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Cos higher one

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  • 1. Financial Aid – Direct Deposits, Student Debit Cards College of the Sequoias 1
  • 2. College of the Sequoias Debit Card• Project initiated by Financial Aid Office• Partnership with HigherOne from New Haven Connecticut 2
  • 3. HigherOne Services• Higher One ATM on campus• Communication box for paper communications to Higher One – faster than U.S. Mail• Training for college administrators• Intelligent and secure access to web reports via www.HigherOneSupport.com• Support for college administrators through the OneSupport Help Desk. 3
  • 4. Choices for Student Refund Students choose online Easy Refund ™ 3rd Party Linked Bank Account Paper Check (ACH initiated by Higher (Mailed by Higher One OneAccount One within 1 business day) Within 2 business days) Bank Account Available within minutes• 83% choose Debit Card• 7.5% choose Bank Account 4
  • 5. Refund Delivery Features1. Automatic e-mail notification to all recipients2. Automatic e-mail confirmation to college administrators for file processing3. Real-time refund data and audit trails via www.HigherOneSupport.com4. Online Refund Reversal Processing5. Exception handling including Express Wire & Check6. Compliant with all regulatory requirements7. Compliant with privacy and security requirements8. FDIC insured funds 5
  • 6. Compliance, Requirements Integrity…Higher One Services comply with the following (partial list only):• Federal Cash Management Rules (Refunds)• Graham Leach Bliley Act (Security/Privacy)• FERPA (Security/Privacy)• FTC Rule on Safeguarding Personal Info (Security/Privacy)• FDIC Insurance (Banking)• The Patriot Act (Banking)• Regulation E (Banking)• MasterCard Regulations (Carding) 6
  • 7. Positive Change• Significant cost avoidance increases ability to manage tight budgetary climate• No more lines or checks handled• Improved student customer service through greater access to information through online and telephone contact with Higher One• Enhanced communication to students about their refund status• Staff time freed for other functions / projects during peak semester periods• Increased revenue from external sources• The latest in web services, banking and choice now available to students. 7
  • 8. Card Delivery1. Co-branded design2. Marketing and Education3. Mass mailing of cards4. Replacement cards5. Web authentication/registration 8
  • 9. Our CardRandom 16-digit card number 3 track mag-stripeExpiration date Signature panelContact information Debit logoNo SSN or account # on card Classification/ Student 9
  • 10. How it arrives 10
  • 11. COS Debit Card with Choice The OneAccount:– No minimum balance– No monthly fees– No fee unlimited check writing,– No fee to use OneAccount ATMs (on and off campus)– No fee monthly statements– No pre-qualification full function online checking account– MasterCard Debit purchase convenience– Access to major ATM and POS networks 11
  • 12. Additional OneAccount Features• Innovative Send Money feature to instantly transfer funds at no charge to other OneAccounts• Toll-free and online Customer Service and EasyHelp online knowledge base for FAQ’s• Online bill pay for easy one time or recurring paperless monthly payments 12
  • 13. SECURITY for accountholders• Customer Identification Program (CIP)• MasterCard Zero Liability Policy• Standard 128-bit Secure Sockets Layer (SSL) encryption technology for web access• Automatic login time out• FDIC insured checking account• Secure authentication card process online 13
  • 14. The Card is not…• Not a credit card• Not an optional card. Students must authenticate to choose a refund preference• Not difficult to obtain, offered through COS• The OneAccount is encouraged, but not mandatory 14
  • 15. Campus Promotion and EducationExtensive educational and promotional marketing will be integrated with current college channels F.R.E.E – Financial Responsibility Educational Enhancement • Campaign kickoff posters • Student brochures • E-mail/newsletters • Inserts: • Press Release • Tuition bills • Financial Aid brochures • Announcement posters • Financial Aid awards • Parent letters • Unique Higher • Orientation packages One/College website • Campus news ads • College website 15
  • 16. Project Approach• Welcome Phase• Kick-Off Phase• Pre-launch Phase• Go Live Phase• Conference call meetings and training• The four Cs –Commitment, Communication, Collaboration, Completion 16
  • 17. Implementation - The Project Team and ProcessAverage time Project Teams Strategy & Toolsneeded per team: Managed by Higher One90 day project timeline •Project ManagersWeekly conference calls •Daily PM Communication– 1 hour per team •Steering Committee •Project Kick-Off Meeting20 hours tech time over •Card/Refunds Team •Services Overview & Demo3 months •Marketing/Education Team •Weekly Meetings w/TeamsHigher One handlesagendas, minutes, •Timeline managementplanning, guidance with •Task lists per teamexecution andacceptance testing. •Comprehensive Test Plan •“Dress Rehearsal” testing •Complete Training Support •Relationship Management post implementation •OneSupport – help desk for administration 17
  • 18. How is it Done?• Two processes – Submitting Cardholders • New Students • Updates for already submitted students – Disbursing Refunds • Only include if student was in a previous cardholder file 18
  • 19. The Cardholder file• Initial file – Everyone who is eligible • For us, only FA students, but could everyone or other population• Daily file – All new students meeting our criteria – Students for whom data has changed • If a student has activated their card, most of the update information will be ignored 19
  • 20. Cardholder Data• ID – we use Banner ID• Name• Mailing Address – cards are here• Email• Phone• Shared Secret (for initial login) 20
  • 21. The Refund File• Check Number• ID - Must have previously been included in a cardholder file• Name – Must match name on file for that ID• Amount – Must be positive (sorry, can’t use system to collect) 21
  • 22. The Refund Process• Refunds are processed normally through Student AR and fed to Finance• New process – FZBCHKH - to generate the Refund file supplements the check printing• We still run FABCHKP to make sure all refunds are processed• File is sent using secure ftp 22
  • 23. The Finance Sequence• FARINVS – Invoice Selection• FAABATC – Batch Check Print• FABCHKS – Batch Check Selection• FZBCHKH – HigherOne Refund File Creation• FAPCHKP – Batch Check Print Report• FABCHKR – Batch Disbursement Register (db)• FARCHKR – Disbursement Register (print) 23
  • 24. FZBCHKN• Developed by STLCC• Reads data in FATCKIN• Inserts into FABCHKS – Check Summary• Inserts into FABINCK – Invoice/Check table• Update date and check number in FATCKIN• Set fabchks_recon_ind = ‘F’• Set fabinck_recon_ind = ‘Y’ 24
  • 25. CONGRATULATIONS!!Benita Vega – Financial Aid SupervisorLee McDonald – Applications Manager 25
  • 26. 26