NT to use Hire One to distribute funds
Beginning next semester, University of North Texas students counting on student accounting to refund or deposit financial aid will have a new go between.Hire One financial services will be taking over the processing and distribution of student refunds.
UNT officials began planning the shift in March of this year, when they began searching for a suitable institution to handle student refunds. According to NT collections supervisor Steve Collins, the move is expected to save the University a significant amount of money. “Right now it costs the University somewhere between $16 and $23 to produce a check, says Collins. “With Hire One, it’ll cost us about forty cents a check.” Collins said that the money saved would be used to benefit students in other ways.
Prior to the change being made official, the proposal has to go through a lengthy process of gaining approval from the state. After state officials give the okay with possible provisions, the proposal made its way back to Denton to be reviewed NT legal services and finally by Purchasing and Payment Services (PPS).
Hire One financial services, based in New Haven, Connecticut by Yale graduates Miles Lasater, Sean Glass and Mark Volchek in 2000. The company specializes in handling financial disbursements and since inception has experienced rapid growth, currently serving over 150 colleges and universities across the country.
Before eventually choosing Hire One as a service provider in May, NT eliminated several other potential prospects including local favorite Wells Fargo. Collins said Wells Fargo’s on-campus presence ended up hurting the bank when the companies already present debit/credit card created conlfict with University ideas.
As NT’s sole provider of refund check disbursement, Hire One’s will consist of the company acting as an external bank account for student refund checks. Although students receiving refund checks have no other option than Hire One, they can choose how they will receive their funds. Of the three options offered, two are already familiar to students. Automatic electronic transfer, and check by delivery are still options, however students now have the option of starting a Hire One debit account where their money would be held. Though students Hire One account is FDIC insured, it is not an interest bearing account.
Paul Goebel, director of the universities Student Money Management Centermoneymanagement.unt.edu, believes the Hire One system is a good idea, but still encourages students to weigh the given options. “Don’t go for the quick sell”, says Goebel of students option to create an account with Hire One. “If you already have a bank account, or are comfortable getting an eRefund or check, you still have that option.” A notice released by the Money Management Center pertaining to the new system read that placing money into a non-interest bearing account in today economic culture “simply defies common logic”. Goebel also warned students planning to use the debit card that hefty fees will still be assessed to overdrafters.
Both Collins and Goebel stressed the importance of students not throwing away the Hire One card they will be recieving in the mail. Although the card is not necessary for students not creating an account, all students will need the card to choose the manner in which their refund will be received online. Collins also believes the card could be beneficial to international students and individuals experiencing credit issues.
Please click the following link or video for more information on Higher One and the new UNT debit card:
