Direct Deposit (eRefund)
What is eRefund?
eRefund (direct deposit) is s a method of payment which electronically credits your checking or savings account instead of receiving a paper check. Electronic deposits are processed through the national Automated Clearing House and are therefore commonly referred to as ACH payments.
WPI strongly encourages you to set up a direct deposit bank account. It's the fastest, most secure, and environmentally friendly way to receive your financial aid and other credit balance refunds. Please note that students with a Federal Parent Plus loan are not eligible for direct deposit unless the parent has specified on the PLUS loan application that the student may receive the refund. If not, the refund will be made via check to the parent.
How do I set up direct deposit?
To set up the direct deposit please use the Banner Self Service Site to login with your password, click the Student Accounts – eBill link. You must specify a U.S. personal checking or savings account as your direct bank deposit account. Please be very careful when entering your bank information as incorrect data may cause a delay in your refund.
If using your personal checking account:
Before enrolling in direct deposit, you must have a paper check to obtain the routing and checking account number (see illustration below). If you don't have a check or the routing and checking account number, contact your banking institution for this information.
If using your personal savings account:
Use the routing and savings account number indicated by your banking institution (this may be found on your deposit slip in a similar location to the check illustration below). If you don't have the routing and savings account number, please contact your banking institution for this information.
Is my bank information secure using eRefund?
Yes, your bank information as well as other confidential information is secure at all times by use of 128-bit Secure Sockets Layer (SSL) encryption technology, firewall protection to secure servers, and intrusion detection systems.
How long will it take for me to receive my refund?
WPI processes refunds weekly on Tuesday and Thursday and checks are available for pickup on Wednesday and Friday.
E-refund deposits will be sent to the Automated Clearing House on each Tuesday and Thursday and are generally available in your bank account within 1 - 2 banking days after the file has been sent. However, e-refunds are deposited into your bank account in accordance with your banks policies and procedures. University holidays, banking holidays and inclement weather may delay a deposit.
Do I still have to complete the on line refund request form?
Yes. In order to request a refund please complete the on line refund request form. The difference is that if you enroll in eRefund your deposit will be electronically deposited to your bank account sooner and you will not be issued a paper check. All other policies and procedures remain the same. Request a Refund.
I received and email there is a problem with my account
If you receive an email that we have suspended your eRefund status, it is because we received a message from your bank that there is an error in the banking information that you provided. Please correct the account information through the eBill site immediately. Once you have done so you must email Bursar@wpi.edu to have us re-activate your status. Please note you may receive a paper check during this time and your refund may be delayed as the Bursar’s Office must wait for the disbursed funds to be returned to WPI before we can reissue your refund.
Note: WPI will not use your direct deposit information to auto-debit from your account.
Your direct deposit account may be returned as invalid if:
- You did not enter you bank information correctly
- You use your debit card number as the account number
- You use an "electronic" routing number
- You designate a money market account (must be a checkbook savings or checking account)
- Your bank account is closed
Closed bank accounts
If you recently closed the bank account used for your direct deposit, you must:
- Delete your old direct deposit information
- Add a new direct deposit account with the new routing and account number
If a refund is generated to your closed direct deposit account, the funds will be returned to WPI. The Bursar’s Office will then generate a check which will be held in the office for pickup for 14 days. For questions please contact the Bursar’s Office.