Frequently Asked Questions About the Financial Aid Refund
We have partnered with BankMobile to deliver your refund. The brochure, All About Merced Community College District Refunds (pdf), addresses frequently asked questions. We've also highlighted frequently asked questions below:
- How do I get my financial aid refund?
- What kinds of money might I receive from Merced College?
- How is my money delivered?
- Can I change my preference for receiving money from Merced College?
- How will I know when my money has been sent?
- What is the BankMobile Vibe account?
- What if I have additional questions?
Your options for receiving your refunds are:
DEPOSIT TO AN EXISTING ACCOUNT
Money is transferred to an existing account the same business day BankMobile receives funds from your school. Typically, it takes 1 – 2 business days for the receiving bank to credit the money to your account.
DEPOSIT TO A BANKMOBILE VIBE CHECKING ACCOUNT
If you open a BankMobile Vibe checking account (upon identity verification), money is deposited the same business day BankMobile receives funds from your school.
The most common type of money BankMobile disburses to students are funds left over from financial aid awards, loans or grants after tuition has been paid. Students receiving these funds have usually requested this additional support to help with books and living expenses. Other types of money may include reimbursement for tuition overpayment or a dropped class. BankMobile uses the term “refund” but Merced College may have another name for these funds, such as a disbursement, residual or a stipend.
Delivery of refund money is a multi-step process. First, Merced College draws funds from the respective loan and/or grant provider and applies it to your student account. Once this information is verified, it is sent to BankMobile. Once the specific refund information is received, it is processed and disbursed according to your selection.
Yes. Just log in to RefundSelection.com and select Refund Preferences from the Refunds menu option. Once on the page, make your new selection and click the Update Preference button to complete the process. Be aware that your new selection will only affect future money you receive from Merced College.
BankMobile will send you an email to the address you entered during setup or you can view the status of your refund online at RefundSelection.com.
You can also sign up for mobile alerts (Message and data rates may apply, please see your provider for details). An alert will be sent each time the status of your refund changes. These alerts are sent real-time to provide you with the most up to the minute information regarding your refunds. To sign up, select Mobile Alerts from the User Profile menu option.
Designed exclusively with students in mind, BankMobile Vibe is a checking account that offers the power to bank anywhere, anytime. Plus there’s no monthly fee for students (See fee schedule for information on fees and how we determine student status). If you select the BankMobile Vibe account as your refund choice, you will receive a temporary virtual Debit MasterCard® to use until your physical card arrives in the mail.
Identity Verification is required to open up a BankMobile Vibe account online via BankMobile’s Customer Identification Program (CIP). You can be ready by having handy one of the following: Government- issued photo ID (non-expired), signed Social Security card or state-issued ID or passport.