Effective Fall 2019, refunds of student financial aid, scholarships, awards, bursaries, GRS, tuition benefit, and tuition refunds for dropped courses, switching programs or changing residence/meal plan will be processed electronically by direct deposit to your account at a Canadian bank. (Note that we can only make deposits into the specified Canadian bank account; we cannot withdraw funds from your bank account.)
Direct deposit is a secure and convenient way to receive your student refunds without any of the complications or delays associated with refunding by cheque. Not only will you be able to access your funds more quickly, you can also be sure they are not lost, stolen, misdirected or damaged in the mail.
What does this mean to you?
- If you are a student, follow the step-by-step instructions to add or update your banking information.
- If you are a student and a UWaterloo employee, or a grad student working as an RA or TA, you will need to add your Canadian banking information in both Workday and Quest to enable direct deposit for both employment earnings and other student-related payments.
- For security reasons, you will be prompted to Two-Factor Authenticate (2FA) prior to being able to log in to Quest to enter banking information. For instructions on how to set up 2FA on your mobile device, please see IST's 2FA website.
- We will hold your refunds on your student account until you add your Canadian banking information on Quest. If additional charges appear on your student account before you have provided banking information, your refund will be automatically applied to those charges.
- If you no longer have access to add banking information on Quest because you have withdrawn or completed your program, please contact Student Financial Services to arrange your refund.
- By adding your banking information, you are agreeing to allow the University of Waterloo’s Finance department to deposit student refunds directly into your specified Canadian bank account. Remember, this information cannot be used to transfer funds from your bank account to your student account.
We recommend that you also take time at the beginning of each term to update your mailing address on Quest to an address in Canada or the USA where we can reach you during the term.
If you have any questions, please contact Student Financial Services.