Available Delivery Methods. School shall identify to TMS in writing the method(s) of Credit Balance delivery that School offers to Students (each, a “Delivery Method”). School may deliver Credit Balances to Students by (i) transferring the amount of the Credit Balance into the Settlement Account for delivery to a Student via (A) paper check (the “Check Method), (B) an ACH transfer to a deposit account in the name of the student at a financial institution which such deposit account is not a Prepaid Card Account (the “ ACH Method”), (C) an electronic funds transfer to such Student’s Prepaid Card Account (the “Card Method”), or (ii) providing cash to the Student in an in-person transaction (the “Cash Method”). School may offer any one or combination of the foregoing Delivery Methods; provided, however, that if School offers the Card Method, School shall also offer the ACH Method. Except to identify it on the Student Portal as a Delivery Method, TMS shall not administer, and shall not be liable for any aspect of, the delivery of Credit Balances via the Cash Method. Regardless of whether a Student selects a Delivery Method or which Delivery Method a Student has selected, School represents, warrants, and covenants, that it shall deliver the Credit Balance to the Student by no later than the Delivery Deadline in a manner compliant with the HEA. Neither Party shall take any action under this Agreement that would result in the ACH Method being more burdensome for the Student than the Card Method.
Appears in 9 contracts
Samples: Student Refund Management Services Agreement, Student Refund Management Services Agreement, Student Refund Management Services Agreement
Available Delivery Methods. School shall identify to TMS in writing the method(s) of Credit Balance delivery that School offers to Students (each, a “Delivery Method”). School may deliver Credit Balances to Students by (i) transferring the amount of the Credit Balance into the Settlement Account for delivery to a Student via (A) paper check (the “Check Method), (B) an ACH transfer to a deposit account in the name of the student at a financial institution which such deposit account is not a Prepaid Card Account (the “ “ACH Method”), (C) an electronic funds transfer to such Student’s Prepaid Card Account (the “Card Method”), or (ii) providing cash to the Student in an in-person transaction (the “Cash Method”). School may offer any one or combination of the foregoing Delivery Methods; provided, however, that if School offers the Card Method, School shall also offer the ACH Method. Except to identify it on the Student Portal as a Delivery Method, TMS shall not administer, and shall not be liable for any aspect of, the delivery of Credit Balances via the Cash Method. Regardless of whether a Student selects a Delivery Method or which Delivery Method a Student has selected, School represents, warrants, and covenants, that it shall deliver the Credit Balance to the Student by no later than the Delivery Deadline in a manner compliant with the HEA. Neither Party shall take any action under this Agreement that would result in the ACH Method being more burdensome for the Student than the Card Method.
Appears in 5 contracts
Samples: Student Refund Management Services Agreement, Student Refund Management Services Agreement, Student Refund Management Services Agreement
