Everett Community College is making it easier for students to get financial aid disbursements, announcing a new EvCC ID card which will double as a US Bank pre-paid MasterCard debit card, according to The Clipper.
Starting winter quarter 2014, students can choose to opt into a new EvCC ID card, enabling student cardholders to receive direct deposits directly from the financial aid office instead of waiting for a check in the mail; without having to worry about the check taking a long time in the mail or getting lost.
There’s no monthly fee, there’s no signup charge, there’s no way to overdraft. The card can be used everywhere MasterCard debit is accepted. If student tries to spend beyond their account balance, the transaction will be denied with no penalty. Parents, sponsors or employers can also deposit funds to the card at no additional cost.
If students want to simply use the card as a middle-man to get financial aid faster and deposit funds into their own bank accounts, which can be done without having to pay a fee as long as the withdrawal happens at a US Bank.
The actual direct deposit of financial aid funds onto the new cards won’t start happening until spring quarter 2014. Students who choose to opt out will still receive a paper check in the mail.
Read more here.