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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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