financial Aid office at 973-655-7022.