Financial Aid – Direct Deposits, Student Debit Cards

College of the Sequoias

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College of the Sequoias Debit Card

• Project initiated by Financial Aid Office• Partnership with HigherOne from New Haven

Connecticut

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HigherOne Services

• Higher One ATM on campus• Communication box for paper

communications to Higher One – faster than U.S. Mail

• Training for college administrators• Intelligent and secure access to web reports

via www.HigherOneSupport.com• Support for college administrators through

the OneSupport Help Desk.

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Choices for Student Refund

• 83% choose Debit Card• 7.5% choose Bank Account

Linked

OneAccount

Bank AccountAvailable within minutes

3rd Party

Bank Account(ACH initiated by Higher

One within 1 business day)

Paper Check(Mailed by Higher One

Within 2 business days)

Easy Refund ™

Students choose online

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Refund Delivery Features

1. Automatic e-mail notification to all recipients

2. Automatic e-mail confirmation to college administrators for file processing

3. Real-time refund data and audit trails via www.HigherOneSupport.com

4. Online Refund Reversal Processing

5. Exception handling including Express Wire & Check

6. Compliant with all regulatory requirements

7. Compliant with privacy and security requirements

8. FDIC insured funds

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Compliance, Requirements Integrity…

Higher One Services comply with the following (partial list only):

• Federal Cash Management Rules (Refunds)

• Graham Leach Bliley Act (Security/Privacy)

• FERPA (Security/Privacy)

• FTC Rule on Safeguarding Personal Info (Security/Privacy)

• FDIC Insurance (Banking)

• The Patriot Act (Banking)

• Regulation E (Banking)

• MasterCard Regulations (Carding)

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Positive Change

• Significant cost avoidance increases ability to manage tight budgetary climate

• No more lines or checks handled • Improved student customer service through

greater access to information through online and telephone contact with Higher One

• Enhanced communication to students about their refund status

• Staff time freed for other functions / projects during peak semester periods

• Increased revenue from external sources• The latest in web services, banking and choice

now available to students.

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Card Delivery

1. Co-branded design2. Marketing and Education3. Mass mailing of cards4. Replacement cards5. Web authentication/registration

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Our Card

Random 16-digit card number 3 track mag-stripe

Expiration date Signature panel

Contact information Debit logo

No SSN or account # on card Classification/ Student

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How it arrives

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COS Debit Card with Choice

The OneAccount:– No minimum balance

– No monthly fees

– No fee unlimited check writing,

– No fee to use OneAccount ATMs (on and off campus)

– No fee monthly statements

– No pre-qualification full function online checking account

– MasterCard Debit purchase convenience

– Access to major ATM and POS networks

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Additional OneAccount Features

• Innovative Send Money feature to instantly

transfer funds at no charge to other

OneAccounts

• Toll-free and online Customer Service and

EasyHelp online knowledge base for FAQ’s

• Online bill pay for easy one time or

recurring paperless monthly payments

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SECURITY for accountholders

• Customer Identification Program (CIP)• MasterCard Zero Liability Policy• Standard 128-bit Secure Sockets Layer

(SSL) encryption technology for web access• Automatic login time out• FDIC insured checking account• Secure authentication card process online

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The Card is not…

• Not a credit card• Not an optional card. Students must

authenticate to choose a refund preference

• Not difficult to obtain, offered through COS

• The OneAccount is encouraged, but not mandatory

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Campus Promotion and Education

• Campaign kickoff posters• E-mail/newsletters• Press Release• Announcement posters• Parent letters• Orientation packages

• Campus news ads

• Student brochures• Inserts:

• Tuition bills• Financial Aid brochures• Financial Aid awards

• Unique Higher One/College website

• College website

Extensive educational and promotional marketing will be integrated with current college channels

F.R.E.E – Financial Responsibility Educational Enhancement

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Project Approach

• Welcome Phase• Kick-Off Phase• Pre-launch Phase• Go Live Phase• Conference call meetings and training

• The four Cs – Commitment, Communication,

Collaboration, Completion

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Implementation - The Project Team and Process

Average time needed per team: 90 day project timeline

Weekly conference calls – 1 hour per team

20 hours tech time over 3 months

Higher One handles agendas, minutes, planning, guidance with execution and acceptance testing.

Project Teams

•Project Managers•Steering Committee•Card/Refunds Team•Marketing/Education Team

Strategy & ToolsManaged by Higher One

•Daily PM Communication•Project Kick-Off Meeting•Services Overview & Demo•Weekly Meetings w/Teams•Timeline management•Task lists per team•Comprehensive Test Plan•“Dress Rehearsal” testing•Complete Training Support•Relationship Management post implementation•OneSupport – help desk foradministration

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How is it Done?

• Two processes– Submitting Cardholders

• New Students• Updates for already submitted students

– Disbursing Refunds• Only include if student was in a previous cardholder

file

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The Cardholder file

• Initial file– Everyone who is eligible

• For us, only FA students, but could everyone or other population

• Daily file– All new students meeting our criteria– Students for whom data has changed

• If a student has activated their card, most of the update information will be ignored

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Cardholder Data

• ID – we use Banner ID• Name• Mailing Address – cards are here• Email• Phone• Shared Secret (for initial login)

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The Refund File

• Check Number• ID - Must have previously been included in a

cardholder file• Name – Must match name on file for that ID• Amount – Must be positive (sorry, can’t use

system to collect)

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The Refund Process

• Refunds are processed normally through Student AR and fed to Finance

• New process – FZBCHKH - to generate the Refund file supplements the check printing

• We still run FABCHKP to make sure all refunds are processed

• File is sent using secure ftp

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The Finance Sequence

• FARINVS – Invoice Selection• FAABATC – Batch Check Print• FABCHKS – Batch Check Selection• FZBCHKH – HigherOne Refund File Creation• FAPCHKP – Batch Check Print Report• FABCHKR – Batch Disbursement Register

(db)• FARCHKR – Disbursement Register (print)

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FZBCHKN

• Developed by STLCC• Reads data in FATCKIN• Inserts into FABCHKS – Check Summary• Inserts into FABINCK – Invoice/Check table• Update date and check number in FATCKIN• Set fabchks_recon_ind = ‘F’• Set fabinck_recon_ind = ‘Y’

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CONGRATULATIONS!!

Benita Vega – Financial Aid Supervisor

Lee McDonald – Applications Manager

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