Direct deposit is convenient, safe and fast. Funds get deposited directly into your bank account, which means you won’t have to wait for your cheque to be processed and pick it up or to have it forwarded to you.
How to sign up for direct deposit
- Log onto the Student Service Centre (SSC) and access direct deposit under Finances > Banking Details > Banking Details – Direct Deposit
- Add the following banking information:
- Your financial institution’s name
- The institution and transit numbers
- The account holder’s name and bank account number
- Double-check the information to make sure it's correct
- Once you have added this info to the SSC, you can edit or change it anytime
You can find your banking information at the bottom of your personal cheque. If you don’t have cheques, contact your financial institution for details - some financial institutions allow you to view a digital cheque through online banking.
Be extra careful entering your banking information
Double check that your information is accurate to prevent errors and avoid delays processing your funds. You can find out more about incorrect banking details in the FAQ below.
Frequently asked questions
1. Where do I find the Institution Number and other banking info required for EFT?
You can find the institution, transit, and account numbers on a personal cheque, in your online banking details or on a paper bank statement. Not sure what's what on a cheque. Look at an example.
2. How long will it take for the money to arrive in my bank account after the award/tuition refund has been processed?
We will email you once your request has been processed. It typically takes 24-48 hours after you receive our email for the money to appear in your bank account, but each financial institution’s process times differ. Please allow 3 business days from when receive our email notifying you that your request was processed before you contact UBC.
3. Can I use Direct Deposit if I don’t have a bank account in Canada?
No.Only Canadian bank accounts can be set up for Direct Deposit. If your bank account is outside of Canada you will continue to receive cheques. Find out about getting a Canadian bank account.
4. What if I enter the incorrect banking information?
If you enter banking information for an invalid account: Funds will not be deposited into your account, and your banking information in the SSC will be locked for your security. You will get an email notifying you to update your bank account information and contact UBC to have the information corrected in your account before the disbursement transaction will be processed again.
If you enter banking information for a valid account belonging to someone else: The bursary or award amount will be deposited to that account and you will need to contact your financial institution.
5. If I am on financial hold, will I be able to receive direct deposits?
Yes. Any bursary or award funds will automatically be paid toward your outstanding fees first, and any amounts remaining will then be deposited to your account. You will still be able to update your financial information.
Last reviewed 4/16/2015 9:34:27 AM