OSU has engaged JPMorgan Chase Bank, N.A. in an independent banking relationship as an additional service provider to the university for select banking services. The banking project will begin in fall 2020 with accounts payable, student refund, and deposits processes and continue in phases through 2021. This timing aligns with changes that the Oregon State Treasury, OSU’s current banking partner, is making to their service providers.
adding value and flexibility to OSU’s banking services;
- implementing efficient, automated processes; and
- providing modern service options to students, faculty, and staff.
OSU Bank Change Notice Summary
OSU has transitioned to a new banking relationship with JPMorgan Chase Bank, N.A.
What does this means for you? As of April 1, 2021:
- If you receive a physical check, starting with your April paycheck, your check will appear slightly different with OSU’s current logo and other updated check details.
- If you cash your check rather than deposit it into an account, there may be a fee. You should confirm with your banking partner whether this will impact you. As of April 1st you should be able to cash your check at any JPMorgan Chase Bank branch without a service fee.
- If you have any uncashed paycheck(s) issued through Oregon State Treasury prior to April 1st that are still valid, you are encouraged to deposit or cash these checks with your banking partner or at a U.S. Bank branch to avoid check cashing fees.
- You are not required to switch to direct deposit, however, employees are encouraged to use this convenient, timely, and secure option. You can find out more at https://fa.oregonstate.edu/business-affairs/direct-deposit-sign-up.
If you have questions regarding your pay and the transition to JPMorgan Chase Bank please contact firstname.lastname@example.org.
As you are aware, OSU is transitioning some of its banking services from Oregon State Treasury to JP Morgan Chase Bank. Beginning in September 2020, all checks routed through the Cashier’s Office are to be endorsed with a JP Morgan endorsement stamp for deposit. This change will require that your Oregon State Treasury (OST) endorsement stamp(s) be returned to the Cashier’s Office for destruction as soon as your new JP Morgan (JPM) endorsement stamp has arrived.
Currently, we are only doing a 1:1 exchange of stamps. Once the old OST stamps have been exchanged with new JPM stamps, departments have the option to purchase additional JPM stamps if necessary. Please remember that all orders for endorsement stamps must be routed through the Cashier’s Office.
*Please note: This change is only for checks that are routed through the Cashier’s Office. If you send checks directly to the bank, you may ignore this memo.
Instructions for requesting the new JP Morgan endorsement stamp:
1. Email Cashiers.Office@oregonstate.edu with the following information:
- Unit receiving stamp
- Location or mailing address for stamp (please be sure to note if it is an off-campus unit)
- Name of person receiving stamp
- Manager information for the person receiving stamp
- Quantity OST stamps returned
- Quantity of JPM stamps requested in replacement
Instructions for returning the old Oregon State Treasury endorsement stamp:
1. Interoffice stamp to:
- Cashier’s Office Kerr Admin Building (include your location) - We will provide a label for you to fill out and attach to the bubble envelope you received with your new stamp to interoffice or mail it back to us.
2. Mail stamps to:
For questions related to the banking project, you may email BankingProjectQuestions@oregonstate.edu
Will my refund check look different?
If you receive a physical check, the appearance of the check may change but not significantly. If you receive a direct deposit, you may notice an update to the payer name to Oregon State University. The amount of your check will not change as a result of this transition.
Is there anything I need to do to make sure I get my refund?
No, you do not need to make any changes as a result of this transition.
But we do suggest -
- Consider enrolling in OSU’s secure direct deposit program to avoid check-cashing fees –instructions to sign up are here: https://fa.oregonstate.edu/business-affairs/direct-deposit-sign-up
- Make sure you have completed all your financial aid requirement.
- Check my.oregonstate.edu to make sure your Current Mailing Address is up-to-date.
Will this impact the timing of my refund?
No, there will be no impact to the timing of your direct deposit or check payments as a result of this transition.
Will the bank(s) at which I can cash my payroll check change?
Possibly. Refund checks will be drawn on our account with J.P. Morgan Chase rather than the State Treasury’s current bank, U.S. Bank. So there may be an impact on your ability to cash your check without incurring a fee. You should confirm with your bank to see if this will impact you.
What if I have an old uncashed check from U.S. Bank?
If your check is still valid (i.e. within the 2-year window of issue), it is still eligible to be deposited or cashed if your bank will accept it. We encourage all employees and students to deposit or cash outstanding checks as soon as possible.
Please note: No one from OSU will ask employees for banking information as a result of this banking project. Please be alert for any phishing or scam attempts. Existing processes for direct deposit will continue with no changes.