EFT due August 1st

<p>Hey, i am an incoming freshman for Fall 2010.</p>

<p>On the myberkeleyapp, there is a EFT registration due August 1st.</p>

<p>I am an international student from Canada and i wont be opening my American bank account until mid august, so i dont have my chequing account. Is the EFT absolutely necassary?</p>

<p>It is not. EFT is used to receive any excess funds after financial aid pays for tuition and boarding. </p>

<p>If you have a surplus of funds but have not yet set up EFT, the accounting system (CARS) will cut a check for you. They hold them in the Billing and Payment Office for a few weeks, then mail them to the local address you have listed in Bearfacts. you still get the money, it just means a walk to the University Hall building and then hand-deliver it to your bank for deposit. </p>

<p>So, not really necessary, just a convenience. CARS</a> Refunds</p>

<p>Oh okay, thanks. That really helped a lot.</p>

<p>I'm not receiving any financial aid at all, which mean EFT is even more unnecassary for me right?</p>

<p>Absolutely. Even if you mistakenly overpay or have a credit issued, if there is a charge at least as big for the next month, there is no refund because you won't have a credit balance. Assuming you are in the dorms, there is a monthly charge for room and board that will soak up any minor credit or overpayment. Unlikely you will see a refund. Most people with no finaid never have a refund in their four years at Cal.</p>

<p>I currently owe Berkeley around $5,000, but my bank account I have is lower than that; however, I do receive financial aid. How does the system work? Would they take it out from my bank account? Would financial aid pay for it first? Also, what is the purpose of CAR?</p>

<p>Thanks.</p>

<p>Later this month, financial aid will pay your CARS account which pretty much pays for your bill. If any monies is left over, the extra cash will transfer into your bank account through EFT, that's why it is a good idea to set up your electronic funds transfer.</p>

<p>Thanks for the answer, aeboi!</p>

<p>Will this come before the payment is due? It appears that it is due on August 15th.</p>

<p>Does anyone know when the first refund will come?</p>

<p>after the 10th, takes a day or two for refunds after everything is paid, if you use EFT</p>