Check Cashing and Returned Checks (B6)

Check Cashing and Returned Checks (B6)

SUBJECT:
Check Cashing and Returned Checks

POLICY:
Graceland University will provide check-cashing services on the Lamoni and Independence campuses. Accounting Services will process all returned checks for collection.

PROCEDURE:

Check Cashing Services

Students and employees are required to present their Graceland Identification Card in order to cash a check. Cashiers should refer to the Returned Check List to assure that the person has not been denied check cashing privileges.

Personal checks may be cashed in InfoCentral, Accounting Services, Library, Student Activities Office, and any Information Center which might be established in the future. The Independence campus Cashier may also cash checks. There is a $50 per check per day limit, subject to the availability of cash at the cashing station.

Checks written to a student or to Graceland University by parents or other relatives of the student will be accepted up to $50 per day.

Third party checks, other than those written to students from parents or other relatives, will not be accepted. This includes, but is not limited to, student checks written to other students, payroll checks from outside employers. Graceland checks for $50 or less may be cashed.

Traveler’s checks, money orders, or certified checks up to $50 will be cashed only at the discretion of the manager at the station where presented. Cashing of any amounts over $50 will be considered only in Accounting Services, and will be cashed at the discretion of the Cashier and/or the Director of Accounting Services.

Returned Checks

Returned checks will be processed by the Accounting Services Cashier. A check charge, as specified in the Fees, Rates, and Charges Schedule, will be assessed for each returned check, and a notice will be sent to the individual being assessed. The check amount and fee will be charged to a receivable account for the individual.

All returned checks must be satisfied within seven (7) days from the date of the notice. The assessed check charge is a part of the amount due. A returned check may not be replaced by another personal check, but should be in the form of cash, cashier’s check, certified check, or money order.

If the check amount and the check charge are not paid within seven (7) days, the individual’s name is added to the Returned Check List as “Temporarily Denied”. This list is distributed weekly to various departments on campus, IC, and the Coliseum Theater. Departments must refer to this list before accepting a check to cash. Also at the seven (7) day period, the individual is sent a Certified Notice which states the penalty for a returned check under Iowa law.

If the amount due is not paid within 21 days from the date of the original notice, the individual’s name is then added to the Returned Check List as “Permanently Denied”. The denial of check cashing privileges continues until the end of the academic year. At this time or any time after, in the case of a student, after consulting with the Dean of Students, Accounting Services may proceed with pressing charges with the Lamoni Police Department against the individual who is refusing to pay. Employees will be referred to the Vice President for Business Services for disciplinary action.

Accounting Services will issue the Returned Check List during the summer as needed.