Many people have already discovered the ease and convenience of using electronic funds transfers (EFT) to handle their regular monthly banking transactions. This safe automated process means no more worries about late payments or checks lost in the mail. With RIT's ACT program, you can use EFT to give a significant gift in budget-friendly increments.

You may have any amount (with a minimum $5) automatically deducted from your checking or savings account. All RIT ACT drafts are made on the 5th of the month or the closest business day following the 5th. You can end the deductions at any time by notifying RIT in writing, allowing approximately 15 days notice for the cancellation to take effect. To ACT now, simply complete the Automatic Contribution Transfer Authorization Form. Print out the PDF form below, fill it in and return it with your first payment check AND a blank, voided check (for checking account direct debits) or a letter from your bank verifying the ABA/transit number and account number (for savings account direct debits).

DOWNLOAD THE ACT AUTHORIZATION FORM
Select: RIT | NTID

(Adobe Acrobat Reader is required to download either version of this PDF file.)

ACT Q&A

Q: HOW DO I KNOW THAT MY PAYMENT HAS BEEN MADE?

A: You will see an itemized entry on your monthly bank statement that describes the contribution you have made to RIT.

Q: WHAT HAPPENS IF I WANT TO DISCONTINUE PARTICIPATION IN THE ACT PROGRAM, OR IF I CHANGE BANKS?

A: To discontinue the ACT program, you only need to notify the RIT Development Office's Records Department in writing that you wish to end the agreement and allow RIT a reasonable amount of time to act on your instruction. Write to:

Attention: Marcia Port
Development Office
Rochester Institute of Technology
116 Lomb Memorial Drive
Rochester, NY 14623-5608

If you change banks, you need to notify the Development Office's Records Department of the change and submit a voided check from the new checking account or if it is for a savings account, submit a letter from your bank verifying the ABA/transit number and account number.

Q: WHY DO YOU NEED A COPY OF MY VOIDED CHECK OR A LETTER FROM MY BANK?

A: We use the MICR-encoded information on the bottom of your check to set up the direct debit properly for your checking account. The letter from your bank is also to assure we have the correct encoding information. While we ask for this information on the ACT Authorization Form, the voided check or bank letter serve as data verification so that we can ensure that your payment will be processed correctly.

Q: WHAT ARE MY LIABILITIES IF I DON'T HAVE SUFFICIENT FUNDS IN MY ACCOUNT TO COVER THE DIRECT DEBIT ON THE AUTHORIZED PAYMENT DATE?

A: The liabilities are exactly the same as payment by check. You are obligated to have sufficient funds in your account to pay the debits you have authorized RIT to initiate. RIT will charge a $20 fee per return item, the same as our practice for returned checks.