In order to provide more flexible options for receiving refunds, OFTC has selected BankMobile® (formerly Higher One), a financial services company focused solely on higher education, to deliver financial aid and other school refunds to OFTC students beginning Fall Semester 2016.
The new refund program will give you three options for receiving refunds:
- Deposit to a OneAccount, a non-interest bearing, internet-only checking account serviced by BankMobile.
- Deposit to another account
All students will be asked to make a refund delivery preference selection from the options listed above. Here’s what you need to do:
- Update your mailing address.
BankMobile will mail a welcome package to the current address you have on file with OFTC. If you’re not sure that OFTC has your current mailing address, please take a moment to update your address information.
- Look for the green envelope.
Look for the bright green envelope from BankMobile. It contains your personal code for making your refund preference selection as well as a OneAccount card. If you select the OneAccount as your refund choice, the card will be activated as a functioning Debit MasterCard® and linked to your OneAccount.
- Visit MyOneMoney.com to make your choice.
Once your package arrives, go to MyOneMoney.com and enter your personal code to get started. Then simply complete the online setup process to customize your preferences, including setting up refund status email updates and mobile alerts.
Frequently Asked Questions
What kinds of money might I receive from OFTC?
- The most common type of money BankMobile disburses to students are funds left over from financial aid awards, loans, or grants after tuition has been paid. Students receiving these funds has usually requested this additional support to help with books and living expenses. Other types of money may include reimbursement for tuition overpayment or a dropped class. BankMobile uses the term “refund” but OFTC may have another name for these funds, such as disbursement, residual, or a stipend.
Why am I getting a Personal Code?
- You will use your Personal Code to make your refund selection at MyOneMoney.com.
How will I get a Personal Code?
- You will receive your Personal Code in the mail at your primary address on file with OFTC. Just look for the bright green envelope and please make sure your address is up to date.
How is my money delivered?
- Delivery of refund money is a multi-step process. First, OFTC draws funds from the respective loan and/or grant provider and applies it to your student account. Once this information is verified, it is sent to BankMobile. Once the specific refund information is received, it is processed and disbursed according to your selection.
Can I change my preference for receiving money from OFTC?
- Yes. Just log in to MyOneMoney.com and select “refund preferences” from the “Refund” menu option. Once on the page, simply make your new selection and click “Update Preference” button to complete the process. Be aware that your new selection will only affect future money you receive from OFTC.
How will I know when my money has been sent?
- BankMobile will send you an email to the address you entered during setup. You can also view the status online at MyOneMoney.com.
Why am I getting a card?
- If you make your refund preference selection and choose the OneAccount, the card will be activated for use as a Debit MasterCard® and linked to your OneAccount.
What is the OneAccount?
- The OneAccount is a non-interest bearing, internet-only checking account, serviced by BankMobile. It’s exclusively designed for college students with features that support a mobile lifestyle, equipped with security features like cash deposit limits and cash withdrawal limits, offering money available the same day it’s released by your school. If you choose to open a OneAccount, it is important to note that My One Debit MasterCard is not a credit card but rather a Debit MasterCard linked to your OneAccount.
Are there any transaction fees while using my BankMobile card?
- BankMobile does not charge any monthly service fees or require a minimum deposit to open a OneAccount. The only fees that BankMobile does charge are for using out-of-network ATMs, merchant PIN-based transactions, or having an overdraft on the account. BankMobile provides the following tips to help students manage their accounts and avoid fees:
|Type of Fee||How to Avoid Fee|
|Fee for using a non-BankMobile ATM or non-Customers Bank ATM||Make sure you use FREE BankMobile or Customers Bank ATMs. Locate a nearby ATM within BankMobile’s network.|
|Merchant PIN-based transaction||Instead of entering your Personal Identification Number (PIN) at checkout, choose “credit” and sign the receipt to avoid the PIN fee. When merchants process a transaction as a PIN-less debit, the PIN fee cannot be avoided.|
|Overdraft Fees||Sign up for our Mobile Alerts, track your purchases and pay special attention to purchases made with an e-check or a paper check, and via ACH.|
What if I have additional questions?
- Visit MyOneMoney.com or get quick answers with EasyHelp℠ – BankMobile’s self-service online FAQ database.