Compliance
Compliance in a dynamic environment
Our Refund Management® service is trusted by colleges and universities around the nation to disburse billions of dollars in federal aid to students. We have decades of combined experience in managing the unique intersection of Department of Education Cash Management guidelines and federal banking regulations. We provide a compliant, full-service solution for institutions and students.
Our team regularly tracks all movements in regulations and legislation, and we have proven that we are able to navigate changing environments.
Cost mitigation
We are witness to our clients’ struggles with rising costs and the impact to the Business Office.
Our Refund Management service:
Alleviates the costs of tackling compliance on your own
Reduces the risks associated with collecting and storing student bank account information on your institution’s servers
Handles all exceptions
A better student experience
We handle all student refunds on behalf of your institution—regardless of the disbursement method students choose.
Every student will experience:
A clear, neutral, and transparent online process for selecting how to receive refunds
Fast, reliable, and secure access to funds
A choice in how they receive their refund. Choices include deposit to an existing account or a BankMobile Checking Account*
Optional text alerts on the status of their refunds, regardless of how they receive them
Customer service telephone line (7 days a week), online FAQs, email, and social media
The BankMobile Checking Account is a digital-only, FDIC-insured checking account designed specifically for students.
*For more information, see the BankMobile Checking Account Fee Schedule and Interest Rate Information and and Account Terms and Conditions.
The BankMobile Checking Account
- Offers strong protections put in place by the Department of Education
- Is low cost with a simple fee schedule
- Has fee-free access to 55,000 Allpoint® ATMs**
- Has cash back Offers on BankMobile Debit Card purchases from merchants students know and love at 40,000+ online locations and 12,000+ local locations.
- Has no offers of credit or overdraft protection
- Is not a prepaid card
- Has financial literacy tools
**Allpoint ATM location, availability, and hours of operation may vary by merchant and is subject to change.
The BankMobile Checking Account helps students look to the future by:
- Coaching students to move to financial independence
- Promoting skills for building a strong credit score after leaving college
- Aiding forward thinking about finances and savings
- Encouraging graduates to pay off their student loans
- Helping account holders make a good life for themselves
