University Return Check Policy

Summary

The purpose of this policy is to state actions that will be taken in the instance that a check is returned to Southwestern Oklahoma State University from a financial institution.

Body

Purpose

The purpose of this policy is to state actions that will be taken in the instance that a check is returned to Southwestern Oklahoma State University from a financial institution.

Procedure 

The bank will automatically run the check through twice before the University picks it up from the bank. If a check has insufficient funds, the bank will call the University and notify the Bursar's Office. The cashier will take cash from the drawer to cover the insufficient check and the Bursar will deliver the cash to the bank with the next daily deposit and pick up the returned check.

The check immediately becomes a cash item and is accounted for in the daily check up. Upon receipt of the insufficient check, the cashier will attempt to call the check writer and he/she will also notify the person in writing. This notice explains the $25 returned check fee, the time frame and method in which to take care of this matter. The University allows the check writer two (2) weeks to respond. Original checks are returned to the check writer if the check is honored.

The collection process is started if the check is not paid for within two weeks. Forms are filed, along with the original check, and sent to the District Attorney's office on the same day. The Bursar prepares a check charged to the departmental account that the money/check was deposited to before the submission to the collection agency. "Holds" are immediately placed on the students account through the computer system and a copy of the original check is filed in the "Insufficient Check" file.

Any money collected by the District Attorney's office is returned to the University and receipted to the departmental account that money or check was deposited to before the collection process.

Details

Details

Article ID: 5104
Created
Thu 6/1/23 10:01 AM
Modified
Thu 6/1/23 4:59 PM