Direct Deposit FAQs | North Arkansas College

Why direct deposit?

Besides the obvious environmentally responsible impact, here are some reasons why direct deposit is the best method to receive student refunds:

Convenience! (especially if your classes are online and/or do not meet on the South Campus)
Less Delay! (eliminates waiting on a check to arrive in the mail and/or waiting in line)
Less Worry! (Checks are sometimes lost in the mail, particularly due to an incorrect or incomplete address.)
Less Interruption! (Your refund is always available to you on the published date, regardless of inclement weather or other unforeseen circumstance.)
Potential for Early Access! (While not a guarantee, you may have access to your refund earlier than the published date, dependent upon your bank’s policy and procedure. In any case, when a bank holiday occurs on a published refund date, your deposit is effective the business day prior.)
No Missing Out! (If you are ever due a refund of which you are not aware, it will automatically be deposited.)

Sounds good, how do I sign up?

You sign up by filling out an online form that is accessible after logging into myNorthark.

There are two simple ways to access the form: (a) Sign in to myNorthark Banking Information. (b) From myNorthark Home, click the Banking Information tile.
Click the “+ Add an Account” link.
Click the slider to activate.
Enter an Effective Date (the current date is default, but it can be set for a future date).
Click Next and enter your Bank Account Details in the form that displays.
Read the Terms and Conditions and check the box to indicate you agree.
Click Submit.
The bank account will show as “Not Verified”.

What happens next?

Generally, newly entered information is processed every Monday morning and sent to Northark’s bank for pre-notification.

This is a test for viability required by Northark’s bank and allowable according to National Automated Clearing House Association (NACHA) regulations.
It is fully initiated the following day.
A $0.00 transaction may display on your bank account’s activity. (This is a good sign.)
The receiving financial institution, i.e., your bank or credit union, is required to respond within three banking days if there is an issue with the account information, again according to NACHA regulations.
The bank account will display as “Verified” on myNorthark after the process to test the information has started. Though uncommon, your financial institution may yet report an issue.
Accounts are considered fully active if no issue has been reported during the three-day waiting period; normally, that is the Friday following the Monday the process was initiated (please see above).
A delay may, however, occur, particularly when a banking holiday falls on Monday.

What if an issue is reported?

Northark personnel cannot alter your banking information, so the information is deleted in the rare case an issue is reported.

You will receive a message via your Northark email account to notify you an issue has been reported, and that your account information has been removed from Northark’s system.
The email message will also contain instructions to resubmit your banking information if desired.

Is there a deadline to sign up?

Yes, your form must be submitted by the Sunday of the week prior to the anticipated refund date.

This is approximately ten calendar days prior to each scheduled refund date.
The prenotification process is generally initiated at the open of business each Monday morning.
Please note: This is a vast improvement over our previous system, which required banking information to be submitted up to three weeks prior to a scheduled refund date.

Can I not just bring a voided check?

Unfortunately, the only way to sign up for a direct deposit for student refunds is via the online Banking Information form located on myNorthark.

If you would like assistance, please come to the Student Accounts office (Room M182 on the South Campus).
Please ensure you have your bank’s routing number and your bank account number. You will also need to know if your account type is checking or savings.
We have a student terminal located in the inner portion of our office (to maintain privacy) and would be happy to assist you in any way possible.

I signed up previously; do I have to sign up again?

The general answer is no. If nothing has changed, it should not be necessary to complete the form again.

However, if you were enrolled and signed up prior to the Fall 2020 term, banking information was not transferred from our previous system.
Pro Tip: If you are unsure, check Banking Information on your myNorthark for your account information.

I do not use or have that bank account anymore, but I have a new one. How do I change it?

Simply access the Banking Information tile on myNorthark to change accounts.

You can select and deactivate your previously submitted bank account(s).
You can add the new account using the same steps above.
Please allow sufficient time for prenotification before the new account is fully active (see above).

I missed the deadline to change my information for my refund on _____; what now?

In short, you will need to contact the Student Accounts office. If you are indeed due a refund on that date, the course of action will be:

Please email Student Accounts at studentaccounts@northark.edu, stating the details of your specific issue and including your name and student identification number. Alternatively, you can visit the Student Accounts office.
The best course of action can then be determined for the refund in question.
Generally, refunds are finalized the Friday prior to the scheduled date during fall and spring terms. If the direct deposit file has not been produced and transmitted, either you can deactivate the bank account (see above) or we can remove the information from our system.
Regardless, it is advisable you follow the steps above to add your updated banking information as soon as possible.
After the prenotification process has been completed, direct deposit will once again be activated on your account as the elected method of receiving student refunds.

I signed up for direct deposit previously, but now I’d prefer to receive my refunds via paper check. How do I cancel direct deposit?

Like above, you can deactivate your bank account via the Banking Information section of myNorthark.

To ensure your information is permanently removed, please email studentaccounts@northark.edu stating your intention to remove previously submitted banking information and include your name and student identification number. Again, alternatively, you can visit the Student Accounts office.
If this is done prior to the Friday before the refund date, a paper check will be produced for your refund, if one is available.
Even if you miss this deadline, it is worthwhile to inform us as soon as possible, as we may still be able to accommodate the request.
Also, if ever you decide again to elect to receive refunds via direct deposit, please follow the same procedure outlined above to add banking information.

I’m afraid my refund was direct deposited into an inactive account. Please help!

Despite the precautions taken, this has been known to happen. A good course of action is to contact your bank; an internal resolution may be possible. It is very helpful to keep Student Accounts informed of any updates to the situation. If this is not possible and Northark has already transmitted the direct deposit file, the following process takes place:

Northark’s bank will attempt the deposit to your bank, also known as the receiving bank.
The receiving bank then has up to three days to respond to that attempt (e.g., that the destination account is closed).
The receiving bank will then return the funds to Northark’s bank.
The turnaround time has historically been approximately a week, including crediting Northark’s bank account.
After this occurs, a paper check will be produced as soon as possible.
We will communicate both receipts of the bank’s report of the issue and when your paper check is available through your Northark student email.
To best serve you, one of the most important things you can do is inform Student Accounts as soon as you realize this might occur so that we are mindful of the potential return.

Anything else to know?

Yes, it should be noted that the contents of the above frequently asked questions should not be understood as a guarantee of a future student refund. Receipt of a student refund depends upon a multitude of factors including, but not limited to: hours enrolled, class start dates, previously received student refunds, date of financial aid award(s) including direct student loans, and date of receipt of third party payments.