Is it true that students who choose automatic transfer into their existing bank accounts must submit some paperwork?
Yes. Once again, this is not unique to HigherOne. It is standard banking procedure. In order to ensure that the funds go to the correct bank and into the correct bank account and that the authorization is appropriately documented, the student is required to complete, sign, and FAX or mail in the authorization form. This process and documentation protect students and ensure that funds will be indeed deposited into the correct accounts.
