Issuing Refunds at UD

Issuing Refunds at the University of Dallas

Each week the University of Dallas reviews student accounts for credit balances. Those accounts found to have a credit balance are flagged and audited to determine if the credit balance belongs to the student. All credit balances that belong to students or other qualified third parties are then processed for disbursement. The funds are disbursed through the UD Refund platform powered by BankMobile to be delivered to the student according to the method chosen by the student.

View our institution’s contract with BankMobile, a Division of Customer Bank

Funding for the Title IV programs is received by EFT. Funds received by EFT are posted to the correct student account within three days (3) of notification of receipt of the funds. Student Account Services will then have the credit balance disbursed to the BankMobile Disbursements Program within fourteen days (14) from the time the credit is posted to the student account. The refund will then be disbursed by BankMobile to the student using the method chosen by the student.

UD Refund Program

UD Refund Program – The University of Dallas now issues financial aid and credit balance refunds through the UD Refund Program powered by BankMobile. BankMobile is contracted as a third-party servicer to make the refund process quicker, easier, and more secure for the students.

When a student enrolls at the University of Dallas, he or she is issued, by mail, a starter kit with a personal code. Your personal code serves as a personal identifier to BankMobile and enables you to activate your refund choice. Students will also receive an email containing their personal code 7 days after receiving the starter kit by mail if the student has not made a selection. To activate, please visit www.refundselection.com. Activation of the refund program gives the student these two refund options:

Electronic Deposit to Another Account – Allows students to have their refunds deposited directly into the bank account of their choice. The student must activate the program and select Electronic Deposit to Another Account as his/her refund preference and then complete the online form. When a refund is processed, it will arrive in the student's bank account within 1-2 business days. The majority of students at the University of Dallas choose this option.

BankMobile Vibe Account – The Vibe Account is an FDIC insured online checking account offered by BankMobile. By selecting this option at activation, the student sets up an account which has no minimum balance requirements and is issued a Debit MasterCard that will be mailed to the student after activation. Refunds posted to the Vibe Account are available to the student the same day they are processed. Students can withdraw funds for free from any All Point Network ATM (Standard ATM fees apply to any withdrawal from a non-All Point Network ATM). The Vibe Account also gives students the option of requesting money from an outside benefactor (i.e. parent or guardian) through the account and of linking the Vibe Account to a funding bank account. 

*Important Notice: While BankMobile does not charge pin based transaction fees, monthly fees or have a minimum balance requirements, certain fees apply to certain optional usages of the Vibe Account. Fees can be avoided by following the guidelines described by BankMobile and using only the services listed as free on the BankMobile fee schedule. You can see more information on the Vibe Account at 
www.bankmobiledisbursements.com/refundchoices.

To select either Direct Deposit or the Vibe Account option, please activate the BankMobile Disbursements Program at www.refundselection.com according to the instructions in the envelope. You will receive an email from BankMobile when your refund is processed and available.

Which option should I choose?

BankMobile offers several options so that students may decide which refund preference best suits their needs. In addition to the information above, here is a summary of the pros and cons of each option.

Electronic Deposit to Students existing Account

Pros:

- Funds are deposited electronically into any U.S. bank of the student’s choice.

- No extra account or card to manage.

- Funds are available in 1-2 business days.

Cons:

- There is no free ATM on campus.

- Regular bank fees apply according to your own bank's policies (Note: No fees are charged to the student by the University for the disbursal and accessing of refund monies).


Vibe Account

Pros:

- Refunds are available in the Vibe Account the same day they are processed.

- Students can make withdrawals at any All Point Network ATM. The University of Dallas has an All Point Network ATM located next to the Campus Safety Office. Click here to locate other All Point Network ATM's. ATM Locator

- The Vibe Account is a fully functional, FDIC insured online bank account that charges no pin based transaction fees, no monthly fees and has no minimum balance requirement.

- Students can make free transfers into the Vibe Account from an external bank account and request money from parents or guardians through the Vibe Account.

- The Vibe Account allows unlimited free online bill pay.

 -Students can deposit checks by using the EasyDeposit feature in the mobile banking app by taking a picture of the check with a smartphone or by mailing checks directly to BankMobile.

Cons:

- Students cannot make deposits at any ATMs, including Allpoint Network ATMs.

- BankMobile charges a fee to transfer money out of the Vibe Account to an external bank account.

For more information, contact BankMobile at:

http://www.bankmobiledisbursements.com/refundchoice

Customer Service: 1 (877) 327-9515

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