Disbursement Services: Special Instructions
Prior to the Institution signing the Participation Agreement, Higher One, Inc. must provide one of the following:
- Proof that Higher One, Inc. is a Regulated Entity which is defined as a financial institution regulated by an agency of the United States Government or one or more of the State Governments. This includes banks, credit unions and brokerage firms.
- An Insurance certificate showing Employee Dishonesty insurance coverage in an amount specified by the Participating Institution. The amount will range from $15,000,000.00 for larger institutions down to $500,000 for some smaller institutions. Each Participating Institution shall be a named insured under such policy for the coverage specified by the institution.
- A Performance Bond in the amounts specified by the Participating Institution. The amount will range from $15,000,000.00 for larger institutions down to $500,000 for some smaller institutions. The bond must be issued by a surety authorized to do business in the State of Georgia and shall be on the form found in Appendix J of the RFP.