What does this mean for my existing refund disbursement platform?
The Higher One founders were the pioneers in refund disbursement services, offering students three ways to receive their refund: immediate direct deposit into a Higher One OneAccount, ACH transfer to any domestic bank account, or a paper check via mail. By transferring to our OneDisburse Refund Management platform, we can offer you more extensive features and benefits than the MyFlexCard, with more competitive pricing. We recommend a call with a Higher One representative to help answer your questions regarding our OneDisburse Refund Management Services.
What is the wind-down process for the existing debit card product?
Current Sallie Mae No Fee Student Checking/Sallie Mae Prepaid MasterCard account holders will receive a series of communications to notify them when their accounts will be closed and steps to take in preparation for that process.
- Students that have a direct deposit set up on their account will receive notice of account closing 60 days prior to close date.
- All account holders (including those with a direct deposit) will receive notice of account closing 30 days prior to close date.
- All account holders will receive notification that account has been closed and any remaining balances will be received via check within 2 weeks.
How does this affect student choice?
The OneDisburse Refund Management service provides three choices for students: direct deposit to the OneAccount suite, ACH to any domestic bank account or a check in the mail. We would be happy to schedule another conversation to start answering your specific questions.
Will my ATMs be affected?
Higher One will work with your school to ensure that you have adequate ATM coverage and remain compliant with Department of Education regulations regarding free access to funds. Higher One recently conducted a sizable upgrade of its entire ATM fleet to modernize the cash dispensing machines at campuses around the country.
How does Higher One address compliance in this new environment?
The OneDisburse Refund Management service is designed to ensure that an institution’s refund disbursement process is fully compliant with all applicable federal regulations, including the Department of Education’s Cash Management and FERPA regulations and banking laws and regulations. Each year, Higher One submits a Compliance Attestation Exam to the Department of Education, which includes an independent audit report conducted by PricewaterhouseCoopers. Also, included in the OneDisburse Refund Management service, Higher One offers OneReview, which is a dedicated resource to help answer ED questions during a review of your program. To bolster this already robust focus on compliance Higher One recently hired a new Chief Compliance Officer, Suzanne Cafferty Ross. She has more than 35 years of experience and oversees the compliance management for all Higher One products – from both a banking and higher education perspective.
What resources are required from the school’s side to transition to the OneDisburse Refund Management service?
Higher One offers a team of highly qualified and experienced project managers to walk you through the process step by step. We ask that you designate a coordinator from your administration team to work with the Higher One project manager, in addition to a representative from the following areas on campus (if applicable) to assist in the program education of both students and staff: Business Office, Student Services and Financial Aid.