2004-2005 Financial Aid

Direct Deposit

Frequently Asked Questions

How do I sign up?

If you are interested in direct deposit of your refunds into your bank account, please go to http://www.villanova.edu and click on Novasis. Once you have entered your id and password, you should go to the Student and Financial Aid Section, then Student Account Information and then e-Refund Signup where you can complete the e-Refund Sign Up Form. If you have any problems logging onto Novasis, please contact the help desk at 610-519-7777. If you have any questions regarding direct deposit, call the Bursar's Office at 610-519-4258.

How long before I can receive my direct deposit transaction?

When a student signs up for direct deposit, the Procurement Office creates and verifies a direct deposit account using information from the e-Refund Sign Up Form. The setup and verification process takes approximately two weeks. We transmit direct deposit information on a similar schedule to our printed check schedule (more often at the beginning of the semester when most loans are received). The advantage of direct deposit is the availability of all your funds without having to pick up a refund check and do the banking.

I signed up for direct deposit this semester. Do I have to sign up again next semester?

No, a direct deposit consent form remains in effect as long as you are in school. Just remember that if your checking or savings account information changes, you must complete a new e-Refund Sign Up Form.

Can I designate more than one account for direct deposit or to my parents’ account?

No, all funds must be deposited in one account in your name.

What if my account is at an out-of-state bank?

Direct deposit can go to any financial institution within the United States.

Will someone notify me when funds are deposited to my account?

Yes. You should receive a statement or you can check your refund status by accessing your student account on NOVASIS. When you see a refund transaction, the funds should be in your account within two to three business days. You can also contact your financial institution to verify the deposit prior to writing any checks or attempting to withdraw the funds.

Will you ever go into my checking account for any reason other than to make a deposit?

In the event that funds are disbursed to you in error by direct deposit, the University reserves the right to debit your account for the amount of overpayment. The National Automated Clearing House Association (NACHA) requires that we notify you before processing a debit against your account. Otherwise, The Procurement Office will not use the information contained on the e-Refund Sign Up Form for any purpose other than direct deposit transactions.

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