<p>Does anyone know why it takes so long for direct deposit refunds or disbursements to appear in your bank account? The school's accounts office is being vague about answering my question and just saying "don't worry, be patient..." I originally got a letter from the financial aid office that refunds would be given 10 days before the start of class (5 days ago). I didn't get it. Financial aid office said they were waiting on pell grant (I don't get it, why send that letter, but whatever...) Then about 2 days ago I got a letter from student accounts that the direct deposit was processed. But the money still is not in the account. I am really confused; I thought direct deposits were electronic and processed immediately?</p>
<p>Class starts Tuesday and I still need textbooks and supplies. Does anyone know how long these direct deposits take? I got my refund about 12 days before the start of class for fall so I don't understand what's going on this time.</p>
<p>Not complaining, just hoping for some piece of mind that I will be ready for class Tuesday. I can't afford to buy my books at the school bookstore and need to order them online, so time is of the essence. Thanks for the help.</p>
<p>Don’t know if this applies but I know if you deposit an out of state check, your bank is allowed by law to take up to 5 business days to process it. Why? I don’t know. It would seem to me that in the information age it doesn’t take longer for an out of state check to clear than it does from a bank up the street. Maybe if your bank is in a different state from your school the same rule applies? Have you tried giving your bank a call to see if you can track the funds?</p>
<p>Direct deposit was processed MIGHT mean they have now sent it to the paying office. If it were me I would contact them and explain you need to buy books etc. they should at this point be able to tell you when the funds will be in your account. If not can you order your books via a credit card----surely by the time the bill comes you will have the funds.</p>
<p>Look at your account and see if there is an ACH hold. That means your bank is trying to clear it. My paychecks get deposited on a Friday, then held and clear either Sat-Sun-Mon as the official posting date is Mon.</p>
<p>You’re pretty fortunate I get your refund 10 DAYS before the start of the semester. At my university, eDeposit starts coming in the week after the first week of classes. </p>
<p>In the meantime while you wait for your books, check to see if your campus library has a copy of the text that you can check out.</p>