[Students] Changes at Higher One
Charles Robnett
Charles.Robnett at tamuc.edu
Thu Apr 14 11:34:58 CDT 2016
The University currently uses Higher One for student refund distribution and I wanted to make you aware of some important changes involving our relationship with Higher One. I believe the changes will be positive - providing easier access to student refunds and lower fees for those with Higher One checking accounts (the OneAccount).
Higher One is in the process of finalizing the sale of their refund management business segment to Customers Bancorp, Inc. As part of that transition, the company name will change from Higher One to BankMobile Disbursements and there will be a number of process changes which should benefit students - particularly those who opted to open a checking account at Higher One.
Effective May 4, Higher One is closing their proprietary ATM network and switching to a relationship with Allpoint ATMs. Students with Higher One checking accounts will be able to access their funds through any Allpoint ATM free of charge just as they were able to do through Higher One ATMs. Allpoint has more than 40,000 ATMs nationwide with locations at CVS, Walgreens, 7-11, Target, Costco, Kroger and many other grocery stores and convenience stores throughout North Texas. Allpoint ATMs are located in Commerce at CVS, Brookshire's Grocery and Texas T One Stop.
Unfortunately, it appears that the change to the Allpoint ATM network will mean that the Higher One ATM currently located in the library will be shut down on May 4. The University is exploring alternatives but the ultimate fate of that particular ATM is unclear at this time.
As part of the changeover to BankMobile and in response to regulatory changes, Higher One is making some significant revisions to the fee structure for their OneAccount. Students who opted to open a OneAccount will see a number of fees reduced or removed completely. All of the changes have not been finalized but we have been told that the $0.50 PIN fee currently assessed for each debit card purchase will be eliminated along with NSF/overdraft fees. In addition, fees for balance transfers, check orders, teller withdrawals, and other transactions will be reduced or eliminated. The revised fee structure should be completed and available by the end of this month.
New students enrolling in a refund delivery method through Higher One will no longer be sent a debit card as part of their enrollment packet. Instead, Higher One will provide an enrollment code which will allow students to go online and select a refund delivery method. The same three delivery methods will continue to be available (1) ACH transfer to an outside bank, (2) direct deposit to a bank account at Higher One, or (3) refund check sent by mail. A debit card will be sent to new Higher One account holders only upon request.
Students who opt to have refunds delivered by check in the mail or by ACH transfer to an outside bank will continue to receive those services completely free of charge.
The transition from Higher One to BankMobile will not require students to take any action or make any changes to their refund information at Higher One. The refund delivery method that you previously selected will continue to be in effect after the change to BankMobile. For those students with a OneAccount - the bank routing number and individual account numbers will remain the same after the switch to BankMobile. You will not need to replace your debit card. The Higher One debit card that you have now will continue to work and will be replaced with a BankMobile card when your existing card expires.
Further updates will be provided as the transition from Higher One to BankMobile progresses.
Please contact our office at Student.Accounts at tamuc.edu if you have any questions or need additional information about the change from Higher One to BankMobile.
Charles S Robnett | Bursar and Director of Student Accounts
Financial Services | Texas A&M University-Commerce
Charles.Robnett at tamuc.edu<mailto:Charles.Robnett at tamuc.edu>
P.O. Box 3011 | Commerce, TX 75429-3011
Tel. 903.886.5056 | Fax 903.468.6048 | www.tamuc.edu<http://www.tamuc.edu>
Texas A&M University-Commerce
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