MyNIC Card Frequently Asked Questions
Are students required to open a HigherOne© online checking account?
No. NIC students are NOT required to open a HigherOne online checking account
Are students required to use the HigherOne©/MyNICCard option for their financial aid refund
No. However, it is very important that students do not throw the card away because they will need to use the number on the card to log into the HigherOne© website and select their Refund Preference. If students throw away the card or lose it, they will be charged up to $20 for a replacement card. Only students who choose to open a HigherOne© online checking account and select the EasyRefund preference will have their refund deposited into their HigherOne© online checking account and will be using the MyNICCard to access their refund.
If a student does not wish to open a HigherOne© checking account, does he or she still need the debit card?
Yes, but only to be able to log in to the HigherOne© website to select his/her refund preference.
Are other refund options available to students?
- Students can sign up for automatic deposit into their own existing bank accounts.
Why have so many students selected to open a HigherOne© checking account and use their MyNICCard?
Students opt to use this option because it is fast and convenient. Before NIC partnered with HigherOne© the only option available to students was a paper check. At that time we found that many of our students do not have checking accounts and were charged fees by various banks to cash their checks. Some students were using money orders to pay their bills which also cost them. We also found that checks would be delayed through the U.S. Postal Service when mailing them. The NIC/HigherOne© partnership provides the opportunity to any NIC student to open a HigherOne© online checking account. They also have the benefit of using the debit card to pay bills online and use it at thousands of merchant locations where MasterCard is accepted, as well as to take cash out using an ATM.
Are there any fees associated with the HigherOne© checking account?
Yes. However, most of the fees are avoidable. HigherOne© is FDIC insured and offers free checking with no monthly fees associated with normal use. Nevertheless, students have the option to sign up for additional services if they so choose. Students should become familiar with applicable fees. If students select "credit" when they swipe their cards a various merchant locations, the transaction will be processed through the MasterCard network and they'll avoid unnecessary PIN fees. If students use the HigherOne© ATM, there is no fee for taking out cash. Only students who use other banks' ATMs are charged a fee (both by the bank that owns the ATM and HigherOne©). This is not unique to HigherOne©. In order to protect students against fraud, there is a $500 per day limit on ATM withdrawals (that is a fairly common practice among banks). This includes PIN based transactions of any kind.
Where is the HigherOne© ATM located on campus?
The HigherOne© ATM is located in the Lee/Kildow Hall lobby.
Is it true that students who choose automatic transfer into their existing bank accounts must submit some paperwork?
Yes. Once again, this not unique to HigherOne© and is standard banking procedure. In order to ensure that the funds go to the correct bank and into the correct bank account, 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 their funds will be indeed deposited into the correct accounts.
What is CIP?
It is an acronym for Customer Identification Program; it is an identity verification process.
Why are students who opt to open a HigherOne© account required to verify their identity?
According to the USA Patriot Act, Federal banking regulations require all financial institutions to obtain, verify, and record the identity of their account holders. We comply with this federal directive by requesting a legible copy of a government issued valid photo identification (e.g. U.S. driver's license, passport, state ID, military ID, permanent resident/alien card, F-1 visa, etc.). Students can bring in the ID to the NIC Student Accounts Office. If students do not verify their identity within 20 days, their account will be placed on hold. During this period, the use of the debit card and OneAccount is restricted. Full functionality is restored after the completion of the identity verification process. Students may verify their identity by providing a legal ID at the NIC Student Accounts Office.