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Viewing: 502 – University of North Carolina at Chapel Hill Policy on Returned Payments

Table of Contents


Current Status: Active PolicyStat ID: 4611749

502 – University of North Carolina at Chapel Hill Policy on Returned Payments

Policy Sections

Policy Statement

Reason for Policy

Exclusions

Special Situations

Procedures

Additional Information

Frequently Asked Questions

Related Data

Contacts

History

Effective
July 1, 1999

Last Updated
January 11, 2017

Last Reviewed
November 16, 2015

Responsible University Officer

University Cashier

Responsible Unit

Office of University Cashier

Policy Statement

It is the responsibility of each department or school to pursue collection of funds pertaining to returned payments. Departments must follow collections guidelines articulated by the Office of the State Controller .

The Office of University Cashier receives notice from the bank when items are returned due to insufficient funds or other reasons. Returned payments may not be redeposited. The Cashier's Office purchases the item(s) from the bank then submits a journal entry back to the chartfield string which originally received credit when the payment was deposited, and forwards the item(s) to that department for collection. The department approver(s) are responsible for approving the journal entry in a timely manner.

A processing fee, not to exceed $25, may be charged and collected for a payment on which payment has been refused by the payor bank because of insufficient funds or because the drawer did not have an account at that bank. If a collection agency collects or seeks to collect on behalf of a State agency such processing fee, the processing fee must be separately stated on the collection notice.

Departments must deposit the returned payment fees collected into the fund that provides the majority of the support for the following:

  • The position responsible for collecting the fee.
  • Other expenses incurred in collecting the fee.

Reason for Policy

This policy provides guidance to departments when payments previously deposited are returned by the bank. The Office of the State Controller provides guidance regarding the collection of receivables. Further, this policy specifically conforms with those guidelines set forth by the Office of the State Controller and N.C. Gen. Stat. 25-3-506 dealing with the collection of processing fees for returned payments.

Exclusions

None.

Special Situations

None.

Procedures

None.

Additional Information

Frequently Asked Questions

None.

Related Data

For detailed information about student payment options visit:

Contacts

SUBJECT CONTACT TELEPHONE FAX E-MAIL
Payments Office of the University Cashier 919-962-1368   cashier@unc.edu
Departmental Funding Office of the University Cashier 919-843-0169   funded@unc.edu

History

Revised:

January 11, 2017:  Updated "Office of the University Cashier" nomenclature from its former name as "Student Accounts and University Receivables" (SAUR)
November 12, 2015: Updated terminology on charges and processes on returned payments.
July 25, 2011: Wording and title changed to reflect ACH returns.
July 18, 2011
September 4, 2009
June 24, 2005

All revision dates: 2/28/2018, 1/11/2017, 11/12/2015, 7/25/2011, 7/18/2011, 9/4/2009, 6/24/2005
Attachments:

Approval Signatures

Step Description Approver Date
Deahn Baucom: Director Student Accts. & Univ. Receivab [AD] 2/28/2018
Step Description Approver Date
Deahn Baucom: Director Student Accts. & Univ. Receivab [AD] 2/28/2018
Older Version Approval Signatures