Electronic Funds Transfer

  http://eftstudent.berkeley.edu

Frequently Asked Questions Regarding EFT

Which student payments are eligible for Electronic Funds Transfer (EFT)?

• CARS refunds, graduate student stipends, and any non-payroll University payments to students, except Emergency Loan checks, can be directly deposited to your bank account.
• Some outside agency payments may be processed via EFT; some may not.
• Student employees can have their paychecks deposited automatically to their bank account each payday. Please see your hiring department for a special form and more information.

How will the money be deposited to my bank account?

• The funds will be transferred electronically. EFT is fast, convenient, safe, and reliable.

How soon will my direct deposit start?

• After you submit your bank information, EFT will be activated within 7 business days. EFT activation can be verified online through Bear Facts (http://bearfacts.berkeley.edu). Once set-up, refunds will continue to go to your designated bank account until you either cancel your authorization or edit your bank account information online

How will I know when my money was sent to the bank?

• You will be notified by e-mail one business day before each deposit is sent to the bank. With a quick call to your bank you can easily verify the deposit of funds into your account.

Are there any reasons the money would not be deposited to the bank?

• If you are not registered for the semester of the refunded award or if your CARS account is past due, a paper check will be printed and held for you to pick up at 140 University Hall. Registration issues and CARS past due balances must be resolved before checks can be released. (Registration is not applicable for some graduate fellowship payments and for cash refunds.)
• If you close your bank account, the transfer will not go automatically to a new account. To avoid the disruption of EFT deposits, you must edit your bank account information through the EFT website 7 business days prior to closing your bank account.

What else do I need to know?

• If you do not have EFT, a check will be printed and held at 140 University Hall for you to pick up.
• You may cancel your EFT authorization at any time through the EFT web site.
• All funds must be deposited to an account in your name.
• The bank you designate to receive your EFT deposit must be in the United States.
• We cannot issue deposits to accounts held at investment firms.
• If you receive funds you are not entitled to, you will be billed for repayment

This page last updated on July 12, 2007