Unless you recently moved to Missoula, you probably had a bank account prior to spring semester 2011. And now thanks to the University, you have two. However this one may be a bit more costly to you if you haven’t studied the fine print. Keep reading and you may discover a few ways to utilize this system to your advantage instead.
Higher One accounts, and the shiny maroon and silver debit cards that come along with them seem very exciting. It certainly was to me, as I rushed to activate my card and see my refund check magically appear, even receiving text updates whenever I made purchases. It seemed so simple!
That is, until I attempted to make an online purchase of over $500, for a laptop, which was my initial and urgent reason for a refund. There was a hold immediately placed on my account that lasted over a week. My money was being withheld from me and I had no idea what to do about it! It was requested that I verify my identity with Higher One within 20 days or my account would be suspended. Since I had previously spent money from the account and made ATM withdrawals, this request puzzled me.
I marched myself right on over to business services and had a good long talk with Loan Officer Alice Tully. She not only fixed my problems with my account on the spot, but she also gave me some insight into how Higher One works for us and against us as students. The woman deserves some fresh baked cookies. Seriously.
1. Though your account card is a debit card, never use it as such. Swipe, press cancel/credit, and avoid a 50 cent charge each time.
2. Refunds will only go out on Tuesday or Friday of any given week. Plan to make your purchases accordingly.
3. This system of refunding is saving the University a lot of money- 25,000 or more annually in mailing fees. Maybe they could help with my coffee habit with all that extra cash…
4. There are literally PILES of unclaimed checks every semester, that have to be voided and re-issued over and over again. Using the One Account enables students to avoid this needless waste of paper, time and funds.
5. When stumped about your account in anyway, the easiest thing to do is call business services instead of Higher One. They can sort things out lickity-split with minimal hassle and time on hold.
Above all, Alice stressed that the University is still in the process of learning the Higher One system just as you and I are. They hope to instruct students better in the future, as this may be around for a while. We will work through the quirks together.