Issuing Refunds at UD

Issuing Refunds at the University of Dallas

Each week the University of Dallas reviews student accounts for credit balances. Those accounts found to have a credit balance are flagged and audited to determine if the credit balance belongs to the student. All credit balances that belong to students or other qualified third parties are then processed for disbursement. The funds are disbursed through the UD Refund platform powered by BankMobile to be delivered to the student according to the method chosen by the student.

View our institution’s required disclosures and contract with BankMobile, a Division of Customer Bank

Funding for the Title IV programs is received by EFT. Funds received by EFT are posted to the correct student account within three days (3) of notification of receipt of the funds. Student Account Services will then have the credit balance disbursed to the UD Refund Program powered by BankMobile within fourteen days (14) from the time the credit is posted to the student account. The refund will then be disbursed by BankMobile to the student using the method chosen by the student.

UD Refund Program

UD Refund Program – The University of Dallas now issues financial aid and credit balance refunds through the UD Refund Program powered by BankMobile. BankMobile is contracted as a third-party servicer to make the refund process quicker, easier, and more secure for the students.

When a student enrolls at the University of Dallas, he or she is issued, by mail, a refund selection kit with a personal code. Your personal code serves as a personal identifier to BankMobile and enables you to select your refund choice. Students will also receive an email containing their personal code and either code can be used to select a refund preference.  Please visit www.refundselection.com to select a refund preference. 

How to Receive Your Refund

Choices include:

DEPOSIT TO AN EXISTING ACCOUNT – Money is transferred to an existing account the same business day BankMobile receives funds from your school. Typically, it takes 1 – 2 business days for the receiving bank to credit the money to your account.

DEPOSIT TO A BANKMOBILE VIBE CHECKING ACCOUNT – If you open a BankMobile Vibe checking account (upon identity verification), money is deposited the same business day BankMobile receives funds from your school.

*Important Notice:  While BankMobile does not charge pin based transaction fees, monthly fees or have minimum balance requirements, certain fees apply to certain optional usages of the Vibe Account. Fees can be avoided by following the guidelines described by BankMobile and using only the services listed as free on the BankMobile fee schedule. You can see more information on the Vibe Account at 
www.bankmobiledisbursements.com/refundchoices.

To select either Direct Deposit or the Vibe Account option, please select the BankMobile Disbursements Program at www.refundselection.com according to the instructions in the envelope. You will receive an email from BankMobile when your refund is processed and available.

Which option should I choose?

BankMobile offers several options so that students may decide which refund preference best suits their needs. In addition to the information above, here is a summary of the pros and cons of each option.

Electronic Deposit to Students existing Account

Pros:

- Funds are deposited electronically into any U.S. bank of the student’s choice.

- No extra account or card to manage.

- Funds are available in 1-2 business days.

Cons:

- There is no free ATM on campus.

- Regular bank fees apply according to your own bank's policies (Note: No fees are charged to the student by the University for the disbursal and accessing of refund monies).


Vibe Account

Pros:

- Refunds are available in the Vibe Account the same day they are processed.

- Students can make withdrawals at any AllPoint Network ATM. The University of Dallas has an AllPoint Network ATM located next to the University of Dallas Police Office. Click here to locate other AllPoint Network ATM's. ATM Locator

- BankMobile Vibe, a digital-only, FDIC insured non-interest bearing checking account designed specifically for students. Features and benefits include:

  • No offers of credit or overdraft opt-in
  • Available regardless of financial history (upon ID verification)
  • No monthly fee for students  No minimum balance requirement
  • Fee-free ATM access to over 55,000 Allpoint® ATMs (the largest surcharge-free ATM network)
  • No overdraft or NSF fees
  • Free Money Meter budgeting tool
  • Free SnapShot mobile money management feature
  • Passport, a recognition program for good financial behavior and academic performance
  • On/Off switch to temporarily disable the account’s debit card

Cons:

- Students cannot make deposits at any ATMs, including Allpoint Network ATMs.

- BankMobile charges a fee to wire transfer money out of the Vibe Account to an external bank account.

In order to see a comparison between the Vibe account and other bank's account, please link to the following URL:  https://bankmobilevibe.com/compare-fees-features/

For more information, contact BankMobile at:

http://www.bankmobiledisbursements.com/refundchoice

Customer Service: 1 (877) 327-9515

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