How It Works
Your questions answered
Your school delivers refunds with BM Technologies, Inc.'s disbursements program, a technology solution, to offer faster delivery of refunds to students. Naturally, you may have some questions about this new process, so we’ve provided an overview of our services – click through to find out more about who we are and what we can do for you.
What is our disbursements program?
Your school delivers financial aid refunds and other credit balances to students with the our disbursements program. Some of the reasons you might receive money include: dropping or canceling a class, or the receipt of financial aid or a grant. In these cases, the school will send the refund to us to be disbursed to you. By selecting a refund preference, you'll have the power to choose how you would like to receive funds. Choices include an electronic deposit to another account, a paper check (if offered by the institution during refund selection), or an electronic deposit to a BankMobile Checking Account, a digital-only, FDIC-insured checking account designed specifically for students with access to 55,000 fee-free Allpoint® ATMs (Allpoint ATM location, availability, and hours of operation may vary by merchant and is subject to change). We are committed to delivering 100% of students’ refunds, providing students with clear choices and offering great customer service.
For more information, see the BankMobile Savings Fee Schedule and Interest Rate Information and Account Terms and Conditions.
When are refunds disbursed?
We will know when you will receive your refund only after your school sends us a refund file containing that information. Sign up for Mobile Alerts with us so you can be notified when your refund has been disbursed to us. But since each campus is different, the best way for you to find out when your refund might arrive is to contact your Financial Aid or Business Office.
Why do schools use our disbursements program to deliver refunds?
We both have the same goal: putting students first. Choices include an electronic deposit to another account, a paper check (if offered by the institution during refund selection), or an electronic deposit to a BankMobile Checking Account, a digital-only, FDIC-insured checking account designed specifically for students with access to 55,000 fee-free Allpoint® ATMs (Allpoint ATM location, availability, and hours of operation may vary by merchant and is subject to change), and financial literacy tools.
For more information, see the BankMobile Savings Fee Schedule and Interest Rate Information and Account Terms and Conditions.
How will I receive my refunds?
We will send you a personal code by email and mail that you’ll need at RefundSelection.com to select how you’d like to receive refunds. Choices include an electronic deposit to another account, a paper check (if offered by the institution during refund selection), or an electronic deposit to a BankMobile Checking Account, a digital-only, FDIC-insured checking account designed specifically for students with access to 55,000 fee-free Allpoint® ATMs (Allpoint ATM location, availability, and hours of operation may vary by merchant and is subject to change).
For more information, see the BankMobile Savings Fee Schedule and Interest Rate Information and Account Terms and Conditions.
Where can I get more information?
You can get easy answers anytime by using our online FAQs or by reaching us through the number on the back of your card, email or social media.
