Higher One has partnered with East Central University in Oklahoma to help improve student services by electronically distributing Financial Aid and other refunds to students.
The new refund program will be given multiple options to students, including deposit to the OneAccount, an FDIC-insured checking account provided by Higher One, or student have the option to transfer to a bank account of their choice.
In the past, East Central University had disbursed refunds primarily with the labor intensive paper check method. But now when it comes time for disbursements, a flat file is sent from university to Higher One that includes student names and the total amount of each refund.
An accompanying wire is also routed for the amount of the total disbursement. Higher One then disburses the refunds to each student based on how he or she chose to receive it.