Effective February 1, 1997, any department submitting a check for deposit that is returned by the issuing bank due to a "stop payment" or "account closed" status will be assessed a fee of $25 per returned item by the Cashier's Office. This fee, assessed by journal entry through FinMIS, will be used to offset the fee charged by the bank and to cover the cost of processing by the University. This fee, which originally covered checks returned for insufficient or non sufficient funds, will be expanded to include stop payment/account closed checks due to the significant increase in the number of these checks being received.
The Office of the Treasurer encourages departments to institute procedures that discourage their customers from writing "bad" checks. These procedures may include charging a returned check fee.
-- D-L Wormley, Associate Treasurer
Volume 43 Number 17
January 14, 1997
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