Employees opt for salary payments with CMU Money Card
Although the CMU Money Card was the defaulted option in regards to financial aid refunds for students without direct deposit, several employees on the university's payroll also have adopted the program.
Manager of Payroll and Travel Services Kim Wagester said of the approximated 7,600 employed by CMU, only about 500 paper checks are still distributed. This is comparable to the 1,400 paper checks issued by payroll in October.
She said the 65 percent decrease in paper check distribution does not account for all employees switching to electronic payment. However, roughly 80 percent of university employees are on direct deposit.
Since the CMU Money Card became an option for payroll, about 79 employees have signed up.
"We've gotten a lot over the last couple weeks," Wagester said.
Beginning this semester, the Office of Receivable Accounting stopped issuing paper checks for students expecting refunds. Instead, those anticipating financial aid were to choose either direct deposit or the CMU Money Card.
The CMU Money Card functions like a debit card, pulling funds from a pre-paid account in the student's name. If a student did not choose direct deposit, refunds were defaulted to the CMU Money Card.
Those still receiving paper checks from payroll must pick them up in Warriner Hall Room 204, as they are no longer distributed to each department. Employees wishing to sign up for direct deposit or the CMU Money Card may do so from the student portal, portal.cmich.edu.
"It's actually very easy for people to do it," Wagester said.
Funds for each pay period are processed one week prior to the actual pay day, Wagester said, and it may take two weeks for the change in payroll fund distribution to take effect.
Diane Fleming, associate director for client services in the Office of Scholarships and Financial Aid, said students are advised for get direct deposit for refunds. Anyone seeking information about the CMU Money Card to the Financial Aid office will be referred to the Student Service Court in the Bovee University Center.
Wagester said she signed up for a money card in order to test it out and duplicate any issues that students might have. Thus far, she has had none.
"I think it's a good option for some," Wagester said.
Fleming said new spring semester students receiving financial aid without direct deposit will get their CMU Money Card mailed after Dec. 8.
Wagester said payroll began offering employees the CMU Money Card because of the problems with paper checks.
"There's a lot that goes on with a check that people don't realize," she said.
One of the biggest issues is that some students will not pick up their checks. Wagester said there currently are a couple hundred sitting, waiting to be picked up. If these checks are not cashed within a year, the money then goes to the state.
Wagester said the CMU Money Card will remain an option for those on payroll.
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