Can I just ignore my LBCC debit card and keep getting a paper check in the mail?
NO, you must make a choice. Even if you want to continue to receive a
paper check you must choose that option.
Who is Higher One?
Higher One is a Financial Services company hired by LBCC to
process financial aid disbursements. They are a company that only
works with schools and students.
Watch this clip at You Tube on Higher One.
What does activate the card mean?
This refers to the online process you use to choose the way you want
to receive your financial aid. You can choose to open a OneAccount;
have the money sent electronically to your own bank account (ACH);
or receive a paper check from Higher One. However, you must make
a choice or the money will remain at Higher One for 45 days and then
returned to LBCC.
What’s a financial aid refund?
It’s the term used by Higher One for any financial aid disbursement
What’s an ACH?
It’s the choice you want to make if you want your financial aid wired to your own bank. Technically it stands for Automated Clearing House (ACH) and is the name of an electronic network for financial transactions in the United States.
What’s a OneAccount?
It’s your choice if you want to have a bank account set up for you to receive your financial aid. Anyone who is receiving financial aid from LBCC is eligible for the account. The LBCC Debit Card would then be the way you would withdraw or spend money from the account. You can also order paper checks and use it as a regular checking account.
What fees are charged with the OneAccount?
There are no monthly charges or minimum balance requirements. Customary banking fees such as using your card at another bank’s ATM machine will be applied. See the complete list of fees.
If I choose paper check will I continue to get a paper check from LBCC?
No. You would get a paper check mailed to you by Higher One.
What’s the fastest way to get my financial aid?
LBCC will disburse funds to Higher One. The funds will then be in OneAccounts and available on the LBCC Debit Cards in hours. It will take 2-3 days to reach your own bank account if you take the ACH option. Paper checks will be mailed in about 5 days.
What if I change my mind about my choice?
You can change your preference at any time. It will apply immediately to any disbursements that haven’t already been made by Higher One.
If I don’t choose the OneAccount, can I just throw away the LBCC Debit Card?
No. You will need the number on the card to log into your account to update your personal information such as your address for mailing paper checks including if you want to change your preference. You may even want to change to a OneAccount later. Once your card is activated, LBCC can’t access or update your information.
How will I know when the money is in my account?
You can sign up at LBCCDebitCard.com to receive an email or text message whenever you receive funds. You can also always review your account online after you activate your card.
When will I start receiving my financial aid through Higher One?
Is there money on the card when I receive it?
There isn’t money on the card or in the accounts now. We will begin to
disburse financial aid through Higher One the week of January 7, 2008.
What about loans and EOPS?
All LBCC financial aid will be disbursed through Higher One beginning in January 2008. This includes loans and EOPS. The only funds not included are workstudy earnings.
How do I withdraw money from my OneAccount?
There will be a Higher One ATM machine at both campuses. You can also make withdrawals at any ATM for a fee.
Can I make a deposit to my OneAccount through the ATM machine?
No. There will be “communication boxes” where you can drop a deposit or you can mail it directly to Higher One.
Where can I make purchases using my LBCC Debit Card?
You can make purchases online, over the telephone or in person wherever MasterCard is accepted.
Will I be charged a fee when I make a purchase?
You must “sign and swipe” to avoid a fee. If a sales clerk asks you “debit or credit” you respond “credit” even though it will be a debit card purchase. This will prompt the clerk to have you sign for the purchase rather than enter your PIN. If you use your pin you will be charged a 50 cent MasterCard fee.
Can the LBCC Debit Card ever be used as a credit card?
What’s the difference between a debit card and a credit card?
With a debit card the money is electronically deducted when you make a purchase. With a credit card you are billed for the purchase and pay the bill when you receive a statement. The LBCC Debit Card is a MasterCard debit card only. It cannot and will not ever be used as a credit card.
What if I lose my card?
If you haven’t activated your card yet, see an LBCC Financial Aid Specialist. If you have already activated your card go online and request another card at LBCCDebitCard.com. In that case you would want to close the account when ordering it so someone finding the card can’t use it.
Why is LBCC changing the way we disburse financial aid to students?
We think electronic transfer of funds has become the quickest, safest, and least expensive way to deliver financial aid to students. It also ends the costly and lengthy process of replacing checks that are lost in the mail. |
