Payment Policies and Procedures
There will be a $35 Returned Payment Fee assessed for all check/ACH payments returned unpaid by the bank against which they are drawn, including instances of:
- Stop Payments
- Invalid Account Information
- Insufficient Funds
- Inability to Locate Account
- Unauthorized Account
- Non-Transaction Account
- Refer to Maker
- Irregular Signatures
A financial hold will be placed at the time that the payment is returned. Once the repayment is made in full, the hold will be automatically removed within 24 hours.
The University reserves the right to request only certified funds to pay any delinquent balance due; this includes restricting the student from making online payments. Additionally, the University reserves the right to remove future registration if a student's payment is returned.
Reference: "Falsification of Information" policy in the Student Handbook.
Personal check payments made to Drexel can take up to 10 business days to clear. Web ACH payments can take up to 7 days to clear. Refunds will not be processed until a personal check payment has cleared.
IRS Form 8300
In accordance with the Internal Revenue Service (IRS) rules and regulations described in Publication 1544, Drexel University is required to report to the IRS and the Financial Crimes Enforcement Network (FinCEN) each transaction in which the University receives in excess of $10,000 in cash. When $10,000 in cash is received by Drexel in a single transaction, or in two or more related transactions, the University is required to complete and submit to the IRS and FinCEN IRS Form 8300.IRS Form 8300 contains the following information:
- Payer's name, address, date of birth, occupation, and Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Identification of the document used to verify payer identification (for example, passport or driver’s license) including the document number.
- If the transaction is conducted on behalf of another person, that person’s name, address, occupation, and SSN or ITIN.
In instances where Drexel is required to complete an IRS Form 8300, the student will be notified via email to complete their portion of the form at the Cashier's Window.