|
Direct Deposit of Financial Aid Refunds & Student
Accounting Overpayments:
Dropped in
- Drop boxes located:
Harris Hall, 1st flr, outside of
Cashier's Office
VMI Building, inside
room 323
- Direct Deposit Authorization Form
may be printed here.
- Notify
Disbursement Operations immediately and in writing:
- any change to information pertaining to your checking or savings account;
- to terminate the direct deposit authorization.
- Once activated, your Direct Deposit Authorization remains in effect
throughout your VCU enrollment. New authorizations are not required
each semester.
- If you do not have a bank account, you have other options.
Frequently
Asked Questions About Direct Deposit
Important Notice About International ACH/Direct Deposit
As a U.S. entity, VCU 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 processed by VCU for payroll, student refunds, vendor invoices, and travel reimbursements.
Effective September 18, 2009, new requirements were implemented for domestic and international fund transfers. As a result, there
are new formatting requirements for these transactions to which VCU must comply.
VCU is now obligated to identify as an “International ACH Transaction” (IAT) any direct deposits that are (1) made by VCU to a
financial institution located outside the U.S., or (2) made by VCU to a domestic financial institution if that financial institution
immediately transfers the full deposit amount to an international financial institution in a “back-to-back” transaction. VCU will
require employees and students to confirm, at the time they enroll in direct deposit of their payroll or student refund disbursement,
that the full amount of the direct deposit is not being forwarded to a bank in another country; and if at any point a standing order
is established to forward the full direct deposit to a bank in another country, they will inform either VCU Payroll Services
(employees) or VCU Treasury Services (students) immediately.
There are alternative methods of payment available to employees and students; therefore, if you believe you are affected by these
new requirements, please contact Payroll Services at (804) 828-0740 or Treasury Services at (804) 828-2138. |