A new refund process is being offered to students at Texas A&M University- Commerce in the hopes it will provide easier distribution of refunds and the option of receipt through a debit card.
The Pride Choice Card, which was the subject of a memo many students recently received in the mail, is designed “to offer expanded banking services for students as well as to provide operating efficiencies to the University,” according to Financial Services.
The University is in a partnership with a financial services program called Higher One. HigherOne.com says that it “provides refund management and payment services to higher education institutions through a card-based solution.”
Through the program, students will have the ability to designate their own account. Financial Services explained that there are three methods of doing so.
One option is that students may continue using their existing bank receiving refunds through direct deposit.
Another option is that they may choose to open a bank account through Higher One and use that account for direct deposit of refunds. This option allows for use of the Pride Choice Card as a debit card tied to their Higher One account.
Financial Services has assured students that the account will be student designated, and the university will not be receiving any revenue or commission from the Pride Choice Card.
The final and least suggested option is that students may request an issuance of a check to be mailed to them. This will slow the receipt of the refund down considerably due to postal and banking related delays.
The transition will be not be very impactful for students who continue using their existing bank for direct deposit. However, Financial Services said that many A&M-Commerce students cannot access banking services, and Higher One can provide a checking account to any enrolled student.
As for benefits for the University, Financial Services said “outsourcing student refunds will provide direct cost savings and improved operating efficiencies for the University.
Financial Services explained that students who receive the card must use it to make their refund choice. Therefore, it is necessary for students to provide the University with account information.
Within the next two weeks, students will receive a package in the mail. The package will include the Pride Choice Card and step-by-step instructions directing the students to log onto the PrideChoiceCard.com website to make their refund selection. The Pride Choice Card will only be activated as a debit card if the student opens an account with Higher One.
HigherOne.com claims that it offers a variety of benefits for students at any university. It includes refunds available the same day the institution releases them, the purchasing power of a debit MasterCard which is accepted at over 34 million locations worldwide, protection under the MasterCard Zero Liability policy, and 24/7 money management.
A&M-Commerce opted to transition to the Pride Choice Card using Higher One because “it is the industry leader for student refund services.” A&M-Corpus Christi and A&M-International already use Higher One. A&M system members at Prairie View, Kingsville, and Tarleton are also in the conversion process along with A&M-Commerce.